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Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</div> <div style="margin-top: 7pt;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0040 0.0000 0.0040 Based on estimated amounts for the current fiscal year. Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 41 128 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. Because the Fund is new, there is no reportable turnover. Principal Investment Strategies <div style="margin-top: 6pt;">The Fund seeks to track the investment results of the Morningstar US Artificial Intelligence Beneficiaries Select Index (the “Underlying Index”), which measures the performance of U.S. equity securities issued by companies that are expected to amplify revenue or reduce costs within the next five years through the adoption of AI technology, as determined by the Morningstar Equity Research Team at Morningstar, Inc. (the “Index Provider” or “Morningstar”) pursuant to a systematic, rules-based methodology.</div> <div style="margin-top: 6pt;">The Fund seeks to track the investment results of the Morningstar US Artificial Intelligence Beneficiaries Select Index (the “Underlying Index”), which measures the performance of U.S. equity securities issued by companies that are expected to amplify revenue or reduce costs within the next five years through the adoption of AI technology, as determined by the Morningstar Equity Research Team at Morningstar, Inc. (the “Index Provider” or “Morningstar”) pursuant to a systematic, rules-based methodology.</div> <div style="margin-top: 6pt;">The Underlying Index is a subset of the Morningstar US Market Index (the “Parent Index”), which represents approximately the top 97% of the investable equity market capitalization. To construct the Underlying Index, the Index Provider begins with the securities of the Parent Index and excludes companies with an average three-month trailing daily trading volume of less than $2 million and float-adjusted market capitalization of less than $300 million. Additionally, the Index Provider excludes companies for which competing AI-powered products/services are expected to displace more than 10% of current revenue over the next 5 years, as determined by the Index Provider.</div> <div style="margin-top: 6pt;">The Underlying Index is governed by a transparent, rules-based methodology that incorporates a number of third-party data inputs, including thematic screens. The thematic screens are based on exposure scores, which are standardized through a systematic assessment framework informed by publicly available information, including financial filings, </div> <div style="line-height: 11.0pt; text-align: left;">company-specific forecasts, industry-level forecasts, and public statements made by company management teams and relevant industry experts. </div> <div style="margin-top: 6pt;">The Index Provider determines eligibility for inclusion in the Underlying Index by identifying relevant AI subthemes to help target companies that the Index Provider determines are beneficiaries of leading-edge AI technology. They are reviewed annually and may change over time as they evolve and new subthemes emerge. These subthemes include:</div> <div style="margin-top: 6pt;">• AI Cost Savings: Companies are expected to realize material cost savings of greater than 10% relative to the current cost structure from AI adoption over the next 5 years; and</div> <div style="margin-top: 6pt;">• AI Revenue Amplification: Companies are expected to realize a material net revenue increase of greater than 10% relative to current revenue from AI adoption over the next 5 years.</div> <div style="margin-top: 6pt;">The Index Provider determines the company’s exposure to each subtheme, assigning a score of 0 or 1 to each. Companies must have a non-zero exposure score to be eligible for inclusion in the Underlying Index. In constructing the index, the Index Provider assigns eligible companies a Tier 1, Tier 2, or Tier 3 classification based on the following criteria:</div> <div style="margin-top: 6pt;">• Tier 1: Companies with score of 1 in both AI Cost Savings and AI Revenue Amplification.</div> <div style="margin-top: 6pt;">• Tier 2: Companies with score of 1 in AI Cost Savings but a score of 0 in AI Revenue Amplification.</div> <div style="margin-top: 6pt;">• Tier 3: Companies with score of 1 in AI Revenue Amplification but a score of 0 in AI Cost Savings.</div> <div style="margin-top: 6pt;">The Index Provider ranks the securities in descending order from Tier 1 to Tier 3, with larger total market capitalization ranked higher within each tier. Morningstar targets the inclusion of 100 companies and includes no more than 20 companies from any single sector from the Morningstar Global Equity Classification System (“GECS”). If the number of eligible securities is less than the targeted constituent count of 100 then all eligible securities are selected.</div> <div style="margin-top: 6pt;">The Index Provider determines the weights of each constituent following a 5-step process:</div> <div style="margin-top: 6pt;">1. each security is weighted by float-adjusted market capitalization; </div> <div style="margin-top: 6pt;">2. the aggregate weight of securities that the Index Provider identifies as producers or suppliers of AI is capped at 10%;</div> <div style="margin-top: 6pt;">3. the aggregate weight of Tier 3 securities is capped at 10%;</div> <div style="margin-top: 6pt;">4. each security with a total weight greater than or equal to 1.5% in the Parent Index is capped at 2% and all other securities are individually capped at a 4% weight; and</div> <div style="margin-top: 6pt;">5. sectors are capped at 25%, and the Index Provider redistributes the excess weights proportionally within the remaining sectors, subject to retaining all previously applied caps (i.e., already capped securities will not receive any additional weight).</div> <div style="margin-top: 6pt;">These steps are applied iteratively to ensure all the caps are maintained. In the event of a breach of the above caps, securities/groups above the cap are assigned a weight equal to the cap and the excess weight from these capped stocks is redistributed to the remaining constituents in proportion to their pre-capped weights, subject to retaining all the previously applied caps. The Index Provider also reviews index constituents’ weights daily to ensure securities weighted above 5% are not higher than 25%, in aggregate. If this occurs, the Index Provider adjusts the weight of each security to 4%.</div> <div style="margin-top: 6pt;">The Underlying Index is reconstituted annually on the third Friday of December. The Underlying Index is rebalanced quarterly on the third Friday of March, June, September, and December. </div> <div style="margin-top: 6pt;">As of July 30, 2026, the Underlying Index had approximately 99 constituents, and a significant portion of the Underlying Index was represented by securities of companies in the consumer goods and services, healthcare, and industrial industries or sectors. The components of the Underlying Index are likely to change over time. </div> <div style="margin-top: 7pt;">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. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying Index, or other reasons as determined by BFA.</div> <div style="margin-top: 7pt;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.</div> <div style="margin-top: 7pt;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received).</div> <div style="margin-top: 7pt;">The Underlying Index is sponsored by Morningstar which is independent of the Fund and BFA. The Index Provider follows a rules-based methodology to determine the composition and relative weightings of the components of the Underlying Index and publishes information regarding the market value of the Underlying Index.</div> <div style="margin-top: 7pt;">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.</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;">In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be counted toward the Fund's 80% investment policy to the extent that they provide exposure to the components of its Underlying Index or exposure to one or more market risk factors associated with such components. The Fund's 80% investment policy may be changed by the Trust's Board of Trustees (the “Board”) upon 60 days' notice to shareholders.</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;">Artificial Intelligence Technology Risk. Artificial Intelligence (“AI”) technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that such AI utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error – potentially materially so – and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of the AI technology. Companies involved in, or exposed to, artificial intelligence-related businesses may have limited product lines, markets, financial resources or personnel. These companies face intense competition and potentially rapid product obsolescence, and many depend significantly on retaining and growing the consumer base of their respective products and services. Many of these companies are also reliant on the end-user demand of products and services in various industries that may in part utilize artificial intelligence. Further, many companies involved in, or exposed to, artificial intelligence-related businesses may be substantially exposed to the market and business risks of other industries or sectors, and the Fund may be adversely affected by negative developments impacting those companies, industries or sectors.</div> <div style="margin-top: 7pt;">Thematic Investing Risk. The Fund relies on the Index Provider to identify securities that reflect the relevant themes and sub-themes for inclusion in the Underlying Index. There is no guarantee that the Underlying Index or the Fund will reflect the intended theme and sub-theme exposures. The Fund’s performance may suffer if such securities are not correctly identified, if a theme or sub-theme develops in an unexpected manner, or if securities in the Underlying Index do not benefit from the development of a theme or sub-theme. The Fund’s performance may also be impacted if securities that are not related to the theme or sub-theme are included in the Underlying Index.</div> <div style="margin-top: 7pt;">Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of 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 due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.</div> <div style="margin-top: 7pt;">Market Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.</div> <div style="margin-top: 7pt;">Index-Related Risk. The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual</div> <div style="line-height: 11.0pt; text-align: left;"> market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected composition.</div> <div style="margin-top: 7pt;">Asset Class Risk. The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in comparison to financial markets generally, a particular financial market, theme, another index, or other asset classes.</div> <div style="margin-top: 7pt;">Assets Under Management (AUM) Risk. From time to time, an Authorized Participant (as defined below in Authorized Participant Concentration Risk), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund 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 can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at such levels, which could negatively impact the Fund.</div> <div style="margin-top: 7pt;">Authorized Participant Concentration Risk. An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</div> <div style="margin-top: 7pt;">Concentration Risk. The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes.</div> <div style="margin-top: 7pt;">Consumer Goods and Services Companies Risk. Consumer goods and services companies face risks related to changes in consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage to brand or reputation, economic slowdown and labor shortages, among other things.</div> <div style="margin-top: 7pt;">Healthcare Companies Risk. The profitability of healthcare companies may be adversely affected by extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and product liability claims, among other factors.</div> <div style="margin-top: 7pt;">Industrial Companies Risk. Industrial companies face a number of risks, including supply chain and distribution disruptions, business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The performance of such companies may also be affected by technological developments, labor relations, legislative and regulatory changes, government spending policies, and changes in domestic and international economies.</div> <div style="margin-top: 7pt;">Issuer Risk. The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty.</div> <div style="margin-top: 7pt;">Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall performance of the broader securities markets.</div> <div style="margin-top: 7pt;">Management Risk. The Fund does not try to “beat” the Underlying Index it tracks and does not attempt to take defensive positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that BFA’s investment strategy may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.</div> <div style="margin-top: 7pt;">Market Trading Risk. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio 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 the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund shares.</div> <div style="margin-top: 7pt;">Mid-Capitalization Companies Risk. Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile than that of a fund with a greater investment in large-capitalization stocks.</div> <div style="margin-top: 7pt;">Non-Diversification Risk. To the extent the Fund is non-diversified, the Fund may invest a large percentage of its assets in securities or other instruments representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these particular issuers or counterparties. As a result, the Fund's performance may depend to a greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.</div> <div style="margin-top: 7pt;">Operational and Technology Risks. The Fund is directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.</div> <div style="margin-top: 7pt;">Risk of Investing in the U.S. Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and 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 in its financial markets, may have an adverse effect on U.S. issuers.</div> <div style="margin-top: 7pt;">Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund 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 of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</div> <div style="margin-top: 7pt;">Small Fund Risk. When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by the listing exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.</div> <div style="margin-top: 7pt;">Tracking Error Risk. The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom baskets; changes to the Underlying Index including the ability and timing of the Fund to adjust its portfolio to reflect changes in the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions. Until the Fund reaches greater scale, it may experience higher tracking error than is typical for similar index ETFs.</div> Performance Information <div style="margin-top: 6pt;">As of the date of the Prospectus, the Fund has not commenced operations and therefore has no performance information to report.</div> As of the date of the Prospectus, the Fund has not commenced operations and therefore has no performance information to report. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Based on estimated amounts for the current fiscal year.