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equities.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0008 0.0000 0.0008 Example.  This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 8 26 45 103 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 65% of the average value of its portfolio. 0.65 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Dividend Yield Focus Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which offers exposure to high quality U.S.-domiciled companies that have had strong financial health and an ability to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">sustain above average dividend payouts.  The Underlying Index is a subset of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Market Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, a broad </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market index that represents approximately 97% of the market capitalization of publicly traded U.S. stocks. The Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index is composed of qualified income-paying securities that are screened for superior company quality and financial health </span><span style="color: #000000; font-family: arial; font-size: 9pt;">as determined by Morningstar, Inc.'s (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) proprietary index methodology. Stocks in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index represent the top 75 high-yielding stocks meeting the screening requirements.  The Morningstar index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodology determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">company quality</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> in accordance with the Morningstar Economic Moat</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">TM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> rating system, in which </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies are assigned a moat rating of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">none,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">narrow</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">wide</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on the prospect of earning above average returns </span><span style="color: #000000; font-family: arial; font-size: 9pt;">on capital and the strength of the company’s competitive advantage. Additionally, companies are screened for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">health</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> using Morningstar’s Distance to Default measure, a quantitative option pricing approach that estimates a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">probability of default. To qualify for inclusion in the Underlying Index, constituents must have a Morningstar Economic Moat </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rating of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">narrow</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">wide</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> and have a Morningstar Distance to Default score in the top 50% of eligible dividend-paying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies within their sector. Companies that are not assigned a Morningstar Economic Moat rating must have a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar Distance to Default score in the top 30% of eligible dividend-paying companies within their sector. Additionally, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">each constituent’s dividend must be deemed to be qualified income.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index may include large-, mid-, and small-capitalization companies. As of April 30, 2026, a significant portion </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index was represented by securities of companies in the consumer goods and services, energy, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">healthcare industries or sectors. The components of the Underlying Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representative sampling indexing strategy to manage the Fund.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">” </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is an indexing strategy that</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> involves investing in a representative sample of securities or other instruments intended to collectively have an investment</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, or other reasons as determined by BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Morningstar, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Dividend Yield Focus Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which offers exposure to high quality U.S.-domiciled companies that have had strong financial health and an ability to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">sustain above average dividend payouts.  The Underlying Index is a subset of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Market Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, a broad </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market index that represents approximately 97% of the market capitalization of publicly traded U.S. stocks. The Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index is composed of qualified income-paying securities that are screened for superior company quality and financial health </span><span style="color: #000000; font-family: arial; font-size: 9pt;">as determined by Morningstar, Inc.'s (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) proprietary index methodology. Stocks in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index represent the top 75 high-yielding stocks meeting the screening requirements.  The Morningstar index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodology determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">company quality</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> in accordance with the Morningstar Economic Moat</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">TM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> rating system, in which </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies are assigned a moat rating of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">none,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">narrow</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">wide</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on the prospect of earning above average returns </span><span style="color: #000000; font-family: arial; font-size: 9pt;">on capital and the strength of the company’s competitive advantage. Additionally, companies are screened for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">health</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> using Morningstar’s Distance to Default measure, a quantitative option pricing approach that estimates a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">probability of default. To qualify for inclusion in the Underlying Index, constituents must have a Morningstar Economic Moat </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rating of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">narrow</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">wide</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> and have a Morningstar Distance to Default score in the top 50% of eligible dividend-paying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies within their sector. Companies that are not assigned a Morningstar Economic Moat rating must have a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar Distance to Default score in the top 30% of eligible dividend-paying companies within their sector. Additionally, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">each constituent’s dividend must be deemed to be qualified income.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index may include large-, mid-, and small-capitalization companies. As of April 30, 2026, a significant portion </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index was represented by securities of companies in the consumer goods and services, energy, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">healthcare industries or sectors. The components of the Underlying Index are likely to change over time.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Dividend-Paying Stock Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Consumer Goods and Services Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Consumer goods and services companies face risks related to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to brand or reputation, economic slowdown and labor shortages, among other things.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Energy Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Companies in the energy sector may be adversely affected by volatility in energy and commodity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prices, lower demand, overproduction, depletion of resources, social and political unrest, war, trade disputes, government </span><span style="color: #000000; font-family: arial; font-size: 9pt;">regulations and energy transition efforts, among other factors. The energy sector is cyclical and can be significantly impacted </span><span style="color: #000000; font-family: arial; font-size: 9pt;">by changes in economic conditions. Some energy companies, such as those in the oil and gas sector, face substantial costs </span><span style="color: #000000; font-family: arial; font-size: 9pt;">related to exploration and production and significant operational risks. Energy companies are at risk of environmental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">damage claims and other litigation.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Healthcare Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The profitability of healthcare companies may be adversely affected by extensive government </span><span style="color: #000000; font-family: arial; font-size: 9pt;">regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">product liability claims, among other factors.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Mid-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-diversified.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> This means that, compared with funds that are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversified,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color: #000000; font-family: arial; font-size: 9pt;">broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index.  Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">14.23%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">15.45%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2022</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-26.13%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1423 2026-06-30 Best Quarter 0.1545 2022-12-31 Worst Quarter -0.2613 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2011-03-29 0.1188 0.1068 0.0907 0.1102 0.0974 0.0813 0.0762 0.0835 0.0719 0.1735 0.1329 0.1440 0.1203 0.1079 0.0916 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Environmentally Aware Real Estate ETFERET | Nasdaq Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares Environmentally Aware Real Estate ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed </span><span style="color:#000000;font-family:arial;font-size:9pt">of developed market real estate equities while targeting increased exposure to green certification and energy efficiency </span><span style="color:#000000;font-family:arial;font-size:9pt">relative to the parent index.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0030 0.0000 0.0030 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 31 97 169 381 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 11% of the average value of its portfolio. 0.11 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the FTSE EPRA Nareit Developed Green Target Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which was developed by FTSE International Limited (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">FTSE</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index is </span><span style="color:#000000;font-family:arial;font-size:9pt">composed of securities selected from the FTSE EPRA Nareit Developed Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Parent Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Parent Index is </span><span style="color:#000000;font-family:arial;font-size:9pt">composed of real estate investment trusts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">REITs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and real estate holding and development companies from developed </span><span style="color:#000000;font-family:arial;font-size:9pt">market countries or regions. The Underlying Index reweights constituents of the Parent Index to target, in aggregate, a </span><span style="color:#000000;font-family:arial;font-size:9pt">minimum level of green certification; an increase in green certification and a reduction in energy usage, both relative to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Parent Index; and a level of carbon emission intensity that is no worse than that of the Parent Index, subject to certain </span><span style="color:#000000;font-family:arial;font-size:9pt">constraints. The Parent Index may include large-, mid- and small-capitalization constituents.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Green certification is defined as the percentage of building area owned by an issuer that has a LEED or BREEAM certification, </span><span style="color:#000000;font-family:arial;font-size:9pt">as confirmed by a third-party data provider.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Energy usage is defined as the estimated energy usage, measured in kilowatt hours per square foot, of net leasable </span><span style="color:#000000;font-family:arial;font-size:9pt">area owned by an issuer. A third-party data provider estimates energy usage based on factors including building location and </span><span style="color:#000000;font-family:arial;font-size:9pt">size, primary property type, year built and time period of estimation.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">The carbon emission intensity metric is calculated based on total carbon emissions, measured in metric tons of </span><span style="color:#000000;font-family:arial;font-size:9pt">carbon dioxide-equivalent, for the buildings owned by the issuer. A third-party data provider estimates Scope 1, 2 and 3 </span><span style="color:#000000;font-family:arial;font-size:9pt">emissions, which include both landlord and tenant emissions, for each building based on the types of energy used by similar </span><span style="color:#000000;font-family:arial;font-size:9pt">types of buildings in the geographic area. Scope 1 emissions are direct greenhouse gas (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">GHG</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) emissions from fuels that are </span><span style="color:#000000;font-family:arial;font-size:9pt">used by a building on-site. Scope 2 emissions are emissions from fuels that are burned off-site to deliver energy to a building, </span><span style="color:#000000;font-family:arial;font-size:9pt">mainly emissions from electricity use. Scope 3 emissions are other emissions that an issuer generates indirectly, such as </span><span style="color:#000000;font-family:arial;font-size:9pt">emissions from tenants, transportation, waste generation and disposal, supply chain, and purchased products. The emissions </span><span style="color:#000000;font-family:arial;font-size:9pt">are then scaled by the issuer’s enterprise value including cash (i.e., the sum of market capitalization at fiscal year-end, </span><span style="color:#000000;font-family:arial;font-size:9pt">preferred stock, minority interests, total debt, and cash and cash equivalents).</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Index Provider begins with the Parent Index and excludes the securities of issuers that it identifies as being involved in </span><span style="color:#000000;font-family:arial;font-size:9pt">the business of tobacco, companies involved with controversial weapons, producers and retailers of civilian firearms, and </span><span style="color:#000000;font-family:arial;font-size:9pt">companies involved in thermal coal mining, thermal coal-based power generation or the extraction of oil sands. Certain </span><span style="color:#000000;font-family:arial;font-size:9pt">exclusions (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">e.g</span><span style="color:#000000;font-family:arial;font-size:9pt">., controversial weapons or manufacturing tobacco products) are categorical, and others are based on </span><span style="color:#000000;font-family:arial;font-size:9pt">percentage of revenue or ownership thresholds. Additionally, the Index Provider excludes companies that it determines are </span><span style="color:#000000;font-family:arial;font-size:9pt">involved in controversies related to the ten United Nations Global Compact (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">UNGC</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) principles, which are classified into four </span><span style="color:#000000;font-family:arial;font-size:9pt">categories: human rights, labor, environment and anti-corruption.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Index Provider then weights the remaining securities to target, in aggregate across the Underlying Index, (i) a minimum of </span><span style="color:#000000;font-family:arial;font-size:9pt">10% green certification; (ii) a 30% increase in green certification relative to the Parent Index; (iii) a 10% reduction in energy </span><span style="color:#000000;font-family:arial;font-size:9pt">usage relative to the Parent Index; and (iv) a level of carbon emission intensity that is no worse than that of the Parent Index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index must have a beta (a measure of volatility relative to the overall market) between 0.7 and 1.3 relative to </span><span style="color:#000000;font-family:arial;font-size:9pt">the Parent Index, using daily returns over the past two years. In addition, the Underlying Index's country and sector exposure </span><span style="color:#000000;font-family:arial;font-size:9pt">must be within 2% of the Parent Index weight. The minimum weight for an individual constituent is 0.005% of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index, and the maximum weight is the lesser of 10% of the Underlying Index or 10 times the constituent’s weight in the </span><span style="color:#000000;font-family:arial;font-size:9pt">Parent Index. At each index review, the sector and country constraints and the green certification and energy usage targets </span><span style="color:#000000;font-family:arial;font-size:9pt">may be relaxed if it is infeasible to achieve all constraints and targets.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is reviewed and reconstituted annually in September, with the business involvement and UNGC </span><span style="color:#000000;font-family:arial;font-size:9pt">controversy screens applied quarterly.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">As of April 30, 2026, the Underlying Index was composed of 343 securities of companies in the following countries or regions: </span><span style="color:#000000;font-family:arial;font-size:9pt">Australia, Austria, Belgium, Canada, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New </span><span style="color:#000000;font-family:arial;font-size:9pt">Zealand, Norway, Singapore, South Korea, Spain, Sweden, Switzerland, the United Kingdom (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">U.K.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), and the U.S. As of </span><span style="color:#000000;font-family:arial;font-size:9pt">April 30, 2026, a significant portion of the Underlying Index included companies offering various real estate services, real </span><span style="color:#000000;font-family:arial;font-size:9pt">estate operating companies and REITs. The components of the Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In addition, the Fund generally will invest at least 90% of its assets in the components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by FTSE, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund and BFA. The Index Provider determines the </span><span style="color:#000000;font-family:arial;font-size:9pt">composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color:#000000;font-family:arial;font-size:9pt">market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the FTSE EPRA Nareit Developed Green Target Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which was developed by FTSE International Limited (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">FTSE</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index is </span><span style="color:#000000;font-family:arial;font-size:9pt">composed of securities selected from the FTSE EPRA Nareit Developed Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Parent Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Parent Index is </span><span style="color:#000000;font-family:arial;font-size:9pt">composed of real estate investment trusts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">REITs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and real estate holding and development companies from developed </span><span style="color:#000000;font-family:arial;font-size:9pt">market countries or regions. The Underlying Index reweights constituents of the Parent Index to target, in aggregate, a </span><span style="color:#000000;font-family:arial;font-size:9pt">minimum level of green certification; an increase in green certification and a reduction in energy usage, both relative to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Parent Index; and a level of carbon emission intensity that is no worse than that of the Parent Index, subject to certain </span><span style="color:#000000;font-family:arial;font-size:9pt">constraints. The Parent Index may include large-, mid- and small-capitalization constituents.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in Developed Countries. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund’s investment in  developed country issuers will subject the Fund to legal, </span><span style="color:#000000;font-family:arial;font-size:9pt">regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries </span><span style="color:#000000;font-family:arial;font-size:9pt">tend to represent a significant portion of the global economy and have generally experienced slower economic growth than </span><span style="color:#000000;font-family:arial;font-size:9pt">some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and </span><span style="color:#000000;font-family:arial;font-size:9pt">strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and </span><span style="color:#000000;font-family:arial;font-size:9pt">may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by </span><span style="color:#000000;font-family:arial;font-size:9pt">changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or </span><span style="color:#000000;font-family:arial;font-size:9pt">availability of certain commodities.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Environmentally Aware Real Estate Investment Strategy Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund’s investment strategy of tracking an Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index that uses environmental factors related to real estate (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">e.g</span><span style="color:#000000;font-family:arial;font-size:9pt">., green certification and energy efficiency) may limit the types </span><span style="color:#000000;font-family:arial;font-size:9pt">and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds </span><span style="color:#000000;font-family:arial;font-size:9pt">whose underlying index does not use environmental factors related to real estate or other funds that use similar criteria. </span><span style="color:#000000;font-family:arial;font-size:9pt">Companies that own or manage real estate assets with favorable environmental factors are exposed to risks specific to the </span><span style="color:#000000;font-family:arial;font-size:9pt">real estate market as well as the risks that are associated specifically with the environmental factors related to real estate. The </span><span style="color:#000000;font-family:arial;font-size:9pt">issuers of securities selected for the Underlying Index may not be the same issuers selected by other index providers that use </span><span style="color:#000000;font-family:arial;font-size:9pt">certain environmental factors with respect to real estate companies. The issuers of securities selected for the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index may have real estate assets that do not exhibit favorable environmental performance. In addition, issuers selected for </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index may not later display positive or favorable environmental performance metrics.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Real Estate Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Real estate companies, which include real estate investment trust (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">REITs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), real estate holding </span><span style="color:#000000;font-family:arial;font-size:9pt">and operating companies, and real estate management or development companies, expose investors to the risks of owning </span><span style="color:#000000;font-family:arial;font-size:9pt">real estate directly as well as to the risks from the way that such companies operate. Real estate is highly sensitive to general </span><span style="color:#000000;font-family:arial;font-size:9pt">and local economic conditions and can be subject to intense competition and periodic overbuilding. Other real estate risks </span><span style="color:#000000;font-family:arial;font-size:9pt">include decreases in property values, tax increases, zoning changes, casualty or condemnation losses, environmental </span><span style="color:#000000;font-family:arial;font-size:9pt">liabilities, regulatory limitations on rent or eviction, and defaults by borrowers or tenants. Real estate companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">heavily invested in one geographic region, industry or property type. They also may be highly leveraged, which can magnify </span><span style="color:#000000;font-family:arial;font-size:9pt">losses, and interest rate increases can make it difficult to obtain financing and service debt.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Assets Under Management (AUM) Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> From time to time, an Authorized Participant (as defined below in </span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">Participant Concentration Risk</span><span style="color:#000000;font-family:arial;font-size:9pt">), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund </span><span style="color:#000000;font-family:arial;font-size:9pt">may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There </span><span style="color:#000000;font-family:arial;font-size:9pt">can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at </span><span style="color:#000000;font-family:arial;font-size:9pt">such levels, which could negatively impact the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Currency Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of </span><span style="color:#000000;font-family:arial;font-size:9pt">foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions </span><span style="color:#000000;font-family:arial;font-size:9pt">between U.S. dollars and foreign currencies.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Dividend-Paying Stock Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with </span><span style="color:#000000;font-family:arial;font-size:9pt">investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are </span><span style="color:#000000;font-family:arial;font-size:9pt">not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating </span><span style="color:#000000;font-family:arial;font-size:9pt">anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">ESG Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the </span><span style="color:#000000;font-family:arial;font-size:9pt">types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds </span><span style="color:#000000;font-family:arial;font-size:9pt">whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing </span><span style="color:#000000;font-family:arial;font-size:9pt">in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform </span><span style="color:#000000;font-family:arial;font-size:9pt">other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level </span><span style="color:#000000;font-family:arial;font-size:9pt">ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or </span><span style="color:#000000;font-family:arial;font-size:9pt">rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless </span><span style="color:#000000;font-family:arial;font-size:9pt">remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain </span><span style="color:#000000;font-family:arial;font-size:9pt">securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or </span><span style="color:#000000;font-family:arial;font-size:9pt">constraints at all times.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Certain shareholders of the Fund, including an Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color:#000000;font-family:arial;font-size:9pt">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color:#000000;font-family:arial;font-size:9pt">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color:#000000;font-family:arial;font-size:9pt">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color:#000000;font-family:arial;font-size:9pt">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color:#000000;font-family:arial;font-size:9pt">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color:#000000;font-family:arial;font-size:9pt">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color:#000000;font-family:arial;font-size:9pt">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color:#000000;font-family:arial;font-size:9pt">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">National Closed Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> To the extent that securities or other assets held by the Fund trade on foreign </span><span style="color:#000000;font-family:arial;font-size:9pt">exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, </span><span style="color:#000000;font-family:arial;font-size:9pt">there are likely to be deviations between such asset’s current price and its last quoted price (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e</span><span style="color:#000000;font-family:arial;font-size:9pt">., the quote from the closed </span><span style="color:#000000;font-family:arial;font-size:9pt">foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These </span><span style="color:#000000;font-family:arial;font-size:9pt">deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other </span><span style="color:#000000;font-family:arial;font-size:9pt">funds.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Non-U.S. Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, </span><span style="color:#000000;font-family:arial;font-size:9pt">regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market </span><span style="color:#000000;font-family:arial;font-size:9pt">volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign </span><span style="color:#000000;font-family:arial;font-size:9pt">investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers </span><span style="color:#000000;font-family:arial;font-size:9pt">may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less </span><span style="color:#000000;font-family:arial;font-size:9pt">publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement </span><span style="color:#000000;font-family:arial;font-size:9pt">procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">investments are made in a limited number of countries, events in those countries will have a more significant impact on the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Small Fund Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset </span><span style="color:#000000;font-family:arial;font-size:9pt">base. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by the listing </span><span style="color:#000000;font-family:arial;font-size:9pt">exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative tax </span><span style="color:#000000;font-family:arial;font-size:9pt">consequences for its shareholders.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions. Until the Fund reaches </span><span style="color:#000000;font-family:arial;font-size:9pt">greater scale, it may experience higher tracking error than is typical for similar index ETF.  </span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Valuation Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color:#000000;font-family:arial;font-size:9pt">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color:#000000;font-family:arial;font-size:9pt">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color:#000000;font-family:arial;font-size:9pt">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color:#000000;font-family:arial;font-size:9pt">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color:#000000;font-family:arial;font-size:9pt">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color:#000000;font-family:arial;font-size:9pt">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:32.19pt;"> <div style="display:flex;white-space:nowrap;width:32.19pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:5pt">9.13%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the period shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:32.19pt;"> <div style="display:flex;white-space:nowrap;width:32.19pt;"><span style="color:#000000;font-family:arial;font-size:8pt">16.57%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">September 30, 2024</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:32.19pt;"> <div style="display:flex;white-space:nowrap;width:32.19pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:1.55pt">-9.84%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">December 31, 2024</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0913 2026-06-30 Best Quarter 0.1657 2024-09-30 Worst Quarter -0.0984 2024-12-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2022-11-15 0.1006 0.0621 0.0867 0.0482 0.0623 0.0433 0.2262 0.1884 0.0942 0.0566 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation andmay differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Global Clean Energy ETFICLN | Nasdaq Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares Global Clean Energy ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of global </span><span style="color:#000000;font-family:arial;font-size:9pt">equities in the clean energy sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0037 0.0001 0.0038 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 39 122 213 480 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 68% of the average value of its portfolio. 0.68 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the S&amp;P Global Clean Energy Transition Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">TM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">which is designed to track the performance of approximately 100 clean energy-related companies. The Underlying Index is a </span><span style="color:#000000;font-family:arial;font-size:9pt">subset of the S&amp;P Global Broad Market Index and includes stocks traded on developed and emerging market exchanges </span><span style="color:#000000;font-family:arial;font-size:9pt">which meet or exceed, at the time of inclusion, $300 million in total market capitalization, $100 million in float-adjusted </span><span style="color:#000000;font-family:arial;font-size:9pt">market capitalization, and $3 million median daily value traded over a six-month period (or $2 million for existing </span><span style="color:#000000;font-family:arial;font-size:9pt">constituents).</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">S&amp;P Dow Jones Indices LLC (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) uses Global Industry Classification Standard (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">GICS</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and FactSet’s Revere </span><span style="color:#000000;font-family:arial;font-size:9pt">Business Industry Classification System (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">RBICS</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) classifications along with Trucost Power Generation Data (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trucost</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) for </span><span style="color:#000000;font-family:arial;font-size:9pt">utility companies to determine the eligible universe. Companies that derive at least 25% in aggregate revenue from clean </span><span style="color:#000000;font-family:arial;font-size:9pt">energy related businesses as defined by RBICS data, companies in the Electric Utilities, Multi-Utilities, or Independent Power </span><span style="color:#000000;font-family:arial;font-size:9pt">Producers &amp; Energy Traders sub-industries that generate at least 20% of their power from renewable sources as measured by </span><span style="color:#000000;font-family:arial;font-size:9pt">Trucost data, and companies in the GICS </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">renewable utilities</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> sub-industry form the preliminary universe. In addition, the </span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider uses company exclusion criteria related to business activity (e.g., controversial weapons, tobacco, thermal coal, </span><span style="color:#000000;font-family:arial;font-size:9pt">etc.) and other exclusion guidelines based on a company’s compliance with the United Nations Global Compact (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">UNGC</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) </span><span style="color:#000000;font-family:arial;font-size:9pt">provided by Sustainalytics. The Index Provider utilizes measurements from S&amp;P Global Business Involvement Screens when </span><span style="color:#000000;font-family:arial;font-size:9pt">monitoring the company exclusion criteria related to business activity (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">e.g.</span><span style="color:#000000;font-family:arial;font-size:9pt">, controversial weapons, tobacco, thermal coal, </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">etc.). Lastly, the Index Provider uses S&amp;P Global Sustainable1 for screening and analysis of controversies related to </span><span style="color:#000000;font-family:arial;font-size:9pt">companies within the index. Companies without coverage are ineligible for index inclusion until they receive such coverage.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Index Provider defines clean energy exposure scores (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">exposure scores</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) for each company based on its primary </span><span style="color:#000000;font-family:arial;font-size:9pt">business. The Index Provider also calculates carbon-to-revenue footprint standards and excludes those companies with a </span><span style="color:#000000;font-family:arial;font-size:9pt">high carbon-to-revenue footprint standard score determined by the Index Provider. All remaining companies with a high </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure score are selected for the Underlying Index. If the Underlying Index does not have 100 constituents, companies with </span><span style="color:#000000;font-family:arial;font-size:9pt">lower exposure scores are selected, based on market-capitalization, until a constituent count of 100 is reached. If, after a </span><span style="color:#000000;font-family:arial;font-size:9pt">constituent count of 100 is reached, the weighted average exposure score is lower than certain thresholds, companies with </span><span style="color:#000000;font-family:arial;font-size:9pt">low exposure scores will be removed from the Underlying Index. Therefore, while the Underlying Index targets a constituent </span><span style="color:#000000;font-family:arial;font-size:9pt">count of 100 securities, it may be comprised of greater or fewer than 100 securities. As of April 30, 2026, there were 103 </span><span style="color:#000000;font-family:arial;font-size:9pt">constituents in the Underlying Index.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Constituents are weighted based on a product of the constituent’s float-adjusted market capitalization and exposure score, </span><span style="color:#000000;font-family:arial;font-size:9pt">with weights of constituents capped based on their exposure score and liquidity weight. The Index Provider determines </span><span style="color:#000000;font-family:arial;font-size:9pt">liquidity weight based on the relative six-month median daily value of a security compared to that measure for the overall </span><span style="color:#000000;font-family:arial;font-size:9pt">index. In addition, the cumulative weight of all stocks within the Underlying Index that have a weight greater than 4.5% </span><span style="color:#000000;font-family:arial;font-size:9pt">cannot exceed 40%. As of April 30, 2026, the Underlying Index comprised securities of companies in the following countries </span><span style="color:#000000;font-family:arial;font-size:9pt">or regions: Austria, Brazil, Canada, Chile, China, Denmark, Germany, India, Indonesia, Israel, Italy, Japan, New Zealand, </span><span style="color:#000000;font-family:arial;font-size:9pt">Portugal, South Korea, Spain, Taiwan, Thailand, Turkey, the United Kingdom (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">U.K.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and the U.S. The Underlying Index may </span><span style="color:#000000;font-family:arial;font-size:9pt">include large-, mid- or small-capitalization companies. As of April 30, 2026, a significant portion of the Underlying Index was </span><span style="color:#000000;font-family:arial;font-size:9pt">represented by securities of companies in the industrials, technology and utilities industries or sectors. The components of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is a product of the Index Provider, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund and BFA. The Index Provider </span><span style="color:#000000;font-family:arial;font-size:9pt">determines the composition and relative weightings of the components of the Underlying Index and publishes information </span><span style="color:#000000;font-family:arial;font-size:9pt">regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the S&amp;P Global Clean Energy Transition Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">TM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">which is designed to track the performance of approximately 100 clean energy-related companies. The Underlying Index is a </span><span style="color:#000000;font-family:arial;font-size:9pt">subset of the S&amp;P Global Broad Market Index and includes stocks traded on developed and emerging market exchanges </span><span style="color:#000000;font-family:arial;font-size:9pt">which meet or exceed, at the time of inclusion, $300 million in total market capitalization, $100 million in float-adjusted </span><span style="color:#000000;font-family:arial;font-size:9pt">market capitalization, and $3 million median daily value traded over a six-month period (or $2 million for existing </span><span style="color:#000000;font-family:arial;font-size:9pt">constituents).</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Clean Energy Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Clean energy companies may be highly dependent on government subsidies, contracts with </span><span style="color:#000000;font-family:arial;font-size:9pt">government entities, and the successful development of new and proprietary technologies. Seasonal weather conditions, </span><span style="color:#000000;font-family:arial;font-size:9pt">fluctuations in the supply of and demand for clean energy products, changes in energy prices, and political events may cause </span><span style="color:#000000;font-family:arial;font-size:9pt">fluctuations in the performance of clean energy companies and the prices of their securities.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Currency Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of a non-U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of </span><span style="color:#000000;font-family:arial;font-size:9pt">foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions </span><span style="color:#000000;font-family:arial;font-size:9pt">between U.S. dollars and foreign currencies.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Custody Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Less developed securities markets are more likely to experience problems with the clearing and settlement of </span><span style="color:#000000;font-family:arial;font-size:9pt">trades, as well as the custody of securities and other assets by local banks, agents and depositories. These issues may have an </span><span style="color:#000000;font-family:arial;font-size:9pt">adverse impact on the Fund, including losses or delays in payments, delivery or recovery of money or other assets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">ESG Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the </span><span style="color:#000000;font-family:arial;font-size:9pt">types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds </span><span style="color:#000000;font-family:arial;font-size:9pt">whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing </span><span style="color:#000000;font-family:arial;font-size:9pt">in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform </span><span style="color:#000000;font-family:arial;font-size:9pt">other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level </span><span style="color:#000000;font-family:arial;font-size:9pt">ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or </span><span style="color:#000000;font-family:arial;font-size:9pt">rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless </span><span style="color:#000000;font-family:arial;font-size:9pt">remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or </span><span style="color:#000000;font-family:arial;font-size:9pt">constraints at all times.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industrial Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Industrial companies face a number of risks, including supply chain and distribution disruptions, </span><span style="color:#000000;font-family:arial;font-size:9pt">business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability </span><span style="color:#000000;font-family:arial;font-size:9pt">claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices </span><span style="color:#000000;font-family:arial;font-size:9pt">and currencies. The performance of such companies may also be affected by technological developments, labor relations, </span><span style="color:#000000;font-family:arial;font-size:9pt">legislative and regulatory changes, government spending policies, and changes in domestic and international economies.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Certain shareholders of the Fund, including an Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color:#000000;font-family:arial;font-size:9pt">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color:#000000;font-family:arial;font-size:9pt">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color:#000000;font-family:arial;font-size:9pt">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color:#000000;font-family:arial;font-size:9pt">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color:#000000;font-family:arial;font-size:9pt">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color:#000000;font-family:arial;font-size:9pt">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color:#000000;font-family:arial;font-size:9pt">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color:#000000;font-family:arial;font-size:9pt">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color:#000000;font-family:arial;font-size:9pt">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Mid-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color:#000000;font-family:arial;font-size:9pt">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">National Closed Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> To the extent that securities or other assets held by the Fund trade on foreign </span><span style="color:#000000;font-family:arial;font-size:9pt">exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, </span><span style="color:#000000;font-family:arial;font-size:9pt">there are likely to be deviations between such asset’s current price and its last quoted price (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e</span><span style="color:#000000;font-family:arial;font-size:9pt">., the quote from the closed </span><span style="color:#000000;font-family:arial;font-size:9pt">foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These </span><span style="color:#000000;font-family:arial;font-size:9pt">deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other </span><span style="color:#000000;font-family:arial;font-size:9pt">funds.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Non-Diversification Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is classified as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">non-diversified.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> This means that, compared with funds that are </span><span style="color:#000000;font-family:arial;font-size:9pt">classified as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">diversified,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color:#000000;font-family:arial;font-size:9pt">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:arial;font-size:9pt">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color:#000000;font-family:arial;font-size:9pt">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Non-U.S. Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, </span><span style="color:#000000;font-family:arial;font-size:9pt">regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market </span><span style="color:#000000;font-family:arial;font-size:9pt">volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign </span><span style="color:#000000;font-family:arial;font-size:9pt">investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers </span><span style="color:#000000;font-family:arial;font-size:9pt">may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less </span><span style="color:#000000;font-family:arial;font-size:9pt">publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement </span><span style="color:#000000;font-family:arial;font-size:9pt">procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">investments are made in a limited number of countries, events in those countries will have a more significant impact on the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund. The Fund is specifically exposed to </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asian Economic Risk </span><span style="color:#000000;font-family:arial;font-size:9pt">and </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">European Economic Risk</span><span style="color:#000000;font-family:arial;font-size:9pt">.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Reliance on Trading Partners Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund invests in countries or regions whose economies are heavily dependent upon </span><span style="color:#000000;font-family:arial;font-size:9pt">trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings of securities of certain issuers, the Fund is specifically exposed to </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asian Economic Risk,</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">European Economic </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk</span><span style="color:#000000;font-family:arial;font-size:9pt"> and </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">U.S. Economic Risk</span><span style="color:#000000;font-family:arial;font-size:9pt">.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in Asia.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investments in Asian issuers subject the Fund to legal, regulatory, political, economic, currency, </span><span style="color:#000000;font-family:arial;font-size:9pt">geographic and security risks that are specific to Asia. There is no guarantee that the economic growth and industrialization </span><span style="color:#000000;font-family:arial;font-size:9pt">in certain Asian economies will continue. Certain Asian countries have experienced expropriation and/or nationalization of </span><span style="color:#000000;font-family:arial;font-size:9pt">assets, confiscatory taxation, currency devaluations and restrictions, political or social instability, and armed conflict. An </span><span style="color:#000000;font-family:arial;font-size:9pt">adverse economic or political event in one Asian country may negatively affect countries throughout the region. In particular, </span><span style="color:#000000;font-family:arial;font-size:9pt">because many Asian countries depend significantly on international trade, shifts in relationships with key trading partners, </span><span style="color:#000000;font-family:arial;font-size:9pt">such as China and the U.S., may have a region-wide economic impact. Regional geopolitical risks include the historical </span><span style="color:#000000;font-family:arial;font-size:9pt">tensions between South Korea and North Korea, China’s complex territorial dispute regarding the sovereignty of Taiwan and </span><span style="color:#000000;font-family:arial;font-size:9pt">its pledge to take control of Taiwan, and frictions between China and the Philippines in the South China Sea.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in China.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, </span><span style="color:#000000;font-family:arial;font-size:9pt">are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social </span><span style="color:#000000;font-family:arial;font-size:9pt">instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors </span><span style="color:#000000;font-family:arial;font-size:9pt">and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to </span><span style="color:#000000;font-family:arial;font-size:9pt">experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other </span><span style="color:#000000;font-family:arial;font-size:9pt">countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a </span><span style="color:#000000;font-family:arial;font-size:9pt">greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged </span><span style="color:#000000;font-family:arial;font-size:9pt">to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and </span><span style="color:#000000;font-family:arial;font-size:9pt">threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, </span><span style="color:#000000;font-family:arial;font-size:9pt">export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and </span><span style="color:#000000;font-family:arial;font-size:9pt">Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the </span><span style="color:#000000;font-family:arial;font-size:9pt">Chinese economy and markets and the Fund’s investments.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color:#000000;font-family:arial;font-size:9pt">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or </span><span style="color:#000000;font-family:arial;font-size:9pt">a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the </span><span style="color:#000000;font-family:arial;font-size:9pt">economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may </span><span style="color:#000000;font-family:arial;font-size:9pt">include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or </span><span style="color:#000000;font-family:arial;font-size:9pt">other governments due to national security, human rights or other concerns of such government. So long as these </span><span style="color:#000000;font-family:arial;font-size:9pt">restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent </span><span style="color:#000000;font-family:arial;font-size:9pt">with its objective to track the performance of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, </span><span style="color:#000000;font-family:arial;font-size:9pt">accounting standards or auditor oversight as companies in more developed countries. As a result, information about the </span><span style="color:#000000;font-family:arial;font-size:9pt">Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for </span><span style="color:#000000;font-family:arial;font-size:9pt">other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may </span><span style="color:#000000;font-family:arial;font-size:9pt">have limited legal remedies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Many Chinese companies listed on U.S. exchanges use variable interest entities or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">VIEs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> in their structure as a result of </span><span style="color:#000000;font-family:arial;font-size:9pt">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual </span><span style="color:#000000;font-family:arial;font-size:9pt">arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or </span><span style="color:#000000;font-family:arial;font-size:9pt">total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </span><span style="color:#000000;font-family:arial;font-size:9pt">considerations.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in Developed Countries. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund’s investment in  developed country issuers will subject the Fund to legal, </span><span style="color:#000000;font-family:arial;font-size:9pt">regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries </span><span style="color:#000000;font-family:arial;font-size:9pt">tend to represent a significant portion of the global economy and have generally experienced slower economic growth than </span><span style="color:#000000;font-family:arial;font-size:9pt">some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and </span><span style="color:#000000;font-family:arial;font-size:9pt">strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and </span><span style="color:#000000;font-family:arial;font-size:9pt">may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by </span><span style="color:#000000;font-family:arial;font-size:9pt">changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or </span><span style="color:#000000;font-family:arial;font-size:9pt">availability of certain commodities.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in Emerging Markets.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investments in emerging markets may be subject to a greater risk of loss than </span><span style="color:#000000;font-family:arial;font-size:9pt">investments in more developed markets. The risks of emerging markets may include, among others, greater market volatility; </span><span style="color:#000000;font-family:arial;font-size:9pt">political, legal, economic, and social instability; less developed securities markets, including settlement, custody and </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation processes; government expropriation or nationalization of assets; greater volatility in currency exchange rates; more </span><span style="color:#000000;font-family:arial;font-size:9pt">capital controls; less governmental supervision and regulation; and less stringent accounting, auditing and disclosure </span><span style="color:#000000;font-family:arial;font-size:9pt">requirements. There may be significant obstacles to obtaining information necessary for investigations into or litigation </span><span style="color:#000000;font-family:arial;font-size:9pt">against companies, and shareholders may have limited legal remedies. The Fund does not select investments based on </span><span style="color:#000000;font-family:arial;font-size:9pt">investor protection considerations. Emerging market securities may face liquidity challenges, and the Fund may be unable to </span><span style="color:#000000;font-family:arial;font-size:9pt">liquidate its positions in such securities at a favorable time or price.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in Saudi Arabia.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency, </span><span style="color:#000000;font-family:arial;font-size:9pt">security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum </span><span style="color:#000000;font-family:arial;font-size:9pt">exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more </span><span style="color:#000000;font-family:arial;font-size:9pt">developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include, </span><span style="color:#000000;font-family:arial;font-size:9pt">among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in </span><span style="color:#000000;font-family:arial;font-size:9pt">international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in </span><span style="color:#000000;font-family:arial;font-size:9pt">governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic </span><span style="color:#000000;font-family:arial;font-size:9pt">unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of </span><span style="color:#000000;font-family:arial;font-size:9pt">political stability in Saudi Arabia.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian </span><span style="color:#000000;font-family:arial;font-size:9pt">government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There </span><span style="color:#000000;font-family:arial;font-size:9pt">are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to </span><span style="color:#000000;font-family:arial;font-size:9pt">transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited </span><span style="color:#000000;font-family:arial;font-size:9pt">number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing </span><span style="color:#000000;font-family:arial;font-size:9pt">of Fund transactions.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Semiconductor Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The semiconductor industry is characterized by rapid technological change and product </span><span style="color:#000000;font-family:arial;font-size:9pt">obsolescence, cyclical market patterns, price erosion, periods of over-capacity and production shortages, variations in </span><span style="color:#000000;font-family:arial;font-size:9pt">manufacturing costs and yields, and significant expenditures for capital equipment and product development. </span><span style="color:#000000;font-family:arial;font-size:9pt">Semiconductor companies depend significantly on third-party suppliers and the availability of raw materials and may be </span><span style="color:#000000;font-family:arial;font-size:9pt">adversely affected by supply chain disruptions. They also may be adversely affected by the loss or impairment of intellectual </span><span style="color:#000000;font-family:arial;font-size:9pt">property rights. Growing demand related to AI and other emerging technologies may contribute to increased competition, </span><span style="color:#000000;font-family:arial;font-size:9pt">capacity constraints and customer concentration.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Small-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to mid- and large-capitalization companies, small-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Technology Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Technology companies and companies that rely heavily on technological advances may have </span><span style="color:#000000;font-family:arial;font-size:9pt">limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense </span><span style="color:#000000;font-family:arial;font-size:9pt">competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face </span><span style="color:#000000;font-family:arial;font-size:9pt">unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. </span><span style="color:#000000;font-family:arial;font-size:9pt">Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or </span><span style="color:#000000;font-family:arial;font-size:9pt">impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse </span><span style="color:#000000;font-family:arial;font-size:9pt">government or legal action.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Thematic Investing Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund relies on the Index Provider to identify securities that reflect the relevant themes and </span><span style="color:#000000;font-family:arial;font-size:9pt">sub-themes for inclusion in the Underlying Index. There is no guarantee that the Underlying Index or the Fund will reflect the </span><span style="color:#000000;font-family:arial;font-size:9pt">intended theme and sub-theme exposures. The Fund’s performance may suffer if such securities are not correctly identified, </span><span style="color:#000000;font-family:arial;font-size:9pt">if a theme or sub-theme develops in an unexpected manner, or if securities in the Underlying Index do not benefit from the </span><span style="color:#000000;font-family:arial;font-size:9pt">development of a theme or sub-theme. The Fund’s performance may also be impacted if securities that are not related to the </span><span style="color:#000000;font-family:arial;font-size:9pt">theme or sub-theme are included in the Underlying Index.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions. ETFs that track </span><span style="color:#000000;font-family:arial;font-size:9pt">indexes with significant exposure to emerging markets may experience higher tracking error than ETFs that do not track such </span><span style="color:#000000;font-family:arial;font-size:9pt">indexes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Utility Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The utilities sector is generally subject to significant government regulation and oversight, including </span><span style="color:#000000;font-family:arial;font-size:9pt">restrictions on rates as well as environmental and other regulations. Utility companies also may face risks related to, among </span><span style="color:#000000;font-family:arial;font-size:9pt">other things, natural disasters, cyber or other attacks, capital project funding, energy price volatility and increased </span><span style="color:#000000;font-family:arial;font-size:9pt">competition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Valuation Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color:#000000;font-family:arial;font-size:9pt">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color:#000000;font-family:arial;font-size:9pt">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color:#000000;font-family:arial;font-size:9pt">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color:#000000;font-family:arial;font-size:9pt">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color:#000000;font-family:arial;font-size:9pt">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color:#000000;font-family:arial;font-size:9pt">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">25.50%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">52.71%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">December 31, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-21.59%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">December 31, 2024</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.2550 2026-06-30 Best Quarter 0.5271 2020-12-31 Worst Quarter -0.2159 2024-12-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2008-06-24 0.4659 -0.0895 0.0723 0.4599 -0.0921 0.0677 0.2797 -0.0647 0.0575 0.2196 0.1050 0.1128 0.4681 -0.0879 0.0713 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Global REIT ETF REET | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Global REIT ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of global real estate </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equities in developed and emerging markets.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0014 0.0000 0.0014 Example.  This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 14 45 79 179 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 5% of the average value of its portfolio. 0.05 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the FTSE EPRA Nareit Global REITs Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">designed to track the performance of publicly listed real estate investment trusts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">REITs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (or their local equivalents) in both </span><span style="color: #000000; font-family: arial; font-size: 9pt;">developed and emerging markets. The index components must qualify for REIT (or its local equivalent) status in their country </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of domicile and meet certain liquidity, size, and earnings before interest, taxes, depreciation and amortization (EBITDA) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">requirements. Components are adjusted for free float and foreign ownership limits. As of April 30, 2026, the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">was composed of securities of companies in the following countries or regions: Australia, Belgium, Brazil, Canada, China, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">France, Germany, Hong Kong, India, Indonesia, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Philippines, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Thailand, Turkey, the United Kingdom (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.K.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the U.S. As of April 30, 2026, a significant portion of the Underlying Index was represented by REITs. The components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index are likely to change over time. </span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representative sampling indexing strategy to manage the Fund.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">” </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is an indexing strategy that</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> involves investing in a representative sample of securities or other instruments intended to collectively have an investment</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, or other reasons as determined by BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by FTSE International Limited (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">FTSE</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the FTSE EPRA Nareit Global REITs Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">designed to track the performance of publicly listed real estate investment trusts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">REITs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (or their local equivalents) in both </span><span style="color: #000000; font-family: arial; font-size: 9pt;">developed and emerging markets. The index components must qualify for REIT (or its local equivalent) status in their country </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of domicile and meet certain liquidity, size, and earnings before interest, taxes, depreciation and amortization (EBITDA) </span><span style="color: #000000; font-family: arial; font-size: 9pt;">requirements. Components are adjusted for free float and foreign ownership limits. As of April 30, 2026, the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">was composed of securities of companies in the following countries or regions: Australia, Belgium, Brazil, Canada, China, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">France, Germany, Hong Kong, India, Indonesia, Ireland, Italy, Japan, Malaysia, Mexico, the Netherlands, New Zealand, the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Philippines, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Thailand, Turkey, the United Kingdom (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.K.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the U.S. As of April 30, 2026, a significant portion of the Underlying Index was represented by REITs. The components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index are likely to change over time. </span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments.  <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Real Estate Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Real estate companies, which include real estate investment trust (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">REITs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), real estate holding </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and operating companies, and real estate management or development companies, expose investors to the risks of owning </span><span style="color: #000000; font-family: arial; font-size: 9pt;">real estate directly as well as to the risks from the way that such companies operate. Real estate is highly sensitive to general </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and local economic conditions and can be subject to intense competition and periodic overbuilding. Other real estate risks </span><span style="color: #000000; font-family: arial; font-size: 9pt;">include decreases in property values, tax increases, zoning changes, casualty or condemnation losses, environmental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">liabilities, regulatory limitations on rent or eviction, and defaults by borrowers or tenants. Real estate companies may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">heavily invested in one geographic region, industry or property type. They also may be highly leveraged, which can magnify </span><span style="color: #000000; font-family: arial; font-size: 9pt;">losses, and interest rate increases can make it difficult to obtain financing and service debt.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Currency Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of a non-U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between U.S. dollars and foreign currencies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Dividend-Paying Stock Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">National Closed Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> To the extent that securities or other assets held by the Fund trade on foreign </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">there are likely to be deviations between such asset’s current price and its last quoted price (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 9pt;">., the quote from the closed </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These </span><span style="color: #000000; font-family: arial; font-size: 9pt;">deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">funds.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Non-U.S. Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less </span><span style="color: #000000; font-family: arial; font-size: 9pt;">publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investments are made in a limited number of countries, events in those countries will have a more significant impact on the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in China.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are subject to risks specific to China. China may be subject to considerable degrees of economic, political and social </span><span style="color: #000000; font-family: arial; font-size: 9pt;">instability. Despite economic and market reforms in recent decades, the Chinese government’s control over certain sectors </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the risk that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">experience inefficiency, a lack of publicly available information and/or political and social instability and may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility and pricing anomalies resulting from governmental influence. Internal social unrest or confrontations with other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">countries, including military conflicts in response to such events, may disrupt China’s economy and markets and result in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher inflation.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese economy and markets and the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade tensions or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economies of China’s key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other governments due to national security, human rights or other concerns of such government. So long as these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent </span><span style="color: #000000; font-family: arial; font-size: 9pt;">with its objective to track the performance of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">accounting standards or auditor oversight as companies in more developed countries. As a result, information about the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on </span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, or for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other reasons, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">have limited legal remedies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Many Chinese companies listed on U.S. exchanges use variable interest entities or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> in their structure as a result of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign ownership restrictions. Any change in the operations of entities in a VIE structure, the status of VIE contractual </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">arrangements or the legal or regulatory environment in China could result in significant, and possibly permanent and/or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">total, losses for investments in VIE issuers. The Fund does not select investments based on investor protection </span><span style="color: #000000; font-family: arial; font-size: 9pt;">considerations.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Developed Countries. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund’s investment in  developed country issuers will subject the Fund to legal, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tend to represent a significant portion of the global economy and have generally experienced slower economic growth than </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">availability of certain commodities.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Saudi Arabia.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in Saudi Arabian issuers subjects the Fund to legal, regulatory, political, currency, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">security, and economic risks that are specific to Saudi Arabia. The economy of Saudi Arabia is dominated by petroleum </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exports. A sustained decrease in petroleum prices could have a negative impact on all aspects of the economy. Investments in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities of Saudi Arabian issuers involve risks not typically associated with investments in securities of issuers in more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">developed countries, which may negatively affect the value of the Fund’s investments. Such heightened risks may include, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">among others, the expropriation and/or nationalization of assets, restrictions on and government intervention in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">governmental decision-making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unrest. Instability in the Middle East region could adversely impact the economy of Saudi Arabia, and there is no assurance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">political stability in Saudi Arabia.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The ability of foreign investors to invest in the securities of Saudi Arabian companies could be restricted by the Saudi Arabian </span><span style="color: #000000; font-family: arial; font-size: 9pt;">government at any time, and unforeseen risks could materialize with respect to foreign ownership of such securities. There </span><span style="color: #000000; font-family: arial; font-size: 9pt;">are a number of ways to conduct transactions in equity securities in the Saudi Arabian market. The Fund generally expects to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transact in a manner so that it is not limited by Saudi Arabian regulations to a single broker. However, there may be a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">number of brokers who can provide services to the Fund, which may have an adverse impact on the prices, quantity or timing </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of Fund transactions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color: #000000; font-family: arial; font-size: 9pt;">broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index.  Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)   <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">12.05%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">16.03%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">September 30, 2024</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-30.17%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1205 2026-06-30 Best Quarter 0.1603 2024-09-30 Worst Quarter -0.3017 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2014-07-08 0.0818 0.0424 0.0401 0.0687 0.0312 0.0255 0.0512 0.0293 0.0255 0.2262 0.1120 0.1170 0.0724 0.0345 0.0318 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).  Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares International Developed Real Estate ETFIFGL | Nasdaq Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares International Developed Real Estate ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed </span><span style="color:#000000;font-family:arial;font-size:9pt">of real estate equities in developed non-U.S. markets.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1,2 0.0048 0.0002 0.0050 Professional fees for foreign withholding tax claims that occurred during the most recent fiscal year have been restated to reflect expected fees in the current year. Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 51 160 280 628 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 9% of the average value of its portfolio. 0.09 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the FTSE EPRA Nareit Developed ex US Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">which measures the performance of companies engaged in the ownership, trading and development of income-producing </span><span style="color:#000000;font-family:arial;font-size:9pt">real estate in the developed real estate markets (except for the U.S.) as defined by FTSE EPRA Nareit. As of April 30, 2026, the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index was composed of securities of companies in the following countries or regions: Australia, Austria, Belgium, </span><span style="color:#000000;font-family:arial;font-size:9pt">Canada, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Singapore, </span><span style="color:#000000;font-family:arial;font-size:9pt">South Korea, Spain, Sweden, Switzerland and the United Kingdom (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">U.K.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). As of April 30, 2026, a significant portion of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index included companies offering various real estate services, real estate operating companies and real estate </span><span style="color:#000000;font-family:arial;font-size:9pt">investment trusts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">REITs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The components of the Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by FTSE International Limited (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">FTSE</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index and publishes information regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the FTSE EPRA Nareit Developed ex US Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">which measures the performance of companies engaged in the ownership, trading and development of income-producing </span><span style="color:#000000;font-family:arial;font-size:9pt">real estate in the developed real estate markets (except for the U.S.) as defined by FTSE EPRA Nareit. As of April 30, 2026, the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index was composed of securities of companies in the following countries or regions: Australia, Austria, Belgium, </span><span style="color:#000000;font-family:arial;font-size:9pt">Canada, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Singapore, </span><span style="color:#000000;font-family:arial;font-size:9pt">South Korea, Spain, Sweden, Switzerland and the United Kingdom (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">U.K.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). As of April 30, 2026, a significant portion of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index included companies offering various real estate services, real estate operating companies and real estate </span><span style="color:#000000;font-family:arial;font-size:9pt">investment trusts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">REITs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The components of the Underlying Index are likely to change over time.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in Developed Countries. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund’s investment in  developed country issuers will subject the Fund to legal, </span><span style="color:#000000;font-family:arial;font-size:9pt">regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries </span><span style="color:#000000;font-family:arial;font-size:9pt">tend to represent a significant portion of the global economy and have generally experienced slower economic growth than </span><span style="color:#000000;font-family:arial;font-size:9pt">some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and </span><span style="color:#000000;font-family:arial;font-size:9pt">strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and </span><span style="color:#000000;font-family:arial;font-size:9pt">may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by </span><span style="color:#000000;font-family:arial;font-size:9pt">changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or </span><span style="color:#000000;font-family:arial;font-size:9pt">availability of certain commodities.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Real Estate Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Real estate companies, which include real estate investment trust (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">REITs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), real estate holding </span><span style="color:#000000;font-family:arial;font-size:9pt">and operating companies, and real estate management or development companies, expose investors to the risks of owning </span><span style="color:#000000;font-family:arial;font-size:9pt">real estate directly as well as to the risks from the way that such companies operate. Real estate is highly sensitive to general </span><span style="color:#000000;font-family:arial;font-size:9pt">and local economic conditions and can be subject to intense competition and periodic overbuilding. Other real estate risks </span><span style="color:#000000;font-family:arial;font-size:9pt">include decreases in property values, tax increases, zoning changes, casualty or condemnation losses, environmental </span><span style="color:#000000;font-family:arial;font-size:9pt">liabilities, regulatory limitations on rent or eviction, and defaults by borrowers or tenants. Real estate companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">heavily invested in one geographic region, industry or property type. They also may be highly leveraged, which can magnify </span><span style="color:#000000;font-family:arial;font-size:9pt">losses, and interest rate increases can make it difficult to obtain financing and service debt.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Currency Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of a non-U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of </span><span style="color:#000000;font-family:arial;font-size:9pt">foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions </span><span style="color:#000000;font-family:arial;font-size:9pt">between U.S. dollars and foreign currencies.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Dividend-Paying Stock Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with </span><span style="color:#000000;font-family:arial;font-size:9pt">investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are </span><span style="color:#000000;font-family:arial;font-size:9pt">not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating </span><span style="color:#000000;font-family:arial;font-size:9pt">anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Certain shareholders of the Fund, including an Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color:#000000;font-family:arial;font-size:9pt">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color:#000000;font-family:arial;font-size:9pt">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color:#000000;font-family:arial;font-size:9pt">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color:#000000;font-family:arial;font-size:9pt">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color:#000000;font-family:arial;font-size:9pt">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color:#000000;font-family:arial;font-size:9pt">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color:#000000;font-family:arial;font-size:9pt">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color:#000000;font-family:arial;font-size:9pt">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color:#000000;font-family:arial;font-size:9pt">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">National Closed Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> To the extent that securities or other assets held by the Fund trade on foreign </span><span style="color:#000000;font-family:arial;font-size:9pt">exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, </span><span style="color:#000000;font-family:arial;font-size:9pt">there are likely to be deviations between such asset’s current price and its last quoted price (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e</span><span style="color:#000000;font-family:arial;font-size:9pt">., the quote from the closed </span><span style="color:#000000;font-family:arial;font-size:9pt">foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These </span><span style="color:#000000;font-family:arial;font-size:9pt">deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other </span><span style="color:#000000;font-family:arial;font-size:9pt">funds.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Non-U.S. Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, </span><span style="color:#000000;font-family:arial;font-size:9pt">regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market </span><span style="color:#000000;font-family:arial;font-size:9pt">volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign </span><span style="color:#000000;font-family:arial;font-size:9pt">investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers </span><span style="color:#000000;font-family:arial;font-size:9pt">may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less </span><span style="color:#000000;font-family:arial;font-size:9pt">publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement </span><span style="color:#000000;font-family:arial;font-size:9pt">procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">investments are made in a limited number of countries, events in those countries will have a more significant impact on the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund. The Fund is specifically exposed to </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asian Economic Risk </span><span style="color:#000000;font-family:arial;font-size:9pt">and </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">European Economic Risk</span><span style="color:#000000;font-family:arial;font-size:9pt">.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in Japan.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in Japanese issuers subjects the Fund to legal, regulatory, political, economic, currency, </span><span style="color:#000000;font-family:arial;font-size:9pt">geographic and security risks that are specific to Japan. Japan’s economy depends heavily on international trade, oil and </span><span style="color:#000000;font-family:arial;font-size:9pt">other commodity imports, and government policy supporting its exports. Other risks facing the Japanese economy include </span><span style="color:#000000;font-family:arial;font-size:9pt">significant public debt and deficits, currency fluctuations, and labor shortages due to an aging and declining population. </span><span style="color:#000000;font-family:arial;font-size:9pt">Japan’s relations with its neighbors have been strained at times, which could adversely affect its markets and economy. Japan </span><span style="color:#000000;font-family:arial;font-size:9pt">is also vulnerable to natural disasters.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Valuation Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color:#000000;font-family:arial;font-size:9pt">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color:#000000;font-family:arial;font-size:9pt">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color:#000000;font-family:arial;font-size:9pt">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color:#000000;font-family:arial;font-size:9pt">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:9pt">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color:#000000;font-family:arial;font-size:9pt">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:5pt">-1.60%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">16.45%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">September 30, 2024</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:122.6pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-27.67%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:79.94pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0160 2026-06-30 Best Quarter 0.1645 2024-09-30 Worst Quarter -0.2767 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-11-12 0.2523 -0.0010 0.0235 0.2406 -0.0094 0.0107 0.1563 -0.0021 0.0151 0.3195 0.0802 0.0849 0.2519 -0.0005 0.0246 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares International Select Dividend ETF IDV | Cboe BZX Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares International Select Dividend ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">relatively high dividend paying equities in non-U.S. developed markets.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may incur </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Acquired Fund Fees and Expenses.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Acquired Fund Fees and Expenses reflect the Fund’s pro rata share </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Prospectus</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">).</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds </span><span style="color: #000000; font-family: arial; font-size: 9pt;">advised by BFA or its affiliates through August 30, 2030. The contractual waiver may be terminated prior to August 30, 2030 </span><span style="color: #000000; font-family: arial; font-size: 9pt;">only upon written agreement of the Trust and BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the table and example below.</span></div> The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). August 30, 2030 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0049 0.0001 0.0000 0.0050 0.0000 0.0050 Example.  This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 51 160 280 628 Portfolio Turnover.  The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 37% of the average value of its portfolio. 0.37 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Dow Jones EPAC Select Dividend Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is provided by S&amp;P Dow Jones Indices LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">SPDJI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). The Underlying Index measures the performance </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of 100 high dividend-paying companies in the EPAC (Europe, Pacific, Asia and Canada) region, which covers developed </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">markets excluding the U.S. Constituents are selected according to indicated annual dividend (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IAD</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) yield, subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">screening criteria and weighting constraints. IAD yield is defined as a stock’s IAD (not including any special dividends) divided </span><span style="color: #000000; font-family: arial; font-size: 9pt;">by its price.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Dow Jones EPAC Select Dividend Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is provided by S&amp;P Dow Jones Indices LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">SPDJI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). The Underlying Index measures the performance </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of 100 high dividend-paying companies in the EPAC (Europe, Pacific, Asia and Canada) region, which covers developed </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">markets excluding the U.S. Constituents are selected according to indicated annual dividend (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IAD</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) yield, subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">screening criteria and weighting constraints. IAD yield is defined as a stock’s IAD (not including any special dividends) divided </span><span style="color: #000000; font-family: arial; font-size: 9pt;">by its price.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The starting universe for the Underlying Index is the S&amp;P EPAC BMI and the S&amp;P Canada BMI indexes, excluding real estate </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment trusts. To be eligible for the Underlying Index as a new constituent, an issuer must (i) have paid dividends in each </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the previous three years; (ii) have a current year trailing 12-month dividend-per-share ratio that is greater than or equal to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">its three-year average annual dividend-per-share ratio; and (iii) have a five-year average dividend coverage ratio that is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater than or equal to two-thirds of the five-year average dividend coverage ratio of the corresponding S&amp;P BMI country </span><span style="color: #000000; font-family: arial; font-size: 9pt;">index, or greater than 118%, whichever is greater. In addition, the security must have (x) a non-negative trailing 12-month </span><span style="color: #000000; font-family: arial; font-size: 9pt;">earnings per share; (y) a float-adjusted market capitalization of at least $1 billion, or at least $750 million for current </span><span style="color: #000000; font-family: arial; font-size: 9pt;">constituents; and (z) a three-month average daily trading value of at least $3 million. Current constituents are included in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">eligible universe regardless of their dividend growth rate, coverage ratio, current year earnings per share or average daily </span><span style="color: #000000; font-family: arial; font-size: 9pt;">trading value.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">To select the 100 constituents, the Index Provider ranks the eligible securities by IAD yield and first includes all existing </span><span style="color: #000000; font-family: arial; font-size: 9pt;">constituents that are ranked in the top 200 and then selects non-constituent stocks in rank order until the count reaches 100.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is reconstituted annually with constituent weights determined based on tilted IAD yield, which is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">calculated by multiplying the constituent’s IAD yield (capped at 20%) by the square root of its float market capitalization. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">weight of individual securities is capped at the lower of 10% or five times the constituent’s float market capitalization weight </span><span style="color: #000000; font-family: arial; font-size: 9pt;">within the Underlying Index. In addition, there is a 30% cap on the aggregate weight of constituents within each Global </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Industry Classification Standard sector and each country of domicile.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is reviewed daily based on each constituent’s weight. Daily capping is performed if the aggregate weight </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of constituents with an individual weight greater than 4.8% exceeds 24% of the Underlying Index’s total weight. If that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">threshold is breached, the current constituent weights are recapped, with the weights of individual constituents capped at </span><span style="color: #000000; font-family: arial; font-size: 9pt;">10% and the aggregate weight of constituents with an individual weight greater than 4.5% capped at 22.5% of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index’s total weight. IAD yields and tilted yield weights are not recalculated if the capping thresholds are breached </span><span style="color: #000000; font-family: arial; font-size: 9pt;">throughout the year. A freeze period on the daily capping is implemented during the annual index reconstitution.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">As of April 30, 2026, the Underlying Index was composed of securities of companies in the following countries or regions: </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Italy, the Netherlands, New Zealand, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Norway, South Korea, Spain, Sweden, Switzerland and the United Kingdom (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">U.K.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). The Fund invests in non-U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities, which may in some cases not produce qualifying dividend income. The Underlying Index may include large-, mid- </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and small-capitalization companies. As of April 30, 2026, a significant portion of the Underlying Index was represented by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities of companies in the financials industry or sector. The components of the Underlying Index are likely to change over </span><span style="color: #000000; font-family: arial; font-size: 9pt;">time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> representative sampling indexing strategy to manage the Fund.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy that</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> involves investing in a representative sample of securities or other instruments intended to collectively have an investment</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, or other reasons as determined by BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by SPDJI, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in Developed Countries. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund’s investment in  developed country issuers will subject the Fund to legal, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries </span><span style="color: #000000; font-family: arial; font-size: 9pt;">tend to represent a significant portion of the global economy and have generally experienced slower economic growth than </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">availability of certain commodities.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Dividend-Paying Stock Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Currency Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of a non-U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between U.S. dollars and foreign currencies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Financial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Certain shareholders of the Fund, including an Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make </span><span style="color: #000000; font-family: arial; font-size: 9pt;">taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Mid-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">National Closed Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> To the extent that securities or other assets held by the Fund trade on foreign </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">there are likely to be deviations between such asset’s current price and its last quoted price (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 9pt;">., the quote from the closed </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These </span><span style="color: #000000; font-family: arial; font-size: 9pt;">deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">funds.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Non-U.S. Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less </span><span style="color: #000000; font-family: arial; font-size: 9pt;">publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">procedures, and holiday schedules may limit the Fund's ability to engage in portfolio transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investments are made in a limited number of countries, events in those countries will have a more significant impact on the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund. The Fund is specifically exposed to</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">European Economic Risk</span><span style="color: #000000; font-family: arial; font-size: 9pt;">.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Reliance on Trading Partners Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund invests in countries or regions whose economies are heavily dependent upon </span><span style="color: #000000; font-family: arial; font-size: 9pt;">trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings of securities of certain issuers, the Fund is specifically exposed to </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asian Economic Risk, European Economic Risk </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;"> U.S. Economic Risk</span><span style="color: #000000; font-family: arial; font-size: 9pt;">.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.K.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.K. issuers subjects the Fund to legal, regulatory, political, economic, currency, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">geographic and security risks that are specific to the U.K. Economic downturns or political instability in its key trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">partners, which include the United States and other European countries, could have an adverse effect on the U.K. economy. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Following Brexit, certain trading matters between the U.K. and the European Union (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">EU</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) remain unresolved, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">with respect to financial services. The continuing uncertainty could have an adverse impact on the U.K. economy and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">currency.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Small-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Compared to mid- and large-capitalization companies, small-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ </span><span style="color: #000000; font-family: arial; font-size: 9pt;">from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">been fair valued or been valued using a different methodology. The ability to value investments may be impacted by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technological issues or errors by pricing services or other third-party service providers.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.45pt;">8.33%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">22.05%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2022</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-30.57%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0833 2026-06-30 Best Quarter 0.2205 2022-12-31 Worst Quarter -0.3057 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-06-11 0.5169 0.1277 0.0936 0.4992 0.1126 0.0806 0.3186 0.0989 0.0736 0.3435 0.0857 0.0846 0.5214 0.1269 0.0937 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Select Dividend ETFDVY | Nasdaq Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares Select Dividend ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of relatively high </span><span style="color:#000000;font-family:arial;font-size:9pt">dividend paying U.S. equities.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0038 0.0000 0.0038 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 39 122 213 480 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 23% of the average value of its portfolio. 0.23 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Dow Jones U.S. Select Dividend Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which </span><span style="color:#000000;font-family:arial;font-size:9pt">measures the performance of the U.S.'s leading stocks by dividend yield. Dividend yield is calculated using a stock's indicated </span><span style="color:#000000;font-family:arial;font-size:9pt">annual dividend (not including any special dividends) divided by its price. The Underlying Index is composed of 100 of the </span><span style="color:#000000;font-family:arial;font-size:9pt">highest dividend-yielding securities (excluding real estate investment trusts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">REITs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">)) in the Dow Jones U.S. Index, a </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based index representative of the total market for U.S. equity securities. To be included in the Underlying Index, each </span><span style="color:#000000;font-family:arial;font-size:9pt">security (i) must have a dividend per share greater than or equal to its five-year average dividend per share; (ii) must have a </span><span style="color:#000000;font-family:arial;font-size:9pt">five-year average dividend coverage ratio of greater than or equal to 167%; (iii) must have a three-month average daily </span><span style="color:#000000;font-family:arial;font-size:9pt">trading volume of 200,000 shares (100,000 shares for current constituents); (iv) must have paid dividends in each of the </span><span style="color:#000000;font-family:arial;font-size:9pt">previous five years; (v) must have a non-negative trailing 12 month earnings per share; and (vi) must have a float-adjusted </span><span style="color:#000000;font-family:arial;font-size:9pt">market cap of at least $3 billion ($2 billion for current constituents). The Underlying Index is reviewed quarterly and </span><span style="color:#000000;font-family:arial;font-size:9pt">rebalanced annually.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Dow Jones U.S. Select Dividend Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which </span><span style="color:#000000;font-family:arial;font-size:9pt">measures the performance of the U.S.'s leading stocks by dividend yield. Dividend yield is calculated using a stock's indicated </span><span style="color:#000000;font-family:arial;font-size:9pt">annual dividend (not including any special dividends) divided by its price. The Underlying Index is composed of 100 of the </span><span style="color:#000000;font-family:arial;font-size:9pt">highest dividend-yielding securities (excluding real estate investment trusts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">REITs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">)) in the Dow Jones U.S. Index, a </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based index representative of the total market for U.S. equity securities. To be included in the Underlying Index, each </span><span style="color:#000000;font-family:arial;font-size:9pt">security (i) must have a dividend per share greater than or equal to its five-year average dividend per share; (ii) must have a </span><span style="color:#000000;font-family:arial;font-size:9pt">five-year average dividend coverage ratio of greater than or equal to 167%; (iii) must have a three-month average daily </span><span style="color:#000000;font-family:arial;font-size:9pt">trading volume of 200,000 shares (100,000 shares for current constituents); (iv) must have paid dividends in each of the </span><span style="color:#000000;font-family:arial;font-size:9pt">previous five years; (v) must have a non-negative trailing 12 month earnings per share; and (vi) must have a float-adjusted </span><span style="color:#000000;font-family:arial;font-size:9pt">market cap of at least $3 billion ($2 billion for current constituents). The Underlying Index is reviewed quarterly and </span><span style="color:#000000;font-family:arial;font-size:9pt">rebalanced annually.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index may include large-, mid- and small-capitalization companies. As of April 30, 2026, a significant portion </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index was represented by securities of companies in the financials and utilities industries or sectors. The </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by S&amp;P Dow Jones Indices LLC (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">SPDJI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index and publishes information regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span></div>involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Dividend-Paying Stock Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with </span><span style="color:#000000;font-family:arial;font-size:9pt">investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are </span><span style="color:#000000;font-family:arial;font-size:9pt">not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating </span><span style="color:#000000;font-family:arial;font-size:9pt">anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Financial Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color:#000000;font-family:arial;font-size:9pt">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color:#000000;font-family:arial;font-size:9pt">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color:#000000;font-family:arial;font-size:9pt">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Mid-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color:#000000;font-family:arial;font-size:9pt">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Small-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to mid- and large-capitalization companies, small-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Utility Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The utilities sector is generally subject to significant government regulation and oversight, including </span><span style="color:#000000;font-family:arial;font-size:9pt">restrictions on rates as well as environmental and other regulations. Utility companies also may face risks related to, among </span><span style="color:#000000;font-family:arial;font-size:9pt">other things, natural disasters, cyber or other attacks, capital project funding, energy price volatility and increased </span><span style="color:#000000;font-family:arial;font-size:9pt">competition.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">12.48%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">19.51%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2021</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-29.37%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1248 2026-06-30 Best Quarter 0.1951 2021-03-31 Worst Quarter -0.2937 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2003-11-03 0.1164 0.1196 0.1038 0.1064 0.1100 0.0945 0.0753 0.0940 0.0832 0.1705 0.1307 0.1422 0.1212 0.1243 0.1083 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Core Dividend ETFDIVB | Cboe BZX Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares Core Dividend ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of U.S. stocks with a </span><span style="color:#000000;font-family:arial;font-size:9pt">history of dividend payments and/or share buybacks.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0005 0.0000 0.0005 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 5 16 28 64 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio. 0.38 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Dividend and Buyback Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index is designed to provide exposure to U.S.-based companies that return capital to shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">through either dividend payments or share buybacks. The Underlying Index consists of companies with the largest dividend </span><span style="color:#000000;font-family:arial;font-size:9pt">and buyback programs in the market measured by adjusted shareholder yield, as determined by Morningstar, Inc. </span><span style="color:#000000;font-family:arial;font-size:9pt">(</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Morningstar</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index is a subset of the Morningstar US Market Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Parent </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is a broad market index that represents approximately 97% of the market capitalization of publicly traded U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">stocks. </span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Dividend and Buyback Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index is designed to provide exposure to U.S.-based companies that return capital to shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">through either dividend payments or share buybacks. The Underlying Index consists of companies with the largest dividend </span><span style="color:#000000;font-family:arial;font-size:9pt">and buyback programs in the market measured by adjusted shareholder yield, as determined by Morningstar, Inc. </span><span style="color:#000000;font-family:arial;font-size:9pt">(</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Morningstar</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index is a subset of the Morningstar US Market Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Parent </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is a broad market index that represents approximately 97% of the market capitalization of publicly traded U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">stocks. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Constituent securities of the Parent Index that have had recent aggregate dividend yield and net buyback yield (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">total </span><span style="color:#000000;font-family:arial;font-size:9pt">shareholder yield</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) greater than 0.1%, as calculated by the Index Provider, are eligible for inclusion in the Underlying Index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Index Provider’s adjusted shareholder yield calculation gives a 75% weighting to trailing twelve-month dividend yields </span><span style="color:#000000;font-family:arial;font-size:9pt">and 25% weighting to trailing two-year net buyback yields.  Companies in the top 5% of total shareholder yield are removed. </span><span style="color:#000000;font-family:arial;font-size:9pt">The remaining companies are selected by decreasing order of adjusted shareholder yield until 50% coverage of total </span><span style="color:#000000;font-family:arial;font-size:9pt">shareholder payout dollars of the Parent Index (excluding any companies with a negative total shareholder yield) is reached. </span><span style="color:#000000;font-family:arial;font-size:9pt">The </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">total shareholder payout dollars</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> of a company is defined as the total shareholder yield multiplied by the float-adjusted </span><span style="color:#000000;font-family:arial;font-size:9pt">market capitalization of the company. </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is weighted by total shareholder payout dollars and constrained by capping each company at 4.9%. In </span><span style="color:#000000;font-family:arial;font-size:9pt">addition, the sector weights are constrained within 5% (positive or negative) of the Parent Index. The Underlying Index may </span><span style="color:#000000;font-family:arial;font-size:9pt">include large-, mid- and small-capitalization companies. As of April 30, 2026, a significant portion of the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">was represented by securities of companies in the financial services and technology industries or sectors. The components of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Morningstar, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund and BFA. The Index Provider determines </span><span style="color:#000000;font-family:arial;font-size:9pt">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color:#000000;font-family:arial;font-size:9pt">market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Dividend-Paying Stock Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with </span><span style="color:#000000;font-family:arial;font-size:9pt">investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are </span><span style="color:#000000;font-family:arial;font-size:9pt">not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating </span><span style="color:#000000;font-family:arial;font-size:9pt">anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Buyback Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> A stock buyback may signal that a company’s management believes the company’s stock price is undervalued. </span><span style="color:#000000;font-family:arial;font-size:9pt">However, a company’s announcement of a share buyback strategy may not be an accurate predictor of future share </span><span style="color:#000000;font-family:arial;font-size:9pt">performance.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Financial Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color:#000000;font-family:arial;font-size:9pt">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color:#000000;font-family:arial;font-size:9pt">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color:#000000;font-family:arial;font-size:9pt">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Mid-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color:#000000;font-family:arial;font-size:9pt">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Technology Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Technology companies and companies that rely heavily on technological advances may have </span><span style="color:#000000;font-family:arial;font-size:9pt">limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense </span><span style="color:#000000;font-family:arial;font-size:9pt">competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face </span><span style="color:#000000;font-family:arial;font-size:9pt">unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. </span><span style="color:#000000;font-family:arial;font-size:9pt">Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or </span><span style="color:#000000;font-family:arial;font-size:9pt">impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse </span><span style="color:#000000;font-family:arial;font-size:9pt">government or legal action.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">17.30%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">19.14%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-24.49%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1730 2026-06-30 Best Quarter 0.1914 2020-06-30 Worst Quarter -0.2449 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2017-11-07 0.1509 0.1269 0.1243 0.1435 0.1201 0.1176 0.0937 0.1002 0.1004 0.1735 0.1329 0.1402 0.1519 0.1285 0.1263 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Core Dividend Growth ETFDGRO | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares Core Dividend Growth ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">equities with a history of consistently growing dividends.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0008 0.0000 0.0008 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 8 26 45 103 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25% of the average value of its portfolio. 0.25 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Dividend Growth Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">which is a dividend dollar-weighted index that seeks to measure the performance of U.S. companies selected based on a </span><span style="color:#000000;font-family:arial;font-size:9pt">consistent history of growing dividends. The Underlying Index is a subset of the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Market Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt">, which is a </span><span style="color:#000000;font-family:arial;font-size:9pt">broad market index that represents approximately 97% of the market capitalization of publicly traded U.S. stocks. Eligible </span><span style="color:#000000;font-family:arial;font-size:9pt">companies must pay a qualified dividend, must have at least five years of uninterrupted annual dividend growth and their </span><span style="color:#000000;font-family:arial;font-size:9pt">earnings payout ratio must be less than 75%. Companies that are in the top decile based on dividend yield are excluded from </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index prior to the dividend growth and payout ratio screens. The Underlying Index is weighted by dividend </span><span style="color:#000000;font-family:arial;font-size:9pt">dollars (total value of dividends expected to be paid out over the next 12 months) and constrained by capping each company </span><span style="color:#000000;font-family:arial;font-size:9pt">at 3%. The Underlying Index may include large-, mid- and small-capitalization companies. As of April 30, 2026, a significant </span><span style="color:#000000;font-family:arial;font-size:9pt">portion of the Underlying Index was represented by securities of companies in the financial services, healthcare and </span><span style="color:#000000;font-family:arial;font-size:9pt">technology industries or sectors. The components of the Underlying Index are likely to change over time.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Dividend Growth Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">which is a dividend dollar-weighted index that seeks to measure the performance of U.S. companies selected based on a </span><span style="color:#000000;font-family:arial;font-size:9pt">consistent history of growing dividends. The Underlying Index is a subset of the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Market Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt">, which is a </span><span style="color:#000000;font-family:arial;font-size:9pt">broad market index that represents approximately 97% of the market capitalization of publicly traded U.S. stocks. Eligible </span><span style="color:#000000;font-family:arial;font-size:9pt">companies must pay a qualified dividend, must have at least five years of uninterrupted annual dividend growth and their </span><span style="color:#000000;font-family:arial;font-size:9pt">earnings payout ratio must be less than 75%. Companies that are in the top decile based on dividend yield are excluded from </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index prior to the dividend growth and payout ratio screens. The Underlying Index is weighted by dividend </span><span style="color:#000000;font-family:arial;font-size:9pt">dollars (total value of dividends expected to be paid out over the next 12 months) and constrained by capping each company </span><span style="color:#000000;font-family:arial;font-size:9pt">at 3%. The Underlying Index may include large-, mid- and small-capitalization companies. As of April 30, 2026, a significant </span><span style="color:#000000;font-family:arial;font-size:9pt">portion of the Underlying Index was represented by securities of companies in the financial services, healthcare and </span><span style="color:#000000;font-family:arial;font-size:9pt">technology industries or sectors. The components of the Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Morningstar Inc. (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Morningstar</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index and publishes information regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Dividend-Paying Stock Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with </span><span style="color:#000000;font-family:arial;font-size:9pt">investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are </span><span style="color:#000000;font-family:arial;font-size:9pt">not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating </span><span style="color:#000000;font-family:arial;font-size:9pt">anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Financial Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color:#000000;font-family:arial;font-size:9pt">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color:#000000;font-family:arial;font-size:9pt">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color:#000000;font-family:arial;font-size:9pt">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Healthcare Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The profitability of healthcare companies may be adversely affected by extensive government </span><span style="color:#000000;font-family:arial;font-size:9pt">regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, </span><span style="color:#000000;font-family:arial;font-size:9pt">pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and </span><span style="color:#000000;font-family:arial;font-size:9pt">product liability claims, among other factors.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Mid-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color:#000000;font-family:arial;font-size:9pt">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Technology Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Technology companies and companies that rely heavily on technological advances may have </span><span style="color:#000000;font-family:arial;font-size:9pt">limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense </span><span style="color:#000000;font-family:arial;font-size:9pt">competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face </span><span style="color:#000000;font-family:arial;font-size:9pt">unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. </span><span style="color:#000000;font-family:arial;font-size:9pt">Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or </span><span style="color:#000000;font-family:arial;font-size:9pt">impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse </span><span style="color:#000000;font-family:arial;font-size:9pt">government or legal action.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">10.22%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">16.22%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-21.91%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1022 2026-06-30 Best Quarter 0.1622 2020-06-30 Worst Quarter -0.2191 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2014-06-10 0.1574 0.1169 0.1310 0.1514 0.1108 0.1247 0.0970 0.0921 0.1079 0.1735 0.1329 0.1440 0.1587 0.1178 0.1318 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Dow Jones U.S. ETF IYY | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Dow Jones U.S. ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of a broad-based index composed of U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equities.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0020 0.0000 0.0020 Example.  This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 20 64 113 255 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 3% of the average value of its portfolio. 0.03 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Dow Jones U.S. Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance of the broad U.S. equity market. The Underlying Index is composed of all the U.S. companies in the Dow Jones </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Global Index. The Underlying Index aims to consistently represent the top 95% of U.S.-traded stocks based on a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">float-adjusted market capitalization. The constituents of the Underlying Index must be common shares or other securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that have characteristics of common equities and must meet certain minimum liquidity criteria. As of April 30, 2026, a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significant portion of the Underlying Index was represented by securities of companies in the financial services and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technology industries or sectors. The components of the Underlying Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> representative sampling indexing strategy to manage the Fund.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy that</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> involves investing in a representative sample of securities or other instruments intended to collectively have an investment</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, or other reasons as determined by BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by S&amp;P Dow Jones Indices LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">SPDJI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Diversification Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund intends to be diversified in approximately the same proportion as the Underlying Index is </span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversified and to invest all or substantially all of its assets in components of the Underlying Index in approximately the same </span><span style="color: #000000; font-family: arial; font-size: 9pt;">proportion as each component’s weighting in the Underlying Index. This diversification policy may limit the Fund’s ability to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">use representative sampling. The Fund may become </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-diversified,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> as defined in the 1940 Act, solely as a result of a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change in relative market capitalization or index weighting of one or more components of the Underlying Index. Shareholder </span><span style="color: #000000; font-family: arial; font-size: 9pt;">approval will not be sought if the Fund becomes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-diversified</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> due solely to a change in the relative market capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or index weighting of one or more components of the Underlying Index. The Fund discloses its portfolio holdings and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">weightings at www.iShares.com.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Dow Jones U.S. Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance of the broad U.S. equity market. The Underlying Index is composed of all the U.S. companies in the Dow Jones </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Global Index. The Underlying Index aims to consistently represent the top 95% of U.S.-traded stocks based on a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">float-adjusted market capitalization. The constituents of the Underlying Index must be common shares or other securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">that have characteristics of common equities and must meet certain minimum liquidity criteria. As of April 30, 2026, a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significant portion of the Underlying Index was represented by securities of companies in the financial services and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">technology industries or sectors. The components of the Underlying Index are likely to change over time.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Financial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> To the extent the Fund is non-diversified, the Fund may invest a large  percentage of its assets in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities or other instruments representing a small number of issuers or counterparties and thus may be more susceptible </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to the risks associated with these particular issuers or counterparties. As a result, the Fund's performance may depend to a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Technology Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Technology companies and companies that rely heavily on technological advances may have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense </span><span style="color: #000000; font-family: arial; font-size: 9pt;">competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse </span><span style="color: #000000; font-family: arial; font-size: 9pt;">government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">10.41%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">21.71%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2020</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-20.49%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1041 2026-06-30 Best Quarter 0.2171 2020-06-30 Worst Quarter -0.2049 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2000-06-12 0.1713 0.1330 0.1423 0.1684 0.1297 0.1382 0.1031 0.1059 0.1187 0.1705 0.1307 0.1422 0.1736 0.1351 0.1445 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold</span></div><div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who holdshares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares ESG MSCI KLD 400 ETFDSI | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares ESG MSCI KLD 400 ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">companies that have positive environmental, social and governance characteristics as identified by the index provider.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0025 0.0000 0.0025 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 26 80 141 318 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 3% of the average value of its portfolio. 0.03 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the MSCI KLD 400 Social Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is a free </span><span style="color:#000000;font-family:arial;font-size:9pt">float-adjusted market capitalization weighted index designed to provide exposure to U.S. companies that have positive </span><span style="color:#000000;font-family:arial;font-size:9pt">environmental, social and governance (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">ESG</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) characteristics. As of April 30, 2026, the Underlying Index consisted of 399 </span><span style="color:#000000;font-family:arial;font-size:9pt">securities identified by MSCI Inc. (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">MSCI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) from the universe of companies included in the MSCI USA </span><span style="color:#000000;font-family:arial;font-size:9pt">IMI Index, which targets 99% of the market coverage of stocks that are listed for trading on the New York Stock Exchange </span><span style="color:#000000;font-family:arial;font-size:9pt">(</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">NYSE</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and the Nasdaq Stock Market. MSCI analyzes each eligible company’s ESG performance using proprietary ratings </span><span style="color:#000000;font-family:arial;font-size:9pt">covering ESG criteria. When selecting companies for the Underlying Index, MSCI also considers market capitalization and </span><span style="color:#000000;font-family:arial;font-size:9pt">liquidity. Companies that MSCI determines have significant involvement in the following businesses are not eligible for the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index: fossil fuel extraction, fossil fuel reserve ownership, unconventional oil and gas extraction, thermal </span><span style="color:#000000;font-family:arial;font-size:9pt">coal-based power generation, alcohol, tobacco, gambling, civilian firearms, nuclear power, controversial weapons, nuclear </span><span style="color:#000000;font-family:arial;font-size:9pt">weapons, conventional weapons, adult entertainment and genetically modified organisms. The Underlying Index may include </span><span style="color:#000000;font-family:arial;font-size:9pt">large-, mid- and small-capitalization companies. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the </span><span style="color:#000000;font-family:arial;font-size:9pt">technology industry or sector. The components of the Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In addition, the Fund generally will invest at least 90% of its assets in the components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by MSCI, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund and BFA. The Index Provider determines the </span><span style="color:#000000;font-family:arial;font-size:9pt">composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color:#000000;font-family:arial;font-size:9pt">market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Diversification Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund intends to be diversified in approximately the same proportion as the Underlying Index is </span><span style="color:#000000;font-family:arial;font-size:9pt">diversified and to invest all or substantially all of its assets in components of the Underlying Index in approximately the same </span><span style="color:#000000;font-family:arial;font-size:9pt">proportion as each component’s weighting in the Underlying Index. This diversification policy may limit the Fund’s ability to </span><span style="color:#000000;font-family:arial;font-size:9pt">use representative sampling. The Fund may become </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">non-diversified,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> as defined in the 1940 Act, solely as a result of a </span><span style="color:#000000;font-family:arial;font-size:9pt">change in relative market capitalization or index weighting of one or more components of the Underlying Index. Shareholder </span><span style="color:#000000;font-family:arial;font-size:9pt">approval will not be sought if the Fund becomes </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">non-diversified</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> due solely to a change in the relative market capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">or index weighting of one or more components of the Underlying Index. The Fund discloses its portfolio holdings and </span><span style="color:#000000;font-family:arial;font-size:9pt">weightings at www.iShares.com.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the MSCI KLD 400 Social Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is a free </span><span style="color:#000000;font-family:arial;font-size:9pt">float-adjusted market capitalization weighted index designed to provide exposure to U.S. companies that have positive </span><span style="color:#000000;font-family:arial;font-size:9pt">environmental, social and governance (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">ESG</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) characteristics. As of April 30, 2026, the Underlying Index consisted of 399 </span><span style="color:#000000;font-family:arial;font-size:9pt">securities identified by MSCI Inc. (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">MSCI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) from the universe of companies included in the MSCI USA </span><span style="color:#000000;font-family:arial;font-size:9pt">IMI Index, which targets 99% of the market coverage of stocks that are listed for trading on the New York Stock Exchange </span><span style="color:#000000;font-family:arial;font-size:9pt">(</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">NYSE</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and the Nasdaq Stock Market. MSCI analyzes each eligible company’s ESG performance using proprietary ratings </span><span style="color:#000000;font-family:arial;font-size:9pt">covering ESG criteria. When selecting companies for the Underlying Index, MSCI also considers market capitalization and </span><span style="color:#000000;font-family:arial;font-size:9pt">liquidity. Companies that MSCI determines have significant involvement in the following businesses are not eligible for the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index: fossil fuel extraction, fossil fuel reserve ownership, unconventional oil and gas extraction, thermal </span><span style="color:#000000;font-family:arial;font-size:9pt">coal-based power generation, alcohol, tobacco, gambling, civilian firearms, nuclear power, controversial weapons, nuclear </span><span style="color:#000000;font-family:arial;font-size:9pt">weapons, conventional weapons, adult entertainment and genetically modified organisms. The Underlying Index may include </span><span style="color:#000000;font-family:arial;font-size:9pt">large-, mid- and small-capitalization companies. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the </span><span style="color:#000000;font-family:arial;font-size:9pt">technology industry or sector. The components of the Underlying Index are likely to change over time.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">ESG Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the </span><span style="color:#000000;font-family:arial;font-size:9pt">types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds </span><span style="color:#000000;font-family:arial;font-size:9pt">whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing </span><span style="color:#000000;font-family:arial;font-size:9pt">in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform </span><span style="color:#000000;font-family:arial;font-size:9pt">other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level </span><span style="color:#000000;font-family:arial;font-size:9pt">ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or </span><span style="color:#000000;font-family:arial;font-size:9pt">rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless </span><span style="color:#000000;font-family:arial;font-size:9pt">remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or </span><span style="color:#000000;font-family:arial;font-size:9pt">constraints at all times.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Non-Diversification Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> To the extent the Fund is non-diversified, the Fund may invest a large percentage of its assets in </span><span style="color:#000000;font-family:arial;font-size:9pt">securities or other instruments representing a small number of issuers or counterparties and thus may be more susceptible </span><span style="color:#000000;font-family:arial;font-size:9pt">to the risks associated with these particular issuers or counterparties. As a result, the Fund's performance may depend to a </span><span style="color:#000000;font-family:arial;font-size:9pt">greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Technology Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Technology companies and companies that rely heavily on technological advances may have </span><span style="color:#000000;font-family:arial;font-size:9pt">limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense </span><span style="color:#000000;font-family:arial;font-size:9pt">competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face </span><span style="color:#000000;font-family:arial;font-size:9pt">unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. </span><span style="color:#000000;font-family:arial;font-size:9pt">Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or </span><span style="color:#000000;font-family:arial;font-size:9pt">impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse </span><span style="color:#000000;font-family:arial;font-size:9pt">government or legal action.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">11.21%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">21.51%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-18.42%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1121 2026-06-30 Best Quarter 0.2151 2020-06-30 Worst Quarter -0.1842 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2006-11-14 0.1793 0.1380 0.1454 0.1765 0.1348 0.1418 0.1078 0.1101 0.1217 0.1775 0.1387 0.1479 0.1823 0.1406 0.1489 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares ESG Optimized MSCI USA ETFSUSA | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares ESG Optimized MSCI USA ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">companies that have positive environmental, social and governance characteristics as identified by the index provider.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0025 0.0000 0.0025 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 26 80 141 318 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25% of the average value of its portfolio. 0.25 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the MSCI USA Extended ESG Select Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is </span><span style="color:#000000;font-family:arial;font-size:9pt">an optimized index designed to maximize exposure to positive environmental, social and governance (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">ESG</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) characteristics, </span><span style="color:#000000;font-family:arial;font-size:9pt">while exhibiting risk and return characteristics similar to the MSCI USA Index. The MSCI USA Index is designed to measure </span><span style="color:#000000;font-family:arial;font-size:9pt">the performance of the large- and mid-capitalization segments of the U.S. equities market. As of April 30, 2026, the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index consisted of 170 securities selected from the MSCI USA Index. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">MSCI Inc. (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">MSCI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) analyzes each eligible company’s ESG performance using proprietary ratings </span><span style="color:#000000;font-family:arial;font-size:9pt">covering ESG and ethics criteria. The index methodology is designed so that companies with relatively high overall ratings </span><span style="color:#000000;font-family:arial;font-size:9pt">have a higher representation in the Underlying Index than in the MSCI USA Index and companies with relatively low overall </span><span style="color:#000000;font-family:arial;font-size:9pt">ratings have a lower representation in the Underlying Index than in the MSCI USA Index. Exceptions may result from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index’s objective of having risk and return characteristics similar to the MSCI USA Index. At each quarterly review, </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index must have an ESG score of at least 20% better than that of the MSCI USA Index, as determined by the </span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Index Provider excludes securities of companies involved in the business of tobacco, alcohol, gambling, nuclear power </span><span style="color:#000000;font-family:arial;font-size:9pt">and weapons, fossil fuel extraction, thermal coal power and unconventional oil and gas businesses (e.g., thermal coal </span><span style="color:#000000;font-family:arial;font-size:9pt">extraction and generation or oil sands extraction), companies involved with conventional and controversial weapons, </span><span style="color:#000000;font-family:arial;font-size:9pt">producers and major retailers of civilian firearms, as well as companies involved in very severe business controversies. The </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider defines a controversy as an instance or ongoing situation in which company operations and/or products </span><span style="color:#000000;font-family:arial;font-size:9pt">allegedly have a negative environmental, social and/or governance impact. Each controversy case is assessed for the severity </span><span style="color:#000000;font-family:arial;font-size:9pt">of its impact on society. The Index Provider generally classifies companies as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">involved</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> in a particular business based on </span><span style="color:#000000;font-family:arial;font-size:9pt">revenue or percentage of revenue thresholds (e.g., 10%) for certain products and activities in an excluded industry. The </span><span style="color:#000000;font-family:arial;font-size:9pt">securities of certain companies are excluded regardless of revenue measures (e.g., all companies involved in the </span><span style="color:#000000;font-family:arial;font-size:9pt">manufacturing of controversial weapons are excluded). </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">To maintain risk and return characteristics similar to the MSCI USA Index, the Index Provider applies various optimization </span><span style="color:#000000;font-family:arial;font-size:9pt">constraints (e.g., constituent and sector weights relative to the parent index). The Index Provider also applies conditional </span><span style="color:#000000;font-family:arial;font-size:9pt">capping to the index constituents. At the quarterly review, if the combined weight of issuers with individual weights above </span><span style="color:#000000;font-family:arial;font-size:9pt">4.5% exceeds 22.5% of the Underlying Index, then the total weight is capped at 22.5%. The Index Provider also verifies at the </span><span style="color:#000000;font-family:arial;font-size:9pt">end of each business day whether the combined weight of issuers with individual weights above 5% exceeds 25% of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index. If this daily threshold is breached, rebalancing occurs to meet the prescribed 4.5% and 22.5% buffer levels. </span><span style="color:#000000;font-family:arial;font-size:9pt">The optimization constraints are not applied during a rebalancing triggered by daily capping. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the </span><span style="color:#000000;font-family:arial;font-size:9pt">technology industry or sector. The components of the Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In addition, the Fund generally will invest at least 90% of its assets in the components of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by MSCI, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund and BFA. The Index Provider determines the </span><span style="color:#000000;font-family:arial;font-size:9pt">composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color:#000000;font-family:arial;font-size:9pt">market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the MSCI USA Extended ESG Select Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is </span><span style="color:#000000;font-family:arial;font-size:9pt">an optimized index designed to maximize exposure to positive environmental, social and governance (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">ESG</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) characteristics, </span><span style="color:#000000;font-family:arial;font-size:9pt">while exhibiting risk and return characteristics similar to the MSCI USA Index. The MSCI USA Index is designed to measure </span><span style="color:#000000;font-family:arial;font-size:9pt">the performance of the large- and mid-capitalization segments of the U.S. equities market. As of April 30, 2026, the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index consisted of 170 securities selected from the MSCI USA Index. </span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">ESG Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the </span><span style="color:#000000;font-family:arial;font-size:9pt">types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds </span><span style="color:#000000;font-family:arial;font-size:9pt">whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing </span><span style="color:#000000;font-family:arial;font-size:9pt">in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform </span><span style="color:#000000;font-family:arial;font-size:9pt">other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level </span><span style="color:#000000;font-family:arial;font-size:9pt">ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or </span><span style="color:#000000;font-family:arial;font-size:9pt">rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless </span><span style="color:#000000;font-family:arial;font-size:9pt">remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain </span><span style="color:#000000;font-family:arial;font-size:9pt">securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or </span><span style="color:#000000;font-family:arial;font-size:9pt">constraints at all times.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Mid-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color:#000000;font-family:arial;font-size:9pt">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Technology Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Technology companies and companies that rely heavily on technological advances may have </span><span style="color:#000000;font-family:arial;font-size:9pt">limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense </span><span style="color:#000000;font-family:arial;font-size:9pt">competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face </span><span style="color:#000000;font-family:arial;font-size:9pt">unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. </span><span style="color:#000000;font-family:arial;font-size:9pt">Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or </span><span style="color:#000000;font-family:arial;font-size:9pt">impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse </span><span style="color:#000000;font-family:arial;font-size:9pt">government or legal action.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">11.30%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">22.26%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-17.79%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1130 2026-06-30 Best Quarter 0.2226 2020-06-30 Worst Quarter -0.1779 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2005-01-24 0.1572 0.1247 0.1443 0.1545 0.1214 0.1405 0.0947 0.0990 0.1207 0.1775 0.1387 0.1479 0.1610 0.1275 0.1479 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Morningstar Growth ETF ILCG | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Morningstar Growth ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of large- and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mid-capitalization U.S. equities that exhibit growth characteristics.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0004 0.0000 0.0004 Example.  This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 4 13 23 51 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 27% of the average value of its portfolio. 0.27 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Large-Mid Cap Broad Growth Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of U.S. stocks issued by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">large-mid capitalization</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> companies that have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exhibited above-average </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> characteristics as determined by Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">large-mid capitalization</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> stocks as those stocks that form approximately the top 90% of the market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capitalization of the stocks eligible to be included in the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Market Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (a diversified broad </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks and includes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">only those stocks in the top 75% of companies in the investable universe based on a liquidity score of the Index Provider). The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider then designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on their style orientations. The stocks included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index are designated as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> because they are issued by companies that typically have higher than </span><span style="color: #000000; font-family: arial; font-size: 9pt;">average historical and forecasted earnings, sales, book value and cash flow growth.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The stocks in the Underlying Index are weighted according to the total value of shares that are publicly owned and available </span><span style="color: #000000; font-family: arial; font-size: 9pt;">for investment. As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the technology industry or sector. The components of the Underlying Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> representative sampling indexing strategy to manage the Fund.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy that</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> involves investing in a representative sample of securities or other instruments intended to collectively have an investment</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, or other reasons as determined by BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Morningstar, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Large-Mid Cap Broad Growth Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of U.S. stocks issued by </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">large-mid capitalization</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> companies that have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exhibited above-average </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> characteristics as determined by Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">large-mid capitalization</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> stocks as those stocks that form approximately the top 90% of the market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capitalization of the stocks eligible to be included in the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Market Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (a diversified broad </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks and includes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">only those stocks in the top 75% of companies in the investable universe based on a liquidity score of the Index Provider). The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider then designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on their style orientations. The stocks included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index are designated as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> because they are issued by companies that typically have higher than </span><span style="color: #000000; font-family: arial; font-size: 9pt;">average historical and forecasted earnings, sales, book value and cash flow growth.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investmentprofile similar to that of an applicable underlying index. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Growth Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Growth securities are those issued by companies whose earnings growth potential appears to be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Mid-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-diversified.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> This means that, compared with funds that are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversified,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Technology Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Technology companies and companies that rely heavily on technological advances may have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense </span><span style="color: #000000; font-family: arial; font-size: 9pt;">competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse </span><span style="color: #000000; font-family: arial; font-size: 9pt;">government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 145.45pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 57.09pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 145.45pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">12.79%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 57.09pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 145.45pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">26.53%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 57.09pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2020</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 145.45pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-22.78%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 57.09pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1279 2026-06-30 Best Quarter 0.2653 2020-06-30 Worst Quarter -0.2278 2022-06-30 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2004-06-28 0.1664 0.1303 0.1653 0.1650 0.1287 0.1635 0.0993 0.1040 0.1406 0.1735 0.1329 0.1440 0.1667 0.1307 0.1678 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Morningstar Mid-Cap ETFIMCB | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares Morningstar Mid-Cap ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of </span><span style="color:#000000;font-family:arial;font-size:9pt">mid-capitalization U.S. equities.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0004 0.0000 0.0004 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 4 13 23 51 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 29% of the average value of its portfolio. 0.29 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Mid Cap Market Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">which measures the performance of U.S. stocks issued by mid-capitalization companies. Morningstar, Inc. (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Morningstar</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) defines </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">mid-capitalization</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> stocks as those stocks that generally fall between the 70th and 90th </span><span style="color:#000000;font-family:arial;font-size:9pt">percentile of the market capitalization of the stocks eligible to be included in the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Market Extended </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (a diversified broad market index that represents approximately 99.5% of the market capitalization of publicly traded </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. stocks and includes only those stocks of the top 75% of companies in the investable universe based on a liquidity score </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Index Provider).  The stocks in the Underlying Index are weighted according to the total value of shares that are publicly </span><span style="color:#000000;font-family:arial;font-size:9pt">owned and available for investment.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the </span><span style="color:#000000;font-family:arial;font-size:9pt">industrials and technology industries or sectors. The components of the Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Morningstar, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund and BFA. The Index Provider determines </span><span style="color:#000000;font-family:arial;font-size:9pt">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color:#000000;font-family:arial;font-size:9pt">market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Mid Cap Market Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">which measures the performance of U.S. stocks issued by mid-capitalization companies. Morningstar, Inc. (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Morningstar</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) defines </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">mid-capitalization</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> stocks as those stocks that generally fall between the 70th and 90th </span><span style="color:#000000;font-family:arial;font-size:9pt">percentile of the market capitalization of the stocks eligible to be included in the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Market Extended </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (a diversified broad market index that represents approximately 99.5% of the market capitalization of publicly traded </span><span style="color:#000000;font-family:arial;font-size:9pt">U.S. stocks and includes only those stocks of the top 75% of companies in the investable universe based on a liquidity score </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Index Provider).  The stocks in the Underlying Index are weighted according to the total value of shares that are publicly </span><span style="color:#000000;font-family:arial;font-size:9pt">owned and available for investment.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Mid-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color:#000000;font-family:arial;font-size:9pt">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Growth Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Growth securities are those issued by companies whose earnings growth potential appears to be </span><span style="color:#000000;font-family:arial;font-size:9pt">greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The </span><span style="color:#000000;font-family:arial;font-size:9pt">prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and </span><span style="color:#000000;font-family:arial;font-size:9pt">significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as </span><span style="color:#000000;font-family:arial;font-size:9pt">well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industrial Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Industrial companies face a number of risks, including supply chain and distribution disruptions, </span><span style="color:#000000;font-family:arial;font-size:9pt">business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability </span><span style="color:#000000;font-family:arial;font-size:9pt">claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices </span><span style="color:#000000;font-family:arial;font-size:9pt">and currencies. The performance of such companies may also be affected by technological developments, labor relations, </span><span style="color:#000000;font-family:arial;font-size:9pt">legislative and regulatory changes, government spending policies, and changes in domestic and international economies.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Technology Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Technology companies and companies that rely heavily on technological advances may have </span><span style="color:#000000;font-family:arial;font-size:9pt">limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense </span><span style="color:#000000;font-family:arial;font-size:9pt">competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face </span><span style="color:#000000;font-family:arial;font-size:9pt">unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. </span><span style="color:#000000;font-family:arial;font-size:9pt">Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or </span><span style="color:#000000;font-family:arial;font-size:9pt">impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse </span><span style="color:#000000;font-family:arial;font-size:9pt">government or legal action.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Value Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Value securities are those issued by companies that may be perceived as undervalued. Such securities </span><span style="color:#000000;font-family:arial;font-size:9pt">may decline in price or fail to appreciate for long periods of time, and they may never realize their full potential value. Value </span><span style="color:#000000;font-family:arial;font-size:9pt">securities may underperform growth securities and other types of assets as well as the overall stock market. Value securities </span><span style="color:#000000;font-family:arial;font-size:9pt">may go in and out of favor over time, which could affect the performance of the Fund.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">17.44%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">20.68%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-26.66%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1744 2026-06-30 Best Quarter 0.2068 2020-06-30 Worst Quarter -0.2666 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2004-06-28 0.1012 0.0874 0.1040 0.0972 0.0833 0.0997 0.0623 0.0682 0.0847 0.1735 0.1329 0.1440 0.1012 0.0877 0.1056 <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Morningstar Mid-Cap Growth ETF IMCG | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Morningstar Mid-Cap Growth ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mid-capitalization U.S. equities that exhibit growth characteristics.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0006 0.0000 0.0006 Example.  This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 6 19 34 77 Portfolio Turnover.  The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 45% of the average value of its portfolio. 0.45 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Mid Cap Broad Growth Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of U.S. stocks issued by mid-capitalization companies that have exhibited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">above-average </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> characteristics as determined by Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">mid-capitalization</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> stocks as those stocks that generally fall between the 70th and 90th percentile of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market capitalization of the stocks eligible to be included in the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Market Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (a diversified </span><span style="color: #000000; font-family: arial; font-size: 9pt;">broad market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">includes only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider). The Index Provider then designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on their style orientations. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">stocks in the Underlying Index are designated as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> because they are issued by companies that typically have higher </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than average historical and forecasted earnings, sales, book value and cash flow growth. The stocks included in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index are weighted according to the total value of shares that are publicly owned and available for investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Mid Cap Broad Growth Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of U.S. stocks issued by mid-capitalization companies that have exhibited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">above-average </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> characteristics as determined by Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">mid-capitalization</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> stocks as those stocks that generally fall between the 70th and 90th percentile of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market capitalization of the stocks eligible to be included in the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Market Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (a diversified </span><span style="color: #000000; font-family: arial; font-size: 9pt;">broad market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">includes only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider). The Index Provider then designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on their style orientations. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">stocks in the Underlying Index are designated as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> because they are issued by companies that typically have higher </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than average historical and forecasted earnings, sales, book value and cash flow growth. The stocks included in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index are weighted according to the total value of shares that are publicly owned and available for investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">industrials and technology industries or sectors. The components of the Underlying Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> representative sampling indexing strategy to manage the Fund.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy that</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> involves investing in a representative sample of securities or other instruments intended to collectively have an investment</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, or other reasons as determined by BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Morningstar, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investmentprofile similar to that of an applicable underlying index. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Mid-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Growth Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Growth securities are those issued by companies whose earnings growth potential appears to be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industrial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Industrial companies face a number of risks, including supply chain and distribution disruptions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability </span><span style="color: #000000; font-family: arial; font-size: 9pt;">claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and currencies. The performance of such companies may also be affected by technological developments, labor relations, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">legislative and regulatory changes, government spending policies, and changes in domestic and international economies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Technology Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Technology companies and companies that rely heavily on technological advances may have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense </span><span style="color: #000000; font-family: arial; font-size: 9pt;">competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse </span><span style="color: #000000; font-family: arial; font-size: 9pt;">government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 145.45pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 57.09pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 145.45pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">23.26%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 57.09pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 145.45pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">34.59%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 57.09pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2020</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 145.45pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-19.07%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 57.09pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.2326 2026-06-30 Best Quarter 0.3459 2020-06-30 Worst Quarter -0.1907 2022-06-30 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2004-06-28 0.0675 0.0542 0.1271 0.0653 0.0521 0.1255 0.0412 0.0418 0.1063 0.1735 0.1329 0.1440 0.0678 0.0546 0.1289 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Morningstar Mid-Cap Value ETF IMCV | Nasdaq Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Morningstar Mid-Cap Value ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mid-capitalization U.S. equities that exhibit value characteristics.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0006 0.0000 0.0006 Example.  This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 6 19 34 77 Portfolio Turnover.  The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 40% of the average value of its portfolio. 0.40 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Mid Cap Broad Value Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which measures the performance of U.S. stocks issued by mid-capitalization companies that have exhibited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics as determined by Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">mid-capitalization</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> stocks as those stocks that generally fall between the 70th and 90th percentile of the market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capitalization of the stocks eligible to be included in the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Market Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (a diversified broad </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks and includes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index Provider). The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider then designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on their style orientations. The stocks in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index are designated as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> because they are issued by companies that typically have relatively low valuations </span><span style="color: #000000; font-family: arial; font-size: 9pt;">based on price-to-earnings, price-to-book value, price-to-sales, price-to-cash flow and dividend yields. The stocks included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index are weighted according to the total value of shares that are publicly owned and available for investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Mid Cap Broad Value Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which measures the performance of U.S. stocks issued by mid-capitalization companies that have exhibited </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics as determined by Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">mid-capitalization</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> stocks as those stocks that generally fall between the 70th and 90th percentile of the market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capitalization of the stocks eligible to be included in the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Market Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (a diversified broad </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks and includes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index Provider). The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider then designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on their style orientations. The stocks in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index are designated as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> because they are issued by companies that typically have relatively low valuations </span><span style="color: #000000; font-family: arial; font-size: 9pt;">based on price-to-earnings, price-to-book value, price-to-sales, price-to-cash flow and dividend yields. The stocks included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index are weighted according to the total value of shares that are publicly owned and available for investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">services industry or sector. The components of the Underlying Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">” </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">involves investing in a representative sample of securities or other instruments intended to collectively have an investment</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, or other reasons as determined by BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Morningstar, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investmentprofile similar to that of an applicable underlying index. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Mid-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Value Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Value securities are those issued by companies that may be perceived as undervalued. Such securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may decline in price or fail to appreciate for long periods of time, and they may never realize their full potential value. Value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities may underperform growth securities and other types of assets as well as the overall stock market. Value securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may go in and out of favor over time, which could affect the performance of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Financial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color: #000000; font-family: arial; font-size: 9pt;">broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index.  Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">12.07%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">20.23%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2020</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-35.53%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1207 2026-06-30 Best Quarter 0.2023 2020-12-31 Worst Quarter -0.3553 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2004-06-28 0.1336 0.1208 0.1024 0.1267 0.1142 0.0958 0.0825 0.0949 0.0824 0.1735 0.1329 0.1440 0.1339 0.1214 0.1042 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Morningstar Small-Cap ETF ISCB | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Morningstar Small-Cap ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">small-capitalization U.S. equities.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0004 0.0000 0.0004 Example.  This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, <span style="color: #000000; font-family: arial; font-size: 9pt;">your costs would be:</span> 4 13 23 51 Portfolio Turnover.  The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 30% of the average value of its portfolio. 0.30 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Small Cap Extended Market Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of U.S. stocks issued by small-capitalization companies. Morningstar, Inc. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) defines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">small-capitalization</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> stocks as those stocks that generally fall between the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">90th and 99.5th percentile of the market capitalization of the stocks eligible to be included in the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (a diversified broad market index that represents approximately 99.5% of the market capitalization of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">publicly traded U.S. stocks and includes only those stocks of the top 75% of companies in the investable universe based on a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">liquidity score of the Index Provider). The largest company in the Underlying Index of the Fund as of April 30, 2026 had a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market capitalization of $64.43 billion.  The stocks included in the Underlying Index are weighted according to the total value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of shares that are publicly owned and available for investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Small Cap Extended Market Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of U.S. stocks issued by small-capitalization companies. Morningstar, Inc. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) defines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">small-capitalization</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> stocks as those stocks that generally fall between the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">90th and 99.5th percentile of the market capitalization of the stocks eligible to be included in the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (a diversified broad market index that represents approximately 99.5% of the market capitalization of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">publicly traded U.S. stocks and includes only those stocks of the top 75% of companies in the investable universe based on a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">liquidity score of the Index Provider). The largest company in the Underlying Index of the Fund as of April 30, 2026 had a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market capitalization of $64.43 billion.  The stocks included in the Underlying Index are weighted according to the total value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of shares that are publicly owned and available for investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the financial </span><span style="color: #000000; font-family: arial; font-size: 9pt;">services and industrials industries or sectors. The components of the Underlying Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">” </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, or other reasons as determined by BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Morningstar, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Small-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Compared to mid- and large-capitalization companies, small-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Financial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Growth Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Growth securities are those issued by companies whose earnings growth potential appears to be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industrial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Industrial companies face a number of risks, including supply chain and distribution disruptions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability </span><span style="color: #000000; font-family: arial; font-size: 9pt;">claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and currencies. The performance of such companies may also be affected by technological developments, labor relations, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">legislative and regulatory changes, government spending policies, and changes in domestic and international economies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Value Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Value securities are those issued by companies that may be perceived as undervalued. Such securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may decline in price or fail to appreciate for long periods of time, and they may never realize their full potential value. Value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities may underperform growth securities and other types of assets as well as the overall stock market. Value securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may go in and out of favor over time, which could affect the performance of the Fund.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;"> broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">16.81%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">26.29%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2020</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-33.15%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1681 2026-06-30 Best Quarter 0.2629 2020-12-31 Worst Quarter -0.3315 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2004-06-28 0.1193 0.0724 0.0888 0.1149 0.0681 0.0843 0.0726 0.0557 0.0712 0.1735 0.1329 0.1440 0.1186 0.0714 0.0891 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Morningstar Small-Cap Growth ETF ISCG | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Morningstar Small-Cap Growth ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">small-capitalization U.S. equities that exhibit growth characteristics.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0006 0.0000 0.0006 Example.  This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 6 19 34 77 Portfolio Turnover.  The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43% of the average value of its portfolio. 0.43 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Small Cap Broad Growth Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of U.S. stocks issued by small-capitalization companies that have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exhibited above-average </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> characteristics as determined by Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">small-capitalization</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> stocks as those stocks that generally fall between the 90th and 99.5th percentile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the market capitalization of the stocks eligible to be included in the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Market Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversified broad market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and includes only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider). The largest company in the Underlying Index of the Fund as of April 30, 2026 had a market capitalization of $64.43 </span><span style="color: #000000; font-family: arial; font-size: 9pt;">billion. The Index Provider then designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on their style orientations. The stocks </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index are designated as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> because they are issued by companies that typically have higher than </span><span style="color: #000000; font-family: arial; font-size: 9pt;">average historical and forecasted earnings, sales, book value and cash flow growth. The stocks included in the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index are weighted according to the total value of shares that are publicly owned and available for investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Small Cap Broad Growth Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of U.S. stocks issued by small-capitalization companies that have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exhibited above-average </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> characteristics as determined by Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">small-capitalization</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> stocks as those stocks that generally fall between the 90th and 99.5th percentile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the market capitalization of the stocks eligible to be included in the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Market Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversified broad market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and includes only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider). The largest company in the Underlying Index of the Fund as of April 30, 2026 had a market capitalization of $64.43 </span><span style="color: #000000; font-family: arial; font-size: 9pt;">billion. The Index Provider then designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on their style orientations. The stocks </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index are designated as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> because they are issued by companies that typically have higher than </span><span style="color: #000000; font-family: arial; font-size: 9pt;">average historical and forecasted earnings, sales, book value and cash flow growth. The stocks included in the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index are weighted according to the total value of shares that are publicly owned and available for investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">healthcare, industrials, and technology industries or sectors. The components of the Underlying Index are likely to change </span><span style="color: #000000; font-family: arial; font-size: 9pt;">over time.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> representative sampling indexing strategy to manage the Fund.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> “</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is an indexing strategy that</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> involves investing in a representative sample of securities or other instruments intended to collectively have an investment</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, or other reasons as determined by BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Morningstar, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Small-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Compared to mid- and large-capitalization companies, small-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Growth Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Growth securities are those issued by companies whose earnings growth potential appears to be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The </span><span style="color: #000000; font-family: arial; font-size: 9pt;">prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payments in the event of an issuer’s bankruptcy.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Healthcare Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The profitability of healthcare companies may be adversely affected by extensive government </span><span style="color: #000000; font-family: arial; font-size: 9pt;">regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">product liability claims, among other factors.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industrial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Industrial companies face a number of risks, including supply chain and distribution disruptions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability </span><span style="color: #000000; font-family: arial; font-size: 9pt;">claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and currencies. The performance of such companies may also be affected by technological developments, labor relations, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">legislative and regulatory changes, government spending policies, and changes in domestic and international economies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Technology Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Technology companies and companies that rely heavily on technological advances may have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense </span><span style="color: #000000; font-family: arial; font-size: 9pt;">competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse </span><span style="color: #000000; font-family: arial; font-size: 9pt;">government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">18.30%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">32.85%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2020</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-21.51%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1830 2026-06-30 Best Quarter 0.3285 2020-06-30 Worst Quarter -0.2151 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2004-06-28 0.1309 0.0267 0.1024 0.1289 0.0243 0.1004 0.0784 0.0198 0.0840 0.1735 0.1329 0.1440 0.1312 0.0261 0.1030 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Morningstar Small-Cap Value ETF ISCV | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares Morningstar Small-Cap Value ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">small-capitalization U.S. equities that exhibit value characteristics.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0006 0.0000 0.0006 Example.  This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 6 19 34 77 Portfolio Turnover.  The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43% of the average value of its portfolio. 0.43 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Small Cap Broad Value Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of U.S. stocks issued by small-capitalization companies that have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exhibited above-average </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> characteristics as determined by Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">small capitalization</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> stocks as those stocks that generally fall between the 90th and 99.5th percentile of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market capitalization of the stocks eligible to be included in the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Market Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (a diversified </span><span style="color: #000000; font-family: arial; font-size: 9pt;">broad market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">includes only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider). The largest company in the Underlying Index of the Fund as of April 30, 2026 had a market capitalization of $29.91 </span><span style="color: #000000; font-family: arial; font-size: 9pt;">billion. The Index Provider then designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on their style orientations. The stocks </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index are designated as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> because they are issued by companies that typically have relatively low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuations based on price-to earnings, price-to-book value, price-to sales, price-to-cash flow and dividend yields. The stocks </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index are weighted according to the total value of shares that are publicly owned and available for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Small Cap Broad Value Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of U.S. stocks issued by small-capitalization companies that have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exhibited above-average </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> characteristics as determined by Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">small capitalization</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> stocks as those stocks that generally fall between the 90th and 99.5th percentile of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market capitalization of the stocks eligible to be included in the Morningstar</span><span style="color: #000000; font-family: arial; font-size: 7pt; position: relative; top: -2pt;">®</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> US Market Extended Index</span><span style="color: #000000; font-family: arial; font-size: 5.5pt; position: relative; top: -3.75pt;">SM</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> (a diversified </span><span style="color: #000000; font-family: arial; font-size: 9pt;">broad market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">includes only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider). The largest company in the Underlying Index of the Fund as of April 30, 2026 had a market capitalization of $29.91 </span><span style="color: #000000; font-family: arial; font-size: 9pt;">billion. The Index Provider then designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> based on their style orientations. The stocks </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index are designated as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">value</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> because they are issued by companies that typically have relatively low </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuations based on price-to earnings, price-to-book value, price-to sales, price-to-cash flow and dividend yields. The stocks </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included in the Underlying Index are weighted according to the total value of shares that are publicly owned and available for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the consumer </span><span style="color: #000000; font-family: arial; font-size: 9pt;">goods and services and financial services industries or sectors. The components of the Underlying Index are likely to change </span><span style="color: #000000; font-family: arial; font-size: 9pt;">over time.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">” </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, or other reasons as determined by BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Morningstar, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Small-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Compared to mid- and large-capitalization companies, small-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Value Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Value securities are those issued by companies that may be perceived as undervalued. Such securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may decline in price or fail to appreciate for long periods of time, and they may never realize their full potential value. Value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities may underperform growth securities and other types of assets as well as the overall stock market. Value securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may go in and out of favor over time, which could affect the performance of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Consumer Goods and Services Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Consumer goods and services companies face risks related to changes in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to brand or reputation, economic slowdown and labor shortages, among other things.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Financial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color: #000000; font-family: arial; font-size: 9pt;">broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">15.37%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">33.33%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2020</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-39.71%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1537 2026-06-30 Best Quarter 0.3333 2020-12-31 Worst Quarter -0.3971 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2004-06-28 0.1051 0.1019 0.0843 0.0986 0.0954 0.0775 0.0650 0.0792 0.0664 0.1735 0.1329 0.1440 0.1048 0.1018 0.0857 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Morningstar U.S. Equity ETFILCB | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares Morningstar U.S. Equity ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of large- </span><span style="color:#000000;font-family:arial;font-size:9pt">and mid-capitalization U.S. equities.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0003 0.0000 0.0003 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 3 10 17 39 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 8% of the average value of its portfolio. 0.08 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Large-Mid Cap Market Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of U.S. stocks issued by large-mid capitalization companies. Morningstar, Inc. </span><span style="color:#000000;font-family:arial;font-size:9pt">(</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Morningstar</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) defines </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">large-mid capitalization</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> stocks as those stocks that form approximately the </span><span style="color:#000000;font-family:arial;font-size:9pt">top 90% of the market capitalization of the stocks eligible to be included in the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Market Extended Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (a </span><span style="color:#000000;font-family:arial;font-size:9pt">diversified broad market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks </span><span style="color:#000000;font-family:arial;font-size:9pt">and includes only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider). The stocks included in the Underlying Index are weighted according to the total value of shares that are publicly </span><span style="color:#000000;font-family:arial;font-size:9pt">owned and available for investment.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the </span><span style="color:#000000;font-family:arial;font-size:9pt">technology industry or sector. The components of the Underlying Index are likely to change over time.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Large-Mid Cap Market Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of U.S. stocks issued by large-mid capitalization companies. Morningstar, Inc. </span><span style="color:#000000;font-family:arial;font-size:9pt">(</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Morningstar</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) defines </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">large-mid capitalization</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> stocks as those stocks that form approximately the </span><span style="color:#000000;font-family:arial;font-size:9pt">top 90% of the market capitalization of the stocks eligible to be included in the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Market Extended Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (a </span><span style="color:#000000;font-family:arial;font-size:9pt">diversified broad market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks </span><span style="color:#000000;font-family:arial;font-size:9pt">and includes only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider). The stocks included in the Underlying Index are weighted according to the total value of shares that are publicly </span><span style="color:#000000;font-family:arial;font-size:9pt">owned and available for investment.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the </span><span style="color:#000000;font-family:arial;font-size:9pt">technology industry or sector. The components of the Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Morningstar, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund and BFA. The Index Provider determines </span><span style="color:#000000;font-family:arial;font-size:9pt">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color:#000000;font-family:arial;font-size:9pt">market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Diversification Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund intends to be diversified in approximately the same proportion as the Underlying Index is </span><span style="color:#000000;font-family:arial;font-size:9pt">diversified and to invest all or substantially all of its assets in components of the Underlying Index in approximately the same </span><span style="color:#000000;font-family:arial;font-size:9pt">proportion as each component’s weighting in the Underlying Index. This diversification policy may limit the Fund’s ability to </span><span style="color:#000000;font-family:arial;font-size:9pt">use representative sampling. The Fund may become </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">non-diversified,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> as defined in the 1940 Act, solely as a result of a </span><span style="color:#000000;font-family:arial;font-size:9pt">change in relative market capitalization or index weighting of one or more components of the Underlying Index. Shareholder </span><span style="color:#000000;font-family:arial;font-size:9pt">approval will not be sought if the Fund becomes </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">non-diversified</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> due solely to a change in the relative market capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">or index weighting of one or more components of the Underlying Index. The Fund discloses its portfolio holdings and </span><span style="color:#000000;font-family:arial;font-size:9pt">weightings at www.iShares.com.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Growth Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Growth securities are those issued by companies whose earnings growth potential appears to be </span><span style="color:#000000;font-family:arial;font-size:9pt">greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The </span><span style="color:#000000;font-family:arial;font-size:9pt">prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and </span><span style="color:#000000;font-family:arial;font-size:9pt">significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as </span><span style="color:#000000;font-family:arial;font-size:9pt">well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Mid-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color:#000000;font-family:arial;font-size:9pt">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Non-Diversification Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> To the extent the Fund is non-diversified, the Fund may invest a large  percentage of its assets in </span><span style="color:#000000;font-family:arial;font-size:9pt">securities or other instruments representing a small number of issuers or counterparties and thus may be more susceptible </span><span style="color:#000000;font-family:arial;font-size:9pt">to the risks associated with these particular issuers or counterparties. As a result, the Fund's performance may depend to a </span><span style="color:#000000;font-family:arial;font-size:9pt">greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Technology Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Technology companies and companies that rely heavily on technological advances may have </span><span style="color:#000000;font-family:arial;font-size:9pt">limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense </span><span style="color:#000000;font-family:arial;font-size:9pt">competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face </span><span style="color:#000000;font-family:arial;font-size:9pt">unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. </span><span style="color:#000000;font-family:arial;font-size:9pt">Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or </span><span style="color:#000000;font-family:arial;font-size:9pt">impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse </span><span style="color:#000000;font-family:arial;font-size:9pt">government or legal action.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Value Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Value securities are those issued by companies that may be perceived as undervalued. Such securities </span><span style="color:#000000;font-family:arial;font-size:9pt">may decline in price or fail to appreciate for long periods of time, and they may never realize their full potential value. Value </span><span style="color:#000000;font-family:arial;font-size:9pt">securities may underperform growth securities and other types of assets as well as the overall stock market. Value securities </span><span style="color:#000000;font-family:arial;font-size:9pt">may go in and out of favor over time, which could affect the performance of the Fund.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">10.43%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">19.69%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-20.24%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1043 2026-06-30 Best Quarter 0.1969 2020-06-30 Worst Quarter -0.2024 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2004-06-28 0.1765 0.1324 0.1413 0.1730 0.1286 0.1367 0.1064 0.1051 0.1175 0.1735 0.1329 0.1440 0.1771 0.1327 0.1427 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Morningstar Value ETFILCV | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares Morningstar Value ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of large- and </span><span style="color:#000000;font-family:arial;font-size:9pt">mid-capitalization U.S. equities that exhibit value characteristics.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0004 0.0000 0.0004 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 4 13 23 51 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 30% of the average value of its portfolio. 0.30 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Large-Mid Cap Broad Value Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of U.S. stocks issued by large-mid capitalization companies that have exhibited </span><span style="color:#000000;font-family:arial;font-size:9pt">above-average </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">value</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> characteristics as determined by Morningstar, Inc. (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Morningstar</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). </span><span style="color:#000000;font-family:arial;font-size:9pt">Morningstar defines </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">large-mid capitalization</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> stocks as those stocks that form approximately the top 90% of the market </span><span style="color:#000000;font-family:arial;font-size:9pt">capitalization of the stocks eligible to be included in the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Market Extended Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (a diversified broad </span><span style="color:#000000;font-family:arial;font-size:9pt">market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks and includes </span><span style="color:#000000;font-family:arial;font-size:9pt">only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index Provider). The </span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider then designates stocks as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">blend,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">growth</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">value</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> based on their style orientations. The stocks in the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index are designated as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">value</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> because they are issued by companies that typically have relatively low valuations </span><span style="color:#000000;font-family:arial;font-size:9pt">based on price-to-earnings, price-to-book value, price-to-sales, price-to-cash flow and dividend yields. The stocks included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index are weighted according to the total value of shares that are publicly owned and available for investment.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the consumer </span><span style="color:#000000;font-family:arial;font-size:9pt">goods and services, financial services and technology industries or sectors. The components of the Underlying Index are </span><span style="color:#000000;font-family:arial;font-size:9pt">likely to change over time.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Large-Mid Cap Broad Value Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of U.S. stocks issued by large-mid capitalization companies that have exhibited </span><span style="color:#000000;font-family:arial;font-size:9pt">above-average </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">value</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> characteristics as determined by Morningstar, Inc. (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Morningstar</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). </span><span style="color:#000000;font-family:arial;font-size:9pt">Morningstar defines </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">large-mid capitalization</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> stocks as those stocks that form approximately the top 90% of the market </span><span style="color:#000000;font-family:arial;font-size:9pt">capitalization of the stocks eligible to be included in the Morningstar</span><span style="color:#000000;font-family:arial;font-size:7pt;position:relative;top:-2pt">®</span><span style="color:#000000;font-family:arial;font-size:9pt"> US Market Extended Index</span><span style="color:#000000;font-family:arial;font-size:5.5pt;position:relative;top:-3.75pt">SM</span><span style="color:#000000;font-family:arial;font-size:9pt"> (a diversified broad </span><span style="color:#000000;font-family:arial;font-size:9pt">market index that represents approximately 99.5% of the market capitalization of publicly traded U.S. stocks and includes </span><span style="color:#000000;font-family:arial;font-size:9pt">only those stocks of the top 75% of companies in the investable universe based on a liquidity score of the Index Provider). The </span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider then designates stocks as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">blend,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">growth</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">value</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> based on their style orientations. The stocks in the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index are designated as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">value</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> because they are issued by companies that typically have relatively low valuations </span><span style="color:#000000;font-family:arial;font-size:9pt">based on price-to-earnings, price-to-book value, price-to-sales, price-to-cash flow and dividend yields. The stocks included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index are weighted according to the total value of shares that are publicly owned and available for investment.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">As of April 30, 2026, a significant portion of the Underlying Index was represented by securities of companies in the consumer </span><span style="color:#000000;font-family:arial;font-size:9pt">goods and services, financial services and technology industries or sectors. The components of the Underlying Index are </span><span style="color:#000000;font-family:arial;font-size:9pt">likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Morningstar, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund and BFA. The Index Provider determines </span><span style="color:#000000;font-family:arial;font-size:9pt">the composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color:#000000;font-family:arial;font-size:9pt">market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span></div>involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Mid-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color:#000000;font-family:arial;font-size:9pt">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Value Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Value securities are those issued by companies that may be perceived as undervalued. Such securities </span><span style="color:#000000;font-family:arial;font-size:9pt">may decline in price or fail to appreciate for long periods of time, and they may never realize their full potential value. Value </span><span style="color:#000000;font-family:arial;font-size:9pt">securities may underperform growth securities and other types of assets as well as the overall stock market. Value securities </span><span style="color:#000000;font-family:arial;font-size:9pt">may go in and out of favor over time, which could affect the performance of the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Consumer Goods and Services Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Consumer goods and services companies face risks related to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage </span><span style="color:#000000;font-family:arial;font-size:9pt">to brand or reputation, economic slowdown and labor shortages, among other things.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Financial Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color:#000000;font-family:arial;font-size:9pt">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color:#000000;font-family:arial;font-size:9pt">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color:#000000;font-family:arial;font-size:9pt">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Technology Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Technology companies and companies that rely heavily on technological advances may have </span><span style="color:#000000;font-family:arial;font-size:9pt">limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense </span><span style="color:#000000;font-family:arial;font-size:9pt">competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face </span><span style="color:#000000;font-family:arial;font-size:9pt">unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. </span><span style="color:#000000;font-family:arial;font-size:9pt">Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or </span><span style="color:#000000;font-family:arial;font-size:9pt">impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse </span><span style="color:#000000;font-family:arial;font-size:9pt">government or legal action.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.45pt">8.12%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">14.54%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">December 31, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-25.14%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0812 2026-06-30 Best Quarter 0.1454 2020-12-31 Worst Quarter -0.2514 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2004-06-28 0.1878 0.1338 0.1152 0.1823 0.1278 0.1084 0.1143 0.1058 0.0935 0.1735 0.1329 0.1440 0.1883 0.1342 0.1169 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Core U.S. REIT ETFUSRT | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares Core U.S. REIT ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of U.S. real estate </span><span style="color:#000000;font-family:arial;font-size:9pt">equities.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0008 0.0000 0.0008 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 8 26 45 103 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of the average value of its portfolio. 0.12 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the FTSE Nareit Equity REITs 40 Act Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">which measures the performance of U.S.-listed equity real estate investment trusts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">REITs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), excluding infrastructure REITs, </span><span style="color:#000000;font-family:arial;font-size:9pt">mortgage REITs, and timber REITs. The Underlying Index will constrain at its quarterly rebalance: (i) the weight of any single </span><span style="color:#000000;font-family:arial;font-size:9pt">company to a maximum of 22.5%, and (ii) the aggregate weight of companies exceeding 4.5% weight to a maximum of </span><span style="color:#000000;font-family:arial;font-size:9pt">22.5%. Outside the scheduled quarterly index reviews, the Underlying Index is rebalanced to: (i) the weight of any single </span><span style="color:#000000;font-family:arial;font-size:9pt">company to a maximum of 24%, and (ii) the aggregate weight of companies exceeding 4.8% weight to a maximum of 24%. </span><span style="color:#000000;font-family:arial;font-size:9pt">As of April 30, 2026, the Underlying Index was represented by the securities of 127 REITs, which invest in U.S. real estate </span><span style="color:#000000;font-family:arial;font-size:9pt">markets. The components of the Underlying Index may change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by FTSE International Limited (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">FTSE</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of </span><span style="color:#000000;font-family:arial;font-size:9pt">the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index and publishes information regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the FTSE Nareit Equity REITs 40 Act Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">which measures the performance of U.S.-listed equity real estate investment trusts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">REITs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), excluding infrastructure REITs, </span><span style="color:#000000;font-family:arial;font-size:9pt">mortgage REITs, and timber REITs. The Underlying Index will constrain at its quarterly rebalance: (i) the weight of any single </span><span style="color:#000000;font-family:arial;font-size:9pt">company to a maximum of 22.5%, and (ii) the aggregate weight of companies exceeding 4.5% weight to a maximum of </span><span style="color:#000000;font-family:arial;font-size:9pt">22.5%. Outside the scheduled quarterly index reviews, the Underlying Index is rebalanced to: (i) the weight of any single </span><span style="color:#000000;font-family:arial;font-size:9pt">company to a maximum of 24%, and (ii) the aggregate weight of companies exceeding 4.8% weight to a maximum of 24%. </span><span style="color:#000000;font-family:arial;font-size:9pt">As of April 30, 2026, the Underlying Index was represented by the securities of 127 REITs, which invest in U.S. real estate </span><span style="color:#000000;font-family:arial;font-size:9pt">markets. The components of the Underlying Index may change over time.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Real Estate Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Real estate companies, which include real estate investment trust (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">REITs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), real estate holding </span><span style="color:#000000;font-family:arial;font-size:9pt">and operating companies, and real estate management or development companies, expose investors to the risks of owning </span><span style="color:#000000;font-family:arial;font-size:9pt">real estate directly as well as to the risks from the way that such companies operate. Real estate is highly sensitive to general </span><span style="color:#000000;font-family:arial;font-size:9pt">and local economic conditions and can be subject to intense competition and periodic overbuilding. Other real estate risks </span><span style="color:#000000;font-family:arial;font-size:9pt">include decreases in property values, tax increases, zoning changes, casualty or condemnation losses, environmental </span><span style="color:#000000;font-family:arial;font-size:9pt">liabilities, regulatory limitations on rent or eviction, and defaults by borrowers or tenants. Real estate companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">heavily invested in one geographic region, industry or property type. They also may be highly leveraged, which can magnify </span><span style="color:#000000;font-family:arial;font-size:9pt">losses, and interest rate increases can make it difficult to obtain financing and service debt.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Dividend-Paying Stock Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with </span><span style="color:#000000;font-family:arial;font-size:9pt">investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are </span><span style="color:#000000;font-family:arial;font-size:9pt">not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating </span><span style="color:#000000;font-family:arial;font-size:9pt">anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Mid-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color:#000000;font-family:arial;font-size:9pt">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Small-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to mid- and large-capitalization companies, small-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">17.76%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">16.31%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2019</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-27.32%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1776 2026-06-30 Best Quarter 0.1631 2019-03-31 Worst Quarter -0.2732 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2007-05-01 0.0251 0.0647 0.0557 0.0148 0.0538 0.0422 0.0171 0.0468 0.0381 0.1715 0.1315 0.1429 0.0253 0.0655 0.0563 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares Select U.S. REIT ETFICF | Cboe BZX Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares Select U.S. REIT ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of U.S. real estate </span><span style="color:#000000;font-family:arial;font-size:9pt">investment trusts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">REITs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">).</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0032 0.0000 0.0032 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 33 103 180 406 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio. 0.17 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Cohen &amp; Steers Realty Majors Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which </span><span style="color:#000000;font-family:arial;font-size:9pt">consists of up to 30 relatively large and liquid REITs that may benefit from future consolidation and securitization of the U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">real estate industry, as determined by Cohen &amp; Steers Capital Management, Inc. (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Cohen &amp; Steers</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). </span><span style="color:#000000;font-family:arial;font-size:9pt">REITs are selected for inclusion in the Underlying Index based on a review of several factors, including management, portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">quality, capital structure, and property sector and geographic diversification. Constituents also must meet minimum market </span><span style="color:#000000;font-family:arial;font-size:9pt">capitalization and trading volume requirements. The Underlying Index is weighted according to the total free float adjusted </span><span style="color:#000000;font-family:arial;font-size:9pt">market value of each constituent’s outstanding shares and is adjusted quarterly so that no constituent represents more than </span><span style="color:#000000;font-family:arial;font-size:9pt">8% of the Underlying Index. Additionally, at the quarterly rebalance, the Underlying Index uses a capping methodology to cap </span><span style="color:#000000;font-family:arial;font-size:9pt">at 45% the aggregate weight of all constituents that individually exceed 4.5% of the index weight. Between rebalances, </span><span style="color:#000000;font-family:arial;font-size:9pt">constituent weights may exceed these constraints due to fluctuations in market value, corporate actions, or other events that </span><span style="color:#000000;font-family:arial;font-size:9pt">change the index composition. As of April 30, 2026, a significant portion of the Underlying Index was represented by REITs. </span><span style="color:#000000;font-family:arial;font-size:9pt">The components of the Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Cohen &amp; Steers Capital Management, Inc. (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Cohen &amp; Steers</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), </span><span style="color:#000000;font-family:arial;font-size:9pt">which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the </span><span style="color:#000000;font-family:arial;font-size:9pt">components of the Underlying Index and publishes information regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Cohen &amp; Steers Realty Majors Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which </span><span style="color:#000000;font-family:arial;font-size:9pt">consists of up to 30 relatively large and liquid REITs that may benefit from future consolidation and securitization of the U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">real estate industry, as determined by Cohen &amp; Steers Capital Management, Inc. (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Cohen &amp; Steers</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). </span><span style="color:#000000;font-family:arial;font-size:9pt">REITs are selected for inclusion in the Underlying Index based on a review of several factors, including management, portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">quality, capital structure, and property sector and geographic diversification. Constituents also must meet minimum market </span><span style="color:#000000;font-family:arial;font-size:9pt">capitalization and trading volume requirements. The Underlying Index is weighted according to the total free float adjusted </span><span style="color:#000000;font-family:arial;font-size:9pt">market value of each constituent’s outstanding shares and is adjusted quarterly so that no constituent represents more than </span><span style="color:#000000;font-family:arial;font-size:9pt">8% of the Underlying Index. Additionally, at the quarterly rebalance, the Underlying Index uses a capping methodology to cap </span><span style="color:#000000;font-family:arial;font-size:9pt">at 45% the aggregate weight of all constituents that individually exceed 4.5% of the index weight. Between rebalances, </span><span style="color:#000000;font-family:arial;font-size:9pt">constituent weights may exceed these constraints due to fluctuations in market value, corporate actions, or other events that </span><span style="color:#000000;font-family:arial;font-size:9pt">change the index composition. As of April 30, 2026, a significant portion of the Underlying Index was represented by REITs. </span><span style="color:#000000;font-family:arial;font-size:9pt">The components of the Underlying Index are likely to change over time.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Real Estate Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Real estate companies, which include real estate investment trust (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">REITs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), real estate holding </span><span style="color:#000000;font-family:arial;font-size:9pt">and operating companies, and real estate management or development companies, expose investors to the risks of owning </span><span style="color:#000000;font-family:arial;font-size:9pt">real estate directly as well as to the risks from the way that such companies operate. Real estate is highly sensitive to general </span><span style="color:#000000;font-family:arial;font-size:9pt">and local economic conditions and can be subject to intense competition and periodic overbuilding. Other real estate risks </span><span style="color:#000000;font-family:arial;font-size:9pt">include decreases in property values, tax increases, zoning changes, casualty or condemnation losses, environmental </span><span style="color:#000000;font-family:arial;font-size:9pt">liabilities, regulatory limitations on rent or eviction, and defaults by borrowers or tenants. Real estate companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">heavily invested in one geographic region, industry or property type. They also may be highly leveraged, which can magnify </span><span style="color:#000000;font-family:arial;font-size:9pt">losses, and interest rate increases can make it difficult to obtain financing and service debt.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Dividend-Paying Stock Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with </span><span style="color:#000000;font-family:arial;font-size:9pt">investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are </span><span style="color:#000000;font-family:arial;font-size:9pt">not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating </span><span style="color:#000000;font-family:arial;font-size:9pt">anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Non-Diversification Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is classified as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">non-diversified.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> This means that, compared with funds that are </span><span style="color:#000000;font-family:arial;font-size:9pt">classified as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">diversified,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color:#000000;font-family:arial;font-size:9pt">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:arial;font-size:9pt">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color:#000000;font-family:arial;font-size:9pt">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">14.35%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">18.14%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">December 31, 2023</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-21.14%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1435 2026-06-30 Best Quarter 0.1814 2023-12-31 Worst Quarter -0.2114 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2001-01-29 0.0194 0.0474 0.0483 0.0098 0.0383 0.0373 0.0136 0.0339 0.0334 0.1705 0.1307 0.1422 0.0227 0.0510 0.0519 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares U.S. Basic Materials ETFIYM | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares U.S. Basic Materials ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of U.S. equities </span><span style="color:#000000;font-family:arial;font-size:9pt">in the basic materials sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0037 0.0000 0.0037 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 38 119 208 468 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 18% of the average value of its portfolio. 0.18 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Russell 1000 Basic Materials RIC 22.5/45 Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of the basic materials sector of the U.S. equity market, as defined by </span><span style="color:#000000;font-family:arial;font-size:9pt">FTSE Russell (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Russell</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index may include large- and mid-capitalization companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is a subset of the Russell 1000 Index, which is a float-adjusted capitalization-weighted index of equity </span><span style="color:#000000;font-family:arial;font-size:9pt">securities issued by approximately the 1,000 largest issuers in the Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color:#000000;font-family:arial;font-size:9pt">performance of the broad U.S. equity market, as defined by Russell.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index uses a capping methodology to constrain at quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color:#000000;font-family:arial;font-size:9pt">determined by Russell) to a maximum of 22.5%, and (ii) the aggregate weight of all issuers that individually exceed 4.5% of </span><span style="color:#000000;font-family:arial;font-size:9pt">the index weight to a maximum of 45%. The weight of one or more securities in the Underlying Index may exceed these </span><span style="color:#000000;font-family:arial;font-size:9pt">constraints due to fluctuations in market value, corporate actions, or other events that change the index composition between </span><span style="color:#000000;font-family:arial;font-size:9pt">quarterly rebalance dates.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Substantially all of the Underlying Index is expected to be represented by securities of companies in the basic materials </span><span style="color:#000000;font-family:arial;font-size:9pt">industry or sector. The components of the Underlying Index are likely to change over time.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Russell, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">part of the London Stock Exchange Group and is independent of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index and publishes information regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Russell 1000 Basic Materials RIC 22.5/45 Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of the basic materials sector of the U.S. equity market, as defined by </span><span style="color:#000000;font-family:arial;font-size:9pt">FTSE Russell (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Russell</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index may include large- and mid-capitalization companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is a subset of the Russell 1000 Index, which is a float-adjusted capitalization-weighted index of equity </span><span style="color:#000000;font-family:arial;font-size:9pt">securities issued by approximately the 1,000 largest issuers in the Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color:#000000;font-family:arial;font-size:9pt">performance of the broad U.S. equity market, as defined by Russell.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index uses a capping methodology to constrain at quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color:#000000;font-family:arial;font-size:9pt">determined by Russell) to a maximum of 22.5%, and (ii) the aggregate weight of all issuers that individually exceed 4.5% of </span><span style="color:#000000;font-family:arial;font-size:9pt">the index weight to a maximum of 45%. The weight of one or more securities in the Underlying Index may exceed these </span><span style="color:#000000;font-family:arial;font-size:9pt">constraints due to fluctuations in market value, corporate actions, or other events that change the index composition between </span><span style="color:#000000;font-family:arial;font-size:9pt">quarterly rebalance dates.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Substantially all of the Underlying Index is expected to be represented by securities of companies in the basic materials </span><span style="color:#000000;font-family:arial;font-size:9pt">industry or sector. The components of the Underlying Index are likely to change over time.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Materials Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Materials companies may be adversely affected by volatility in commodity prices, changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">exchange rates, social and political unrest, war, depletion of resources, lower demand, overproduction, litigation and </span><span style="color:#000000;font-family:arial;font-size:9pt">government regulations, among other factors.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Mid-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color:#000000;font-family:arial;font-size:9pt">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Non-Diversification Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is classified as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">non-diversified.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> This means that, compared with funds that are </span><span style="color:#000000;font-family:arial;font-size:9pt">classified as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">diversified,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color:#000000;font-family:arial;font-size:9pt">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:arial;font-size:9pt">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color:#000000;font-family:arial;font-size:9pt">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">17.35%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">29.51%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-29.02%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1735 2026-06-30 Best Quarter 0.2951 2020-06-30 Worst Quarter -0.2902 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2000-06-12 0.2041 0.0814 0.0999 0.1995 0.0770 0.0954 0.1237 0.0636 0.0814 0.1715 0.1315 0.1429 0.2091 0.0856 0.1042 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares U.S. Consumer Discretionary ETFIYC | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares U.S. Consumer Discretionary ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">equities in the consumer discretionary sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0037 0.0000 0.0037 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 38 119 208 468 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21% of the average value of its portfolio. 0.21 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Russell 1000 Consumer Discretionary 40 Act 15/22.5 Daily Capped </span><span style="color:#000000;font-family:arial;font-size:9pt">Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of the consumer discretionary sector of the U.S. equity </span><span style="color:#000000;font-family:arial;font-size:9pt">market, as defined by FTSE Russell (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Russell</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index may include large- and </span><span style="color:#000000;font-family:arial;font-size:9pt">mid-capitalization companies.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Russell 1000 Consumer Discretionary 40 Act 15/22.5 Daily Capped </span><span style="color:#000000;font-family:arial;font-size:9pt">Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of the consumer discretionary sector of the U.S. equity </span><span style="color:#000000;font-family:arial;font-size:9pt">market, as defined by FTSE Russell (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Russell</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index may include large- and </span><span style="color:#000000;font-family:arial;font-size:9pt">mid-capitalization companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is a subset of the Russell 1000 Index, which is a float-adjusted capitalization-weighted index of equity </span><span style="color:#000000;font-family:arial;font-size:9pt">securities issued by approximately the 1,000 largest issuers in the Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color:#000000;font-family:arial;font-size:9pt">performance of the broad U.S. equity market, as defined by Russell.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Index Provider classifies the Consumer Discretionary industry as including companies whose businesses tend to be the </span><span style="color:#000000;font-family:arial;font-size:9pt">most sensitive to economic cycles and whose customers' purchasing habits are considered cyclical in nature. The Consumer </span><span style="color:#000000;font-family:arial;font-size:9pt">Discretionary industry includes companies that manufacture and distribute household durable goods, apparel, home </span><span style="color:#000000;font-family:arial;font-size:9pt">electronic devices, leisure equipment, and automotive and related parts. The services segment of Consumer Discretionary </span><span style="color:#000000;font-family:arial;font-size:9pt">includes hotels, restaurants, retail/e-retail, passenger transportation, other leisure facilities and media companies that </span><span style="color:#000000;font-family:arial;font-size:9pt">engage in entertainment content creation and traditional advertisement.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index uses a capping methodology to constrain at quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color:#000000;font-family:arial;font-size:9pt">determined by Russell) to a maximum of 15%, and (ii) the aggregate weight of all issuers that individually exceed 4.5% of the </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">index weight to a maximum of 22.5%. Between scheduled quarterly index reviews, the Underlying Index is monitored daily </span><span style="color:#000000;font-family:arial;font-size:9pt">using constituent weights and forward looking information to ensure all companies that constitute more than 4.8% of the </span><span style="color:#000000;font-family:arial;font-size:9pt">weight of the Underlying Index do not constitute more than 24% of the weight of the Underlying Index in the aggregate on a </span><span style="color:#000000;font-family:arial;font-size:9pt">future date. On the calculation day where the threshold has been breached, the index is recapped using the quarterly capping </span><span style="color:#000000;font-family:arial;font-size:9pt">methodology.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Substantially all of the Underlying Index is expected to be represented by securities of companies in the consumer </span><span style="color:#000000;font-family:arial;font-size:9pt">discretionary industry or sector. The components of the Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Russell, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">part of the London Stock Exchange Group and is independent of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index and publishes information regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Consumer Goods and Services Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Consumer goods and services companies face risks related to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage </span><span style="color:#000000;font-family:arial;font-size:9pt">to brand or reputation, economic slowdown and labor shortages, among other things.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Mid-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color:#000000;font-family:arial;font-size:9pt">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:145.45pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:57.09pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:145.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:5pt">-1.69%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:57.09pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:145.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">23.80%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:57.09pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:145.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-24.21%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:57.09pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0169 2026-06-30 Best Quarter 0.2380 2020-06-30 Worst Quarter -0.2421 2022-06-30 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2000-06-12 0.0776 0.0852 0.1189 0.0762 0.0837 0.1168 0.0468 0.0669 0.0986 0.1715 0.1315 0.1429 0.0813 0.0889 0.1233 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation andmay differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares U.S. Consumer Staples ETFIYK | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares U.S. Consumer Staples ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of U.S. </span><span style="color:#000000;font-family:arial;font-size:9pt">equities in the consumer staples sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0037 0.0000 0.0037 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 38 119 208 468 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 8% of the average value of its portfolio. 0.08 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Russell 1000 Consumer Staples RIC 22.5/45 Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of the consumer staples sector of the U.S. equity market, as defined by </span><span style="color:#000000;font-family:arial;font-size:9pt">FTSE Russell (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Russell</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index may include large- and mid-capitalization companies.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Russell 1000 Consumer Staples RIC 22.5/45 Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of the consumer staples sector of the U.S. equity market, as defined by </span><span style="color:#000000;font-family:arial;font-size:9pt">FTSE Russell (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Russell</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index may include large- and mid-capitalization companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is a subset of the Russell 1000 Index, which is a float-adjusted capitalization-weighted index of equity </span><span style="color:#000000;font-family:arial;font-size:9pt">securities issued by approximately the 1,000 largest issuers in the Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color:#000000;font-family:arial;font-size:9pt">performance of the broad U.S. equity market, as defined by Russell. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Index Provider classifies the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Consumer Staples</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> industry as including companies whose businesses tend to be less </span><span style="color:#000000;font-family:arial;font-size:9pt">sensitive to economic cycles and whose customers’ purchasing habits are non-cyclical in nature. The Consumer Staples </span><span style="color:#000000;font-family:arial;font-size:9pt">industry includes companies that manufacture, distribute, and/or retail food, beverages, other non-durable household goods, </span><span style="color:#000000;font-family:arial;font-size:9pt">drug-retailing companies as well as agriculture, fishing, ranching and milling companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index uses a capping methodology to constrain at quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color:#000000;font-family:arial;font-size:9pt">determined by Russell) to a maximum of 22.5%, and (ii) the aggregate weight of all issuers that individually exceed 4.5% of </span><span style="color:#000000;font-family:arial;font-size:9pt">the index weight to a maximum of 45%. The weight of one or more securities in the Underlying Index may exceed these </span><span style="color:#000000;font-family:arial;font-size:9pt">constraints due to fluctuations in market value, corporate actions, or other events that change the index composition between </span><span style="color:#000000;font-family:arial;font-size:9pt">quarterly rebalance dates.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">Substantially all of the Underlying Index is expected to be represented by securities of companies in the consumer staples </span><span style="color:#000000;font-family:arial;font-size:9pt">industry or sector. The components of the Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Russell, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">part of the London Stock Exchange Group and is independent of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index and publishes information regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Consumer Goods and Services Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Consumer goods and services companies face risks related to changes in </span><span style="color:#000000;font-family:arial;font-size:9pt">consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage </span><span style="color:#000000;font-family:arial;font-size:9pt">to brand or reputation, economic slowdown and labor shortages, among other things.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Mid-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color:#000000;font-family:arial;font-size:9pt">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Non-Diversification Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is classified as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">non-diversified.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> This means that, compared with funds that are </span><span style="color:#000000;font-family:arial;font-size:9pt">classified as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">diversified,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color:#000000;font-family:arial;font-size:9pt">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:arial;font-size:9pt">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color:#000000;font-family:arial;font-size:9pt">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.45pt">9.71%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">18.38%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-18.30%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0971 2026-06-30 Best Quarter 0.1838 2020-06-30 Worst Quarter -0.1830 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2000-06-12 0.0476 0.0543 0.0884 0.0410 0.0484 0.0825 0.0330 0.0420 0.0712 0.1715 0.1315 0.1429 0.0515 0.0584 0.0928 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span></div><div style="line-height:10.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares U.S. Energy ETFIYE | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares U.S. Energy ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of U.S. equities in the </span><span style="color:#000000;font-family:arial;font-size:9pt">energy sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0037 0.0000 0.0037 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 38 119 208 468 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 8% of the average value of its portfolio. 0.08 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Russell 1000 Energy RIC 22.5/45 Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of the energy sector of the U.S. equity market, as defined by FTSE Russell (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Russell</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index may include large- and mid-capitalization companies.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Russell 1000 Energy RIC 22.5/45 Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of the energy sector of the U.S. equity market, as defined by FTSE Russell (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Russell</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index may include large- and mid-capitalization companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is a subset of the Russell 1000 Index, which is a float-adjusted capitalization-weighted index of equity </span><span style="color:#000000;font-family:arial;font-size:9pt">securities issued by approximately the 1,000 largest issuers in the Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color:#000000;font-family:arial;font-size:9pt">performance of the broad U.S. equity market, as defined by Russell.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index uses a capping methodology to constrain at quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color:#000000;font-family:arial;font-size:9pt">determined by Russell) to a maximum of 22.5%, and (ii) the aggregate weight of all issuers that individually exceed 4.5% of </span><span style="color:#000000;font-family:arial;font-size:9pt">the index weight to a maximum of 45%. The weight of one or more securities in the Underlying Index may exceed these </span><span style="color:#000000;font-family:arial;font-size:9pt">constraints due to fluctuations in market value, corporate actions, or other events that change the index composition between </span><span style="color:#000000;font-family:arial;font-size:9pt">quarterly rebalance dates.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Substantially all of the Underlying Index is expected to be represented by securities of companies in the energy industry or </span><span style="color:#000000;font-family:arial;font-size:9pt">sector. The components of the Underlying Index are likely to change over time.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Russell, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">part of the London Stock Exchange Group and is independent of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index and publishes information regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Energy Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Companies in the energy sector may be adversely affected by volatility in energy and commodity </span><span style="color:#000000;font-family:arial;font-size:9pt">prices, lower demand, overproduction, depletion of resources, social and political unrest, war, trade disputes, government </span><span style="color:#000000;font-family:arial;font-size:9pt">regulations and energy transition efforts, among other factors. The energy sector is cyclical and can be significantly impacted </span><span style="color:#000000;font-family:arial;font-size:9pt">by changes in economic conditions. Some energy companies, such as those in the oil and gas sector, face substantial costs </span><span style="color:#000000;font-family:arial;font-size:9pt">related to exploration and production and significant operational risks. Energy companies are at risk of environmental </span><span style="color:#000000;font-family:arial;font-size:9pt">damage claims and other litigation.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Mid-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color:#000000;font-family:arial;font-size:9pt">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Non-Diversification Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is classified as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">non-diversified.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> This means that, compared with funds that are </span><span style="color:#000000;font-family:arial;font-size:9pt">classified as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">diversified,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color:#000000;font-family:arial;font-size:9pt">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:arial;font-size:9pt">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color:#000000;font-family:arial;font-size:9pt">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">20.38%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">36.91%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2022</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-51.42%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.2038 2026-06-30 Best Quarter 0.3691 2022-03-31 Worst Quarter -0.5142 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2000-06-12 0.0741 0.2231 0.0714 0.0668 0.2142 0.0625 0.0489 0.1823 0.0552 0.1715 0.1315 0.1429 0.0782 0.2281 0.0758 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares U.S. Financial Services ETF IYG | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares U.S. Financial Services ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of U.S. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">equities in the financial services sector.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0037 0.0000 0.0037 Example.  This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 38 119 208 468 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 3% of the average value of its portfolio. 0.03 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Dow Jones U.S. Financial Services Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which </span><span style="color: #000000; font-family: arial; font-size: 9pt;">measures the performance of the financial services sector of the U.S. equity market. The Underlying Index is a subset of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Dow Jones U.S. Index (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Parent Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and includes components of the following subsectors in the Parent Index: banks, asset </span><span style="color: #000000; font-family: arial; font-size: 9pt;">managers, consumer finance, specialty finance, investment services and mortgage finance. The Underlying Index may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">include large-, mid- and small-capitalization companies. As of April 30, 2026, a significant portion of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">was represented by securities of companies in the financials industry or sector. The components of the Underlying Index are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">likely to change over time.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Dow Jones U.S. Financial Services Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which </span><span style="color: #000000; font-family: arial; font-size: 9pt;">measures the performance of the financial services sector of the U.S. equity market. The Underlying Index is a subset of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Dow Jones U.S. Index (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Parent Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and includes components of the following subsectors in the Parent Index: banks, asset </span><span style="color: #000000; font-family: arial; font-size: 9pt;">managers, consumer finance, specialty finance, investment services and mortgage finance. The Underlying Index may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">include large-, mid- and small-capitalization companies. As of April 30, 2026, a significant portion of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">was represented by securities of companies in the financials industry or sector. The components of the Underlying Index are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">” </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, or other reasons as determined by BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by S&amp;P Dow Jones Indices LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">SPDJI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Financial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-diversified.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> This means that, compared with funds that are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversified,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color: #000000; font-family: arial; font-size: 9pt;">broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 5pt;">-1.36%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">23.67%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">December 31, 2020</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 125.15pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-31.98%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 77.39pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0136 2026-06-30 Best Quarter 0.2367 2020-12-31 Worst Quarter -0.3198 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2000-06-12 0.2001 0.1479 0.1371 0.1970 0.1437 0.1328 0.1204 0.1180 0.1139 0.1705 0.1307 0.1422 0.2046 0.1523 0.1417 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares U.S. Financials ETFIYF | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares U.S. Financials ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of U.S. equities in the </span><span style="color:#000000;font-family:arial;font-size:9pt">financials sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0037 0.0000 0.0037 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 38 119 208 468 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 9% of the average value of its portfolio. 0.09 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of the financials sector of the U.S. equity market, as defined by FTSE </span><span style="color:#000000;font-family:arial;font-size:9pt">Russell (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Russell</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index may include large- and mid-capitalization companies. </span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of the financials sector of the U.S. equity market, as defined by FTSE </span><span style="color:#000000;font-family:arial;font-size:9pt">Russell (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Russell</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index may include large- and mid-capitalization companies. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is a subset of the Russell 1000 Index, which is a float-adjusted capitalization-weighted index of equity </span><span style="color:#000000;font-family:arial;font-size:9pt">securities issued by approximately the 1,000 largest issuers in the Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color:#000000;font-family:arial;font-size:9pt">performance of the broad U.S. equity market, as defined by Russell.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index uses a capping methodology to constrain at quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color:#000000;font-family:arial;font-size:9pt">determined by Russell) to a maximum of 15%, and (ii) the aggregate weight of all issuers that individually exceed 4.5% of the </span><span style="color:#000000;font-family:arial;font-size:9pt">index weight to a maximum of 22.5%. Between scheduled quarterly index reviews, the Underlying Index is monitored daily </span><span style="color:#000000;font-family:arial;font-size:9pt">using constituent weights and forward looking information to ensure all companies that constitute more than 4.8% of the </span><span style="color:#000000;font-family:arial;font-size:9pt">weight of the Underlying Index do not constitute more than 24% of the weight of the Underlying Index in the aggregate. On </span><span style="color:#000000;font-family:arial;font-size:9pt">the calculation day where the threshold has been breached, the index is recapped using the quarterly capping methodology.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Substantially all of the Underlying Index is expected to be represented by securities of companies in the financials industry or </span><span style="color:#000000;font-family:arial;font-size:9pt">sector. The components of the Underlying Index are likely to change over time.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Russell, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">part of the London Stock Exchange Group and is independent of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index and publishes information regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Financial Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Financial services companies are subject to extensive governmental regulation and intervention, </span><span style="color:#000000;font-family:arial;font-size:9pt">which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital </span><span style="color:#000000;font-family:arial;font-size:9pt">and liquid assets they must maintain and their size, among other things. Financial services companies also may be </span><span style="color:#000000;font-family:arial;font-size:9pt">significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating </span><span style="color:#000000;font-family:arial;font-size:9pt">downgrades, adverse public perception, exposure concentration and counterparty risk.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Mid-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color:#000000;font-family:arial;font-size:9pt">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:5pt">-0.25%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">18.26%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">December 31, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:125.15pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-28.95%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:77.39pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0025 2026-06-30 Best Quarter 0.1826 2020-12-31 Worst Quarter -0.2895 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2000-05-22 0.1822 0.1585 0.1320 0.1783 0.1542 0.1272 0.1104 0.1270 0.1089 0.1715 0.1315 0.1429 0.1868 0.1631 0.1365 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares U.S. Healthcare ETFIYH | NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The iShares U.S. Healthcare ETF (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Fund</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) seeks to track the investment results of an index composed of U.S. equities in </span><span style="color:#000000;font-family:arial;font-size:9pt">the healthcare sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color:#000000;font-family:arial;font-size:9pt">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt"> The investment advisory agreement </span><span style="color:#000000;font-family:arial;font-size:9pt">between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Trust</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">BFA</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) provides that </span><span style="color:#000000;font-family:arial;font-size:9pt">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color:#000000;font-family:arial;font-size:9pt">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color:#000000;font-family:arial;font-size:9pt">extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0037 0.0000 0.0037 Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 38 119 208 468 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 3% of the average value of its portfolio. 0.03 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Russell 1000 Health Care RIC 22.5/45 Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of the healthcare sector of the U.S. equity market, as defined by FTSE Russell (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Russell</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index may include large- and mid-capitalization companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is a subset of the Russell 1000 Index, which is a float-adjusted capitalization-weighted index of equity </span><span style="color:#000000;font-family:arial;font-size:9pt">securities issued by approximately the 1,000 largest issuers in the Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color:#000000;font-family:arial;font-size:9pt">performance of the broad U.S. equity market, as defined by Russell.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index uses a capping methodology to constrain at quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color:#000000;font-family:arial;font-size:9pt">determined by Russell) to a maximum of 22.5%, and (ii) the aggregate weight of all issuers that individually exceed 4.5% of </span><span style="color:#000000;font-family:arial;font-size:9pt">the index weight to a maximum of 45%. The weight of one or more securities in the Underlying Index may exceed these </span><span style="color:#000000;font-family:arial;font-size:9pt">constraints due to fluctuations in market value, corporate actions, or other events that change the index composition between </span><span style="color:#000000;font-family:arial;font-size:9pt">quarterly rebalance dates.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">Substantially all of the Underlying Index is expected to be represented by securities of companies in the healthcare industry </span><span style="color:#000000;font-family:arial;font-size:9pt">or sector. The components of the Underlying Index are likely to change over time.</span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color:#000000;font-family:arial;font-size:9pt">representative sampling indexing strategy to manage the Fund. </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:9pt">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color:#000000;font-family:arial;font-size:9pt">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color:#000000;font-family:arial;font-size:9pt">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color:#000000;font-family:arial;font-size:9pt">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color:#000000;font-family:arial;font-size:9pt">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color:#000000;font-family:arial;font-size:9pt">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color:#000000;font-family:arial;font-size:9pt">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, or other reasons as determined by BFA.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:9pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Underlying Index is sponsored by Russell, which is</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">part of the London Stock Exchange Group and is independent of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index and publishes information regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund will concentrate its investments (</span><span style="color:#000000;font-family:arial;font-size:9pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:9pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:9pt">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:9pt">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:9pt">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The Fund seeks to track the investment results of the Russell 1000 Health Care RIC 22.5/45 Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:9pt">Index</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which measures the performance of the healthcare sector of the U.S. equity market, as defined by FTSE Russell (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> or </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Russell</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). The Underlying Index may include large- and mid-capitalization companies.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">1940 Act</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), under normal </span><span style="color:#000000;font-family:arial;font-size:9pt">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color:#000000;font-family:arial;font-size:9pt">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color:#000000;font-family:arial;font-size:9pt">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color:#000000;font-family:arial;font-size:9pt">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Board</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Risk of Investing in the U.S.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:9pt">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color:#000000;font-family:arial;font-size:9pt">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Healthcare Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The profitability of healthcare companies may be adversely affected by extensive government </span><span style="color:#000000;font-family:arial;font-size:9pt">regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, </span><span style="color:#000000;font-family:arial;font-size:9pt">pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and </span><span style="color:#000000;font-family:arial;font-size:9pt">product liability claims, among other factors.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Equity Securities Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color:#000000;font-family:arial;font-size:9pt">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color:#000000;font-family:arial;font-size:9pt">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:9pt">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:9pt">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color:#000000;font-family:arial;font-size:9pt">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color:#000000;font-family:arial;font-size:9pt">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color:#000000;font-family:arial;font-size:9pt">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Index-Related Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color:#000000;font-family:arial;font-size:9pt">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color:#000000;font-family:arial;font-size:9pt">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color:#000000;font-family:arial;font-size:9pt">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color:#000000;font-family:arial;font-size:9pt">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color:#000000;font-family:arial;font-size:9pt">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color:#000000;font-family:arial;font-size:9pt">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:9pt">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> An </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:9pt">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Only an </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color:#000000;font-family:arial;font-size:9pt">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color:#000000;font-family:arial;font-size:9pt">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color:#000000;font-family:arial;font-size:9pt">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color:#000000;font-family:arial;font-size:9pt">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color:#000000;font-family:arial;font-size:9pt">halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:9pt">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color:#000000;font-family:arial;font-size:9pt">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:9pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Issuer Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color:#000000;font-family:arial;font-size:9pt">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:9pt">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color:#000000;font-family:arial;font-size:9pt">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Management Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">beat</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color:#000000;font-family:arial;font-size:9pt">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:9pt">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color:#000000;font-family:arial;font-size:9pt">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color:#000000;font-family:arial;font-size:9pt">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Market Trading Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color:#000000;font-family:arial;font-size:9pt">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9pt">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color:#000000;font-family:arial;font-size:9pt">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color:#000000;font-family:arial;font-size:9pt">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Mid-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:9pt">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color:#000000;font-family:arial;font-size:9pt">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color:#000000;font-family:arial;font-size:9pt">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Non-Diversification Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is classified as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">non-diversified.</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> This means that, compared with funds that are </span><span style="color:#000000;font-family:arial;font-size:9pt">classified as </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">diversified,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color:#000000;font-family:arial;font-size:9pt">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:arial;font-size:9pt">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color:#000000;font-family:arial;font-size:9pt">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Operational and Technology Risks.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:9pt">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:9pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">AI</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">), which may result in losses for the Fund and its shareholders </span><span style="color:#000000;font-family:arial;font-size:9pt">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:9pt">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color:#000000;font-family:arial;font-size:9pt">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Securities Lending Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:9pt">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color:#000000;font-family:arial;font-size:9pt">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt;font-weight:bold">Tracking Error Risk.</span><span style="color:#000000;font-family:arial;font-size:9pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt"> which is the divergence of the Fund’s performance from that </span><span style="color:#000000;font-family:arial;font-size:9pt">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color:#000000;font-family:arial;font-size:9pt">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color:#000000;font-family:arial;font-size:9pt">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color:#000000;font-family:arial;font-size:9pt">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color:#000000;font-family:arial;font-size:9pt">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color:#000000;font-family:arial;font-size:9pt">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color:#000000;font-family:arial;font-size:9pt">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color:#000000;font-family:arial;font-size:9pt">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color:#000000;font-family:arial;font-size:9pt">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color:#000000;font-family:arial;font-size:9pt">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color:#000000;font-family:arial;font-size:9pt">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color:#000000;font-family:arial;font-size:9pt">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color:#000000;font-family:arial;font-size:9pt">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color:#000000;font-family:arial;font-size:9pt">broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:9pt;line-height:11pt"> </span><span style="color:#000000;font-family:arial;font-size:9pt">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color:#000000;font-family:arial;font-size:9pt">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color:#000000;font-family:arial;font-size:9pt">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color:#000000;font-family:arial;font-size:9pt">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color:#000000;font-family:arial;font-size:9pt">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:0.75pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:49.46pt;"> <div style="line-height:12pt;text-align:left;"> <div style="border-bottom:1pt groove #000000;margin-left:1pt;margin-right:1pt;text-align:center;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:center;white-space:nowrap;"><span style="border-bottom:1pt groove #000000;color:#000000;font-family:arial;font-size:8pt;font-weight:bold">Period Ended</span></div> </div> </td> </tr> <tr style="height:12pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.45pt">3.61%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2026</span></div> </div> </td> </tr> <tr style="height:10pt"> <td colspan="3" style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:252.00pt;"> <div style="line-height:10pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;font-weight:bold;margin-left:0.0pt">During the periods shown in the chart:</span><span style="color:#000000;font-family:arial;font-size:7.60pt;line-height:10pt;margin-left:0.0pt"> </span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:3.45pt">15.25%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">June 30, 2020</span></div> </div> </td> </tr> <tr style="height:10pt"> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:139.43pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt;margin-left:8.00pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:49.46pt;"> <div style="line-height:10pt;margin-left:3pt;margin-right:3pt;text-align:right;width:43.46pt;"> <div style="display:flex;margin:auto;width:35.63pt;"> <div style="display:flex;white-space:nowrap;width:35.63pt;"><span style="color:#000000;font-family:arial;font-size:8pt">-12.72%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.11pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:8pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0361 2026-06-30 Best Quarter 0.1525 2020-06-30 Worst Quarter -0.1272 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2000-06-12 0.1313 0.0703 0.0944 0.1278 0.0673 0.0911 0.0798 0.0548 0.0769 0.1715 0.1315 0.1429 0.1353 0.0743 0.0986 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:9pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color:#000000;font-family:arial;font-size:9pt">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color:#000000;font-family:arial;font-size:9pt">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color:#000000;font-family:arial;font-size:9pt">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:9pt">“</span><span style="color:#000000;font-family:arial;font-size:9pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:9pt">”</span><span style="color:#000000;font-family:arial;font-size:9pt">). Fund returns </span><span style="color:#000000;font-family:arial;font-size:9pt">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span></div><div style="line-height:11.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9pt">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color:#000000;font-family:arial;font-size:9pt">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color:#000000;font-family:arial;font-size:9pt">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares U.S. Industrials ETF IYJ | Cboe BZX Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares U.S. Industrials ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of U.S. equities in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">industrials sector.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0037 0.0000 0.0037 Example.  This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 38 119 208 468 Portfolio Turnover.  The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 4% of the average value of its portfolio. 0.04 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Russell 1000 Industrials 40 Act 15/22.5 Daily Capped Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of the industrials sector of the U.S. equity market, as defined by FTSE </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Russell (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Russell</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). The Underlying Index may include large- and mid-capitalization companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is a subset of the Russell 1000 Index, which is a float-adjusted capitalization-weighted index of equity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities issued by approximately the 1,000 largest issuers in the Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance of the broad U.S. equity market, as defined by Russell.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index uses a capping methodology to constrain at quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">determined by Russell) to a maximum of 15%, and (ii) the aggregate weight of all issuers that individually exceed 4.5% of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">index weight to a maximum of 22.5%. Between scheduled quarterly index reviews, the Underlying Index is monitored daily </span><span style="color: #000000; font-family: arial; font-size: 9pt;">using constituent weights and forward looking information to ensure all companies that constitute more than 4.8% of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">weight of the Underlying Index do not constitute more than 24% of the weight of the Underlying Index in the aggregate. On </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the calculation day where the threshold has been breached, the index is recapped using the quarterly capping methodology. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Substantially all of the Underlying Index is expected to be represented by securities of companies in the industrials industry </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or sector. The components of the Underlying Index are likely to change over time.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">” </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, or other reasons as determined by BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Russell, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">part of the London Stock Exchange Group and is independent of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Russell 1000 Industrials 40 Act 15/22.5 Daily Capped Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of the industrials sector of the U.S. equity market, as defined by FTSE </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Russell (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Russell</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). The Underlying Index may include large- and mid-capitalization companies.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industrial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Industrial companies face a number of risks, including supply chain and distribution disruptions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability </span><span style="color: #000000; font-family: arial; font-size: 9pt;">claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and currencies. The performance of such companies may also be affected by technological developments, labor relations, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">legislative and regulatory changes, government spending policies, and changes in domestic and international economies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Mid-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color: #000000; font-family: arial; font-size: 9pt;">broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">12.84%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">21.65%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2020</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 139.43pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-25.55%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 63.11pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1284 2026-06-30 Best Quarter 0.2165 2020-06-30 Worst Quarter -0.2555 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2000-06-12 0.1194 0.0985 0.1247 0.1170 0.0960 0.1216 0.0721 0.0777 0.1034 0.1715 0.1315 0.1429 0.1235 0.1027 0.1293 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains ofthe same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares U.S. Technology ETF IYW | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares U.S. Technology ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of U.S. equities in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the technology sector.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0037 0.0000 0.0037 Example.  This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 38 119 208 468 Portfolio Turnover.  The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 15% of the average value of its portfolio. 0.15 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Russell 1000 Technology RIC 22.5/45 Capped Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of the technology sector of the U.S. equity market, as defined by FTSE Russell (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Russell</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). The Underlying Index may include large- and mid-capitalization companies.  </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is a subset of the Russell 1000 Index, which is a float-adjusted capitalization-weighted index of equity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities issued by approximately the 1,000 largest issuers in the Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance of the broad U.S. equity market, as defined by Russell.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index uses a capping methodology to constrain at quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">determined by Russell) to a maximum of 22.5%, and (ii) the aggregate weight of all issuers that individually exceed 4.5% of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the index weight to a maximum of 45%. The weight of one or more securities in the Underlying Index may exceed these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">constraints due to fluctuations in market value, corporate actions, or other events that change the index composition between </span><span style="color: #000000; font-family: arial; font-size: 9pt;">quarterly rebalance dates. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Substantially all of the Underlying Index is expected to be represented by securities of companies in the technology industry </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or sector. The components of the Underlying Index are likely to change over time.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">” </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, or other reasons as determined by BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Russell, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">part of the London Stock Exchange Group and is independent of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Russell 1000 Technology RIC 22.5/45 Capped Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of the technology sector of the U.S. equity market, as defined by FTSE Russell (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Russell</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). The Underlying Index may include large- and mid-capitalization companies.  </span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Technology Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Technology companies and companies that rely heavily on technological advances may have </span><span style="color: #000000; font-family: arial; font-size: 9pt;">limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense </span><span style="color: #000000; font-family: arial; font-size: 9pt;">competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face </span><span style="color: #000000; font-family: arial; font-size: 9pt;">unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse </span><span style="color: #000000; font-family: arial; font-size: 9pt;">government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Mid-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-diversified.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> This means that, compared with funds that are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversified,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color: #000000; font-family: arial; font-size: 9pt;">broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 145.45pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 57.09pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 145.45pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">26.52%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 57.09pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 145.45pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">32.14%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 57.09pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2020</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 145.45pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-22.28%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 57.09pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.2652 2026-06-30 Best Quarter 0.3214 2020-06-30 Worst Quarter -0.2228 2022-06-30 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2000-05-15 0.2544 0.1896 0.2302 0.2539 0.1887 0.2284 0.1508 0.1544 0.2007 0.1715 0.1315 0.1429 0.2591 0.1940 0.2352 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation andmay differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares U.S. Transportation ETF IYT | Cboe BZX Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares U.S. Transportation ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of U.S. equities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the transportation sector.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0037 0.0000 0.0037 Example.  This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 38 119 208 468 Portfolio Turnover.  The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 13% of the average value of its portfolio. 0.13 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the S&amp;P Transportation Select Industry FMC Capped Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of companies within the transportation sector of the U.S. equity market as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">determined by S&amp;P Dow Jones Indices LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">SPDJI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). The Underlying Index may include large-, mid- </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and small-capitalization companies. Securities in the Underlying Index are weighted based on the float-adjusted market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value of their outstanding shares. The Underlying Index uses a capping methodology to constrain at quarterly rebalance: </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(i) the weight of any single issuer (as determined by SPDJI) to a maximum of 22.5%, and (ii) the aggregate weight of all </span><span style="color: #000000; font-family: arial; font-size: 9pt;">issuers that individually exceed 4.5% of the index weight to a maximum of 45%. The weight of one or more securities in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index may exceed these constraints due to fluctuations in market value, corporate actions, or other events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change the index composition between quarterly rebalance dates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">As of April 30, 2026, substantially all of the Underlying Index was represented by securities of companies in the industrials </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and transportation industries or sectors. The components of the Underlying Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">” </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, or other reasons as determined by BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by SPDJI, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">independent of the Fund and BFA. The Index Provider determines the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">composition and relative weightings of the components of the Underlying Index and publishes information regarding the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the S&amp;P Transportation Select Industry FMC Capped Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of companies within the transportation sector of the U.S. equity market as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">determined by S&amp;P Dow Jones Indices LLC (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">SPDJI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). The Underlying Index may include large-, mid- </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and small-capitalization companies. Securities in the Underlying Index are weighted based on the float-adjusted market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">value of their outstanding shares. The Underlying Index uses a capping methodology to constrain at quarterly rebalance: </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(i) the weight of any single issuer (as determined by SPDJI) to a maximum of 22.5%, and (ii) the aggregate weight of all </span><span style="color: #000000; font-family: arial; font-size: 9pt;">issuers that individually exceed 4.5% of the index weight to a maximum of 45%. The weight of one or more securities in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index may exceed these constraints due to fluctuations in market value, corporate actions, or other events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">change the index composition between quarterly rebalance dates.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Transportation Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Transportation companies may be adversely affected by changes in the economy, volatility </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in energy prices, labor relations, business interruptions, supply chain disruptions, trade disputes, technology developments, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exchange rates, insurance costs and government regulation. Securities of transportation companies are generally cyclical </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may have sharp price movements.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industrial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Industrial companies face a number of risks, including supply chain and distribution disruptions, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability </span><span style="color: #000000; font-family: arial; font-size: 9pt;">claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and currencies. The performance of such companies may also be affected by technological developments, labor relations, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">legislative and regulatory changes, government spending policies, and changes in domestic and international economies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Mid-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-diversified.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> This means that, compared with funds that are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversified,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Small-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Compared to mid- and large-capitalization companies, small-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color: #000000; font-family: arial; font-size: 9pt;">broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">17.12%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">22.51%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">September 30, 2020</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-28.83%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1712 2026-06-30 Best Quarter 0.2251 2020-09-30 Worst Quarter -0.2883 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2003-10-06 0.1149 0.0741 0.0953 0.1121 0.0712 0.0922 0.0698 0.0579 0.0777 0.1705 0.1307 0.1422 0.1189 0.0803 0.1021 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iShares U.S. Utilities ETF IDU | NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The iShares U.S. Utilities ETF (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) seeks to track the investment results of an index composed of U.S. equities in the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">utilities sector.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">0.00.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The investment advisory agreement </span><span style="color: #000000; font-family: arial; font-size: 9pt;">between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) provides that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">(iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not </span><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">reflected in the table and example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0037 0.0000 0.0037 Example.  This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 38 119 208 468 Portfolio Turnover.  The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 3% of the average value of its portfolio. 0.03 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Russell 1000 Utilities RIC 22.5/45 Capped Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of the utilities sector of the U.S. equity market, as defined by FTSE Russell (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Russell</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). The Underlying Index may include large- and mid-capitalization companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is a subset of the Russell 1000 Index, which is a float-adjusted capitalization-weighted index of equity </span><span style="color: #000000; font-family: arial; font-size: 9pt;">securities issued by approximately the 1,000 largest issuers in the Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance of the broad U.S. equity market, as defined by Russell.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index uses a capping methodology to constrain at quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">determined by Russell) to a maximum of 22.5%, and (ii) the aggregate weight of all issuers that individually exceed 4.5% of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the index weight to a maximum of 45%. The weight of one or more securities in the Underlying Index may exceed these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">constraints due to fluctuations in market value, corporate actions, or other events that change the index composition between </span><span style="color: #000000; font-family: arial; font-size: 9pt;">quarterly rebalance dates. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">Substantially all of the Underlying Index is expected to be represented by securities of companies in the utilities industry or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">sector. The components of the Underlying Index are likely to change over time.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representative sampling indexing strategy to manage the Fund. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 9pt;">” </span><span style="color: #000000; font-family: arial; font-size: 9pt;">is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">involves investing in a representative sample of securities or other instruments intended to collectively have an investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment characteristics (based on factors such as market capitalization and industry weightings), fundamental </span><span style="color: #000000; font-family: arial; font-size: 9pt;">characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. </span><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such </span><span style="color: #000000; font-family: arial; font-size: 9pt;">components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, or other reasons as determined by BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 9pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Underlying Index is sponsored by Russell, which is</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">part of the London Stock Exchange Group and is independent of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index and publishes information regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 9pt;">purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 9pt;">agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The Fund seeks to track the investment results of the Russell 1000 Utilities RIC 22.5/45 Capped Index (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which measures the performance of the utilities sector of the U.S. equity market, as defined by FTSE Russell (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Russell</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). The Underlying Index may include large- and mid-capitalization companies.</span></div> The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">1940 Act</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), under normal </span><span style="color: #000000; font-family: arial; font-size: 9pt;">circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investment policy may be changed by the Trust's Board of Trustees (the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Board</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">) upon 60 days' notice to shareholders.</span></div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Risk of Investing in the U.S.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in its financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Utility Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The utilities sector is generally subject to significant government regulation and oversight, including </span><span style="color: #000000; font-family: arial; font-size: 9pt;">restrictions on rates as well as environmental and other regulations. Utility companies also may face risks related to, among </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other things, natural disasters, cyber or other attacks, capital project funding, energy price volatility and increased </span><span style="color: #000000; font-family: arial; font-size: 9pt;">competition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Equity Securities Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Equity securities are subject to changes in value, and their values may be more volatile than those of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 9pt;">payments in the event of an issuer’s bankruptcy.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund could lose money over short periods due to short-term market movements and over longer periods </span><span style="color: #000000; font-family: arial; font-size: 9pt;">during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other </span><span style="color: #000000; font-family: arial; font-size: 9pt;">public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Index-Related Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Index Provider may rely on various sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not </span><span style="color: #000000; font-family: arial; font-size: 9pt;">identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual </span><span style="color: #000000; font-family: arial; font-size: 9pt;">market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could </span><span style="color: #000000; font-family: arial; font-size: 9pt;">cause the Underlying Index to vary from its normal or expected composition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">comparison to financial markets generally, a particular financial market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> An </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 9pt;">registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant to place orders for the purchase and redemption of creation units (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Only an </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market </span><span style="color: #000000; font-family: arial; font-size: 9pt;">participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading </span><span style="color: #000000; font-family: arial; font-size: 9pt;">halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 9pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Dividend-Paying Stock Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Investing in dividend-paying stocks involves the risk that such stocks may fall out of favor with </span><span style="color: #000000; font-family: arial; font-size: 9pt;">investors and underperform other types of stocks or the broader market. Companies that issue dividend-paying stocks are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not required to pay or continue paying dividends on such stocks. It is possible that issuers of the stocks held by the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9pt;">not declare dividends in the future or will reduce or eliminate the payment of dividends (including reducing or eliminating </span><span style="color: #000000; font-family: arial; font-size: 9pt;">anticipated accelerations or increases in the payment of dividends), which may adversely affect the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Issuer Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The performance of the Fund depends on the performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due </span><span style="color: #000000; font-family: arial; font-size: 9pt;">to changes in the financial condition or credit rating of the issuer or counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Large-capitalization companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 9pt;">companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">large-capitalization companies could trail the overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Management Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Underlying Index it tracks and does not attempt to take defensive </span><span style="color: #000000; font-family: arial; font-size: 9pt;">positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment </span><span style="color: #000000; font-family: arial; font-size: 9pt;">strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high </span><span style="color: #000000; font-family: arial; font-size: 9pt;">degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund faces numerous market trading risks, including the potential lack of an active market for </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio </span><span style="color: #000000; font-family: arial; font-size: 9pt;">holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Mid-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> Compared to large-capitalization companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 9pt;">less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more </span><span style="color: #000000; font-family: arial; font-size: 9pt;">volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 9pt;">than that of a fund with a greater investment in large-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Non-Diversification Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">non-diversified.</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> This means that, compared with funds that are </span><span style="color: #000000; font-family: arial; font-size: 9pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">diversified,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> the Fund may invest a greater percentage of its assets in securities or other instruments </span><span style="color: #000000; font-family: arial; font-size: 9pt;">representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these </span><span style="color: #000000; font-family: arial; font-size: 9pt;">particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Operational and Technology Risks.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund is directly and indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">), which may result in losses for the Fund and its shareholders </span><span style="color: #000000; font-family: arial; font-size: 9pt;">or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 9pt;">information security and cybersecurity risk management policies and procedures, their methods of risk management may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in </span><span style="color: #000000; font-family: arial; font-size: 9pt;">material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Securities Lending Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may engage in securities lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 9pt;">lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 9pt; font-weight: bold;">Tracking Error Risk.</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;"> which is the divergence of the Fund’s performance from that </span><span style="color: #000000; font-family: arial; font-size: 9pt;">of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the </span><span style="color: #000000; font-family: arial; font-size: 9pt;">Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; </span><span style="color: #000000; font-family: arial; font-size: 9pt;">portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom </span><span style="color: #000000; font-family: arial; font-size: 9pt;">baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error </span><span style="color: #000000; font-family: arial; font-size: 9pt;">risk may be heightened during times of increased market volatility or other unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 9pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides </span><span style="color: #000000; font-family: arial; font-size: 9pt;">some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from </span><span style="color: #000000; font-family: arial; font-size: 9pt;">one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate </span><span style="color: #000000; font-family: arial; font-size: 9pt;">broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: arial; font-size: 9pt;">and the Underlying Index. Returns assume the reinvestment of any dividends and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce </span><span style="color: #000000; font-family: arial; font-size: 9pt;">performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will </span><span style="color: #000000; font-family: arial; font-size: 9pt;">perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting </span><span style="color: #000000; font-family: arial; font-size: 9pt;">www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market indexand the Underlying Index. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Calendar Year-by-Year Returns (%)  <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 0.75pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 3pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 49.46pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="border-bottom: 1pt groove #000000; margin-left: 1pt; margin-right: 1pt; text-align: center; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 12pt; text-align: left;"> <div style="margin-left: 3pt; text-align: center; white-space: nowrap;"><span style="border-bottom: 1pt groove #000000; color: #000000; font-family: arial; font-size: 8pt; font-weight: bold;">Period Ended</span></div> </div> </td> </tr> <tr style="height: 12pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">Calendar Year-to-Date Return</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.45pt;">7.05%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">June 30, 2026</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td colspan="3" style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 252.00pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart:</span><span style="color: #000000; font-family: arial; font-size: 7.60pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 3.45pt;">16.79%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">September 30, 2024</span></div> </div> </td> </tr> <tr style="height: 10pt;"> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 122.6pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt; margin-left: 8.00pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 49.46pt;"> <div style="line-height: 10pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 43.46pt;"> <div style="display: flex; margin: auto; width: 35.63pt;"> <div style="display: flex; white-space: nowrap; width: 35.63pt;"><span style="color: #000000; font-family: arial; font-size: 8pt;">-14.22%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 79.94pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 8pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0705 2026-06-30 Best Quarter 0.1679 2024-09-30 Worst Quarter -0.1422 2020-03-31 Average Annual Total Returns (%) (for the periods ended December 31, 2025)  2000-06-12 0.1527 0.0956 0.1016 0.1464 0.0891 0.0946 0.0945 0.0745 0.0819 0.1715 0.1315 0.1429 0.1572 0.0996 0.1062 <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 9pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax </span><span style="color: #000000; font-family: arial; font-size: 9pt;">rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and </span><span style="color: #000000; font-family: arial; font-size: 9pt;">may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="color: #000000; font-family: arial; font-size: 9pt;">shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 9pt;">“</span><span style="color: #000000; font-family: arial; font-size: 9pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 9pt;">”</span><span style="color: #000000; font-family: arial; font-size: 9pt;">). Fund returns </span><span style="color: #000000; font-family: arial; font-size: 9pt;">after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of </span><span style="color: #000000; font-family: arial; font-size: 9pt;">the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund </span><span style="color: #000000; font-family: arial; font-size: 9pt;">returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes </span><span style="color: #000000; font-family: arial; font-size: 9pt;">on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding tax rates, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Russell 1000 Health Care RIC 22.5/45 Capped Index (Spliced) reflects the performance of the Dow Jones U.S. Health Care Index through September 19, 2021 and the Russell 1000 Health Care RIC 22.5/45 Capped Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Russell 1000 Industrials 40 Act 15/22.5 Daily Capped Index (Spliced) reflects the performance of the Dow Jones U.S. Industrials Index through September 19, 2021 and the Russell 1000 Industrials 40 Act 15/22.5 Daily Capped Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Russell 1000 Technology RIC 22.5/45 Capped Index (Spliced) reflects the performance of the Dow Jones U.S. Technology Index through June 23, 2019, the Dow Jones U.S. Technology Capped Index from June 24, 2019 through September 19, 2021, and the Russell 1000 Technology RIC 22.5/45 Capped Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The S&P Transportation Select Industry FMC Capped Index (Spliced) reflects the performance of the Dow Jones Transportation Average Index through July 18, 2021 and the S&P Transportation Select Industry FMC Capped Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Russell 1000 Utilities RIC 22.5/45 Capped Index (Spliced) reflects the performance of the Dow Jones Utilities Index through September 19, 2021 and the Russell 1000 Utilities RIC 22.5/45 Capped Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding tax rates, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Professional fees for foreign withholding tax claims that occurred during the most recent fiscal year have been restated to reflect expected fees in the current year. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding tax rates, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding tax rates, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The MSCI USA Extended ESG Select Index (Spliced) reflects the performance of the MSCI USA ESG Select Index through May 31, 2018 and the MSCI USA Extended ESG Select Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Morningstar US Large-Mid Cap Broad Growth Index (Spliced) reflects the performance of the Morningstar US Large Growth Index through March 21, 2021 and the Morningstar US Large-Mid Cap Broad Growth Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Morningstar US Mid Cap Market Index (Spliced) reflects the performance of the Morningstar US Mid Core Index through March 21, 2021 and the Morningstar US Mid Cap Market Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Morningstar US Mid Cap Broad Growth Index (Spliced) reflects the performance of the Morningstar US Mid Growth Index through March 21, 2021 and the Morningstar US Mid Cap Broad Growth Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Morningstar US Mid Cap Broad Value Index (Spliced) reflects the performance of the Morningstar US Mid Value Index through March 21, 2021 and the Morningstar US Mid Cap Broad Value Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Morningstar US Small Cap Extended Market Index (Spliced) reflects the performance of the Morningstar US Small Core Index through March 21, 2021 and the Morningstar US Small Cap Extended Market Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Morningstar US Small Cap Broad Growth Extended Index (Spliced) reflects the performance of the Morningstar US Small Growth Index through March 21, 2021 and the Morningstar US Small Cap Broad Growth Extended Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund's applicable withholding tax rates, if any. The Morningstar US Small Cap Broad Value Extended Index (Spliced) reflects the performance of the Morningstar US Small Value Index through March 21, 2021 and the Morningstar US Small Cap Broad Value Extended Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Morningstar US Large-Mid Cap Market Index (Spliced) reflects the performance of the Morningstar US Large Core Index through March 21, 2021 and the Morningstar US Large-Mid Cap Market Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Morningstar US Large-Mid Cap Broad Value Index (Spliced) reflects the performance of the Morningstar US Large Value Index through March 21, 2021 and the Morningstar US Large-Mid Cap Broad Value Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The FTSE Nareit Equity REITs 40 Act Capped Index (Spliced) reflects the performance of the FTSE NAREIT Real Estate 50 Index through November 2, 2016, the FTSE NAREIT Equity REITs Index from November 3, 2016 through June 22, 2025, and the FTSE Nareit Equity REITs 40 Act Capped Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Russell 1000 Basic Materials RIC 22.5/45 Capped Index (Spliced) reflects the performance of the Dow Jones U.S. Basic Materials Index through September 19, 2021 and the Russell 1000 Basic Materials RIC 22.5/45 Capped Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Russell 1000 Consumer Discretionary 40 Act 15/22.5 Daily Capped Index (Spliced) reflects the performance of the Dow Jones U.S. Consumer Services Index through June 23, 2019, the Dow Jones U.S. Consumer Services Capped Index from June 24, 2019 through September 19, 2021, and the Russell 1000 Consumer Discretionary 40 Act 15/22.5 Daily Capped Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Russell 1000 Consumer Staples RIC 22.5/45 Capped Index (Spliced) reflects the performance of the Dow Jones U.S. Consumer Goods Index through September 19, 2021 and the Russell 1000 Consumer Staples RIC 22.5/45 Capped Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Russell 1000 Energy RIC 22.5/45 Capped Index (Spliced) reflects the performance of the Dow Jones U.S. Oil & Gas Index through September 19, 2021 and the Russell 1000 Energy RIC 22.5/45 Capped Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index (Spliced) reflects the performance of the Dow Jones U.S. Financials Index through June 23, 2019, the Dow Jones U.S. Financials Capped Index from June 24, 2019 through September 19, 2021, and the Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.