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style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares Core High Dividend ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of relatively high dividend </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">paying U.S. equities.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses(ongoing expenses that you pay each year as apercentage of the value of your investments)1 0.0008 0 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 82% of the average value of its portfolio. 0.82 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund seeks to track the investment results of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> 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: 8.55pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which offers exposure to high quality U.S.-domiciled </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that have had strong financial health and an ability to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sustain above average dividend payouts.  The Underlying Index is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> 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: 8.55pt;">, a broad market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index that represents approximately 97% of the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capitalization of publicly traded U.S. stocks. The Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is composed of qualified income-paying securities that are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">screened for superior company quality and financial health as </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">determined by Morningstar, Inc.'s (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) proprietary index methodology. Stocks in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index represent the top 75 high-yielding stocks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">meeting the screening requirements.  The Morningstar index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology determines </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">company quality</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> in accordance with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> rating system, in which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies are assigned a moat rating of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">none,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">narrow</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">wide</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> based on the prospect of earning above average returns on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital and the strength of the company’s competitive advantage. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Additionally, companies are screened for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">financial health</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> using </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Morningstar’s Distance to Default measure, a quantitative option </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">pricing approach that estimates a company’s probability of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">default. To qualify for inclusion in the Underlying Index, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">constituents must have a Morningstar Economic Moat rating of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">narrow</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">wide</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> and have a Morningstar Distance to Default </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">score in the top 50% of eligible dividend-paying companies within </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">their sector. Companies that are not assigned a Morningstar </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Economic Moat rating must have a Morningstar Distance to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Default score in the top 30% of eligible dividend-paying companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">within their sector. Additionally, each constituent’s dividend must </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be deemed to be qualified income.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index may include large-, mid-and small-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies and may change over time. As of April </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">30, 2025, a significant portion of the Underlying Index is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">represented by securities of companies in the consumer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive, energy, and healthcare industries or sectors. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components of the Underlying Index are likely to change over </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and may invest up to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">20% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund’s total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by Morningstar, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent of the Fund and BFA. The Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">determines the composition and relative weightings of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities in the Underlying Index and publishes information </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Dividend-Paying Stock Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in dividend-paying stocks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves the risk that such stocks may fall out of favor with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investors and underperform other types of stocks or the broader </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market. Companies that issue dividend-paying stocks are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">required to pay or continue paying dividends on such stocks. It is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">possible that issuers of the stocks held by the Fund will not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declare dividends in the future or will reduce or eliminate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">payment of dividends (including reducing or eliminating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">anticipated accelerations or increases in the payment of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dividends), which may adversely affect the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Consumer Goods and Services Companies Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Consumer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">goods and services companies (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">consumer companies</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) face risks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">related to changes in consumer preferences and disposable </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">income, commodity prices, government regulation, supply chain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disruptions, damage to brand or reputation, economic slowdown </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and labor shortages, among other things.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Energy Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Companies in the energy sector may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adversely affected by volatility in energy and commodity prices, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lower demand, overproduction, depletion of resources, social and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">political unrest, war, trade disputes, government regulations and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">energy transition efforts, among other factors. The energy sector </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is cyclical and can be significantly impacted by changes in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic conditions. Some energy companies, such as those in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the oil and gas sector, face substantial costs related to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exploration and production and significant operational risks. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Energy companies are at risk of environmental damage claims and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other litigation.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Healthcare Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The profitability of healthcare </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be adversely affected by extensive government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regulations, restrictions on government reimbursement for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">medical expenses, rising costs of medical products and services, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">pricing pressure, the protection and expiration of patents, limited </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">product lines, supply chain issues, labor shortages and product </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liability claims, among other factors.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Large-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies to adapt to changing market conditions and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competitive challenges. Large-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more mature and subject to more limited growth potential </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of large-capitalization companies could trail the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Non-Diversification Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is classified as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">non-diversified.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> This means that, compared with funds that are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">diversified,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the Fund may invest a greater </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of its assets in securities or other instruments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">representing a small number of issuers or counterparties and thus </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be more susceptible to the risks associated with these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular issuers or counterparties. As a result, the Fund's </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance may depend to a greater extent on the performance </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of a small number of issuers or counterparties, which may lead to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more volatility in the Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 137.16pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.7pt;"> <div style="display: flex; white-space: nowrap; width: 27.7pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 5.75pt;">5.91%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.7pt;"> <div style="display: flex; white-space: nowrap; width: 27.7pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 1.5pt;">15.45%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.7pt;"> <div style="display: flex; white-space: nowrap; width: 27.7pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-26.13%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0591 2025-06-30 Best Quarter 0.1545 2022-12-31 Worst Quarter -0.2613 2020-03-31 Average Annual Total Returns(for the periods ended December 31, 2024) 2011-03-29 0.1416 0.0679 0.0782 0.1317 0.0581 0.0688 0.0907 0.0516 0.0613 0.2409 0.1396 0.1266 0.1421 0.0687 0.0791 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® ENVIRONMENTALLY AWARE REAL ESTATE ETF Ticker: ERETStock Exchange: Nasdaq Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares Environmentally Aware Real Estate ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of developed </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market real estate equities while targeting increased exposure to green certification and energy efficiency relative to the parent index.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0030 0 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 28% of the average value of its portfolio. 0.28 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund seeks to track the investment results of the FTSE EPRA </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Nareit Developed Green Target Index (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which was developed by FTSE International Limited (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">FTSE</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). The Underlying Index is composed of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities selected from the FTSE EPRA Nareit Developed Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Parent Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). The Parent Index is composed of real estate </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment trusts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">REITs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and real estate holding and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">development companies from developed market countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regions. The Underlying Index reweights constituents of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Parent Index to target, in aggregate, a minimum level of green </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certification; an increase in green certification and a reduction in </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">energy usage, both relative to the Parent Index; and a level of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carbon emission intensity that is no worse than that of the Parent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index, subject to certain constraints. The Parent Index may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">include large-, mid- and small-capitalization constituents.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Green certification is defined as the percentage of building area </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">owned by an issuer that has a LEED or BREEAM certification, as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">confirmed by a third-party data provider.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Energy usage is defined as the estimated energy usage, measured </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in kilowatt hours per square foot, of net leasable area owned by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">an issuer. A third-party data provider estimates energy usage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">based on factors including building location and size, primary </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">property type, year built and time period of estimation.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The carbon emission intensity metric is calculated based on total </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carbon emissions, measured in metric tons of carbon dioxide-equivalent,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> for the buildings owned by the issuer. A third-party </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">data provider estimates Scope 1, 2 and 3 emissions, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">include both landlord and tenant emissions, for each building </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">based on the types of energy used by similar types of buildings in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the geographic area. Scope 1 emissions are direct greenhouse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">gas (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">GHG</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) emissions from fuels that are used by a building on-site.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Scope 2 emissions are emissions from fuels that are burned </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">off-site to deliver energy to a building, mainly emissions from </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">electricity use. Scope 3 emissions are other emissions that an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuer generates indirectly, such as emissions from tenants, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transportation, waste generation and disposal, supply chain, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purchased products. The emissions are then scaled by the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuer’s enterprise value including cash (i.e., the sum of market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capitalization at fiscal year-end, preferred stock, minority </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interests, total debt, and cash and cash equivalents).</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider begins with the Parent Index and excludes the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of issuers that it identifies as being involved in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business of tobacco, companies involved with controversial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">weapons, producers and retailers of civilian firearms, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies involved in thermal coal mining, thermal coal-based </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">power generation or the extraction of oil sands. Certain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exclusions (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">e.g</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">., controversial weapons or manufacturing tobacco </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">products) are categorical, and others are based on percentage of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">revenue or ownership thresholds. Additionally, the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">excludes companies that it determines are involved in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">controversies related to the ten United Nations Global Compact </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">UNGC</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) principles, which are classified into four categories: </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">human rights, labor, environment and anti-corruption.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider then weights the remaining securities to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">target, in aggregate across the Underlying Index, (i) a minimum of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">10% green certification; (ii) a 30% increase in green certification </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">relative to the Parent Index; (iii) a 10% reduction in energy usage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">relative to the Parent Index; and (iv) a level of carbon emission </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intensity that is no worse than that of the Parent Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index must have a beta (a measure of volatility relative </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the overall market) between 0.7 and 1.3 relative to the Parent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index, using daily returns over the past two years. In addition, the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index's country and sector exposure must be within </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">2% of the Parent Index weight. The minimum weight for an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">individual constituent is 0.005% of the Underlying Index, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maximum weight is the lesser of 10% of the Underlying Index or 10 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">times the constituent’s weight in the Parent Index. At each index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">review, the sector and country constraints and the green </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certification and energy usage targets may be relaxed if it is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">infeasible to achieve all constraints and targets.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is reviewed and reconstituted annually in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">September, with the business involvement and UNGC controversy </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">screens applied quarterly.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">As of April 30, 2025, the Underlying Index was composed of 358 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of companies in the following countries or regions: </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Australia, Austria, Belgium, Canada, Finland, France, Germany, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Zealand, Norway, Slovenia, South Korea, Spain, Sweden, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Switzerland, the United Kingdom (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.K.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), and the U.S. As of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">April 30, 2025, a significant portion of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included companies offering various real estate services, real </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">estate operating companies and REITs. The components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 90% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and in investments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that have economic characteristics that are substantially identical </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the component securities of its Underlying Index (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">depositary receipts representing securities of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index) and may invest up to 10% of its assets in certain futures, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">options and swap contracts, cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares of money market funds advised by BFA or its affiliates, as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">well as in securities not included in the Underlying Index, but </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which BFA believes will help the Fund track the Underlying Index. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Cash and cash equivalent investments associated with a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">derivative position will be treated as part of that position for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of calculating the percentage of investments included in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. The Fund seeks to track the investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">results of the Underlying Index before fees and expenses of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by FTSE, which is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of the Fund and BFA. The Index Provider determines the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and publishes information regarding the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in Developed Countries</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment in  developed country issuers will subject the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">legal, regulatory, political, currency, security, economic and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks associated with developed countries. Developed countries </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tend to represent a significant portion of the global economy and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have generally experienced slower economic growth than some </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less developed countries. Certain developed countries have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">experienced security concerns, such as war, terrorism and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">strained international relations. Incidents involving a country’s or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">region’s security may cause uncertainty in its markets and may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adversely affect its economy and the Fund’s investments. In </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">addition, developed countries may be adversely impacted by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes to the economic conditions of certain key trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">partners, regulatory burdens, debt burdens and the price or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">availability of certain commodities.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Environmentally Aware Real Estate Investment Strategy Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund’s investment strategy of tracking an Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that uses environmental factors related to real estate (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">e.g</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">., green </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certification and energy efficiency) may limit the types and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">number of investment opportunities available to the Fund and, as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a result, the Fund may underperform other funds whose </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">underlying index does not use environmental factors related to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">real estate or other funds that use similar criteria. Companies that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">own or manage real estate assets with favorable environmental </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors are exposed to risks specific to the real estate market as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">well as the risks that are associated specifically with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">environmental factors related to real estate. The issuers of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities selected for the Underlying Index may not be the same </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers selected by other index providers that use certain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">environmental factors with respect to real estate companies. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers of securities selected for the Underlying Index may have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">real estate assets that do not exhibit favorable environmental </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance. In addition, issuers selected for the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index may not later display positive or favorable environmental </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance metrics.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Real Estate Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Real estate companies, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">include real estate investment trust (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">REITs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), real estate holding </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and operating companies, and real estate management or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">development companies, expose investors to the risks of owning </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">real estate directly as well as to the risks from the way that such </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies operate. Real estate is highly sensitive to general and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">local economic conditions and can be subject to intense </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competition and periodic overbuilding. Other real estate risks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">include decreases in property values, tax increases, zoning </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes, casualty or condemnation losses, environmental </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liabilities, regulatory limitations on rent or eviction, and defaults </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">by borrowers or tenants. Real estate companies may be heavily </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">invested in one geographic region, industry or property type. They </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also may be highly leveraged, which can magnify losses, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest rate increases can make it difficult to obtain financing and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">service debt.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Assets Under Management (AUM) Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> From time to time, an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized Participant (as defined below in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">Concentration Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), a third-party investor, the Fund’s adviser, an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affiliate of the Fund’s adviser, or another fund may invest in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and hold its investment for a specific period of time to allow </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to achieve size or scale. There can be no assurance that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">any such entity would not redeem its investment or that the size </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of the Fund would be maintained at such levels, which could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">negatively impact the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Currency Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Because the Fund’s NAV is determined in U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dollars, the NAV could decline if the currency of the non-U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market in which the Fund invests depreciates against the U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dollar or if there are delays or limits on the repatriation of foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">currency. Currency exchange rates can be very volatile and can </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">change quickly and unpredictably. As a result, the Fund’s NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may change quickly and without warning. In addition, the Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may incur costs in connection with conversions between U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dollars and foreign currencies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Dividend-Paying Stock Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in dividend-paying stocks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves the risk that such stocks may fall out of favor with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investors and underperform other types of stocks or the broader </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market. Companies that issue dividend-paying stocks are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">required to pay or continue paying dividends on such stocks. It is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">possible that issuers of the stocks held by the Fund will not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declare dividends in the future or will reduce or eliminate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">payment of dividends (including reducing or eliminating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">anticipated accelerations or increases in the payment of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dividends), which may adversely affect the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">ESG Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">To the extent that the Underlying Index uses criteria </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">related to the ESG characteristics of issuers, this may limit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">types and number of investment opportunities available to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and, as a result, the Fund may underperform other funds </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">whose underlying index does not use ESG criteria. The Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index’s use of ESG criteria may result in the Fund investing in, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">allocating greater weight to, securities or market sectors that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">underperform the market as a whole or underperform other funds </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that use ESG criteria. In addition, the use of representative </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sampling may result in divergence of the Fund’s overall ESG </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">characteristics or ESG risk from those of the Underlying Index. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may evaluate security-level ESG data and, if </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable, ESG objectives or constraints that are relevant to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index only at index reviews or rebalances. Securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index may cease to meet the relevant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">ESG criteria but may nevertheless remain in the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the Fund until the next review or rebalance by the Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Provider. As a result, certain securities in the Underlying Index, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index as a whole, may not meet the relevant ESG </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objectives or constraints at all times.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Certain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders of the Fund, including an Authorized Participant, a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">third-party investor, the Fund’s adviser, an affiliate of the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adviser, a market maker, or another entity, may from time to time </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">own or manage a substantial amount of Fund shares, or may hold </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">their investment in the Fund for a limited period of time. There can </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be no assurance that any large shareholder or large group of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders would not redeem their investment. Redemptions of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a large number of Fund shares could require the Fund to dispose </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of assets to meet the redemption requests, which can accelerate </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the realization of taxable income and/or capital gains and cause </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to make taxable distributions to its shareholders earlier </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">than the Fund otherwise would have. In addition, under certain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">circumstances, non-redeeming shareholders may be treated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">receiving a disproportionately large taxable distribution during or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">with respect to such year. In some circumstances, the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">anticipation of large redemptions, diluting its investment returns. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">These large redemptions may also force the Fund to sell portfolio </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets when it might not otherwise do so, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may negatively impact the Fund’s NAV, increase the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">brokerage costs and/or have a material effect on the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">National Closed Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> To the extent that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets held by the Fund trade on foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exchanges or in foreign markets that may be closed when the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities exchange on which the Fund’s shares trade is open, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">there are likely to be deviations between such asset’s current </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">price and its last quoted price (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">., the quote from the closed </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign market to the Fund). The impact of a closed foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market on the Fund is likely to be greater where a large portion of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund’s holdings trade on a closed foreign market or when a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign market is closed for unscheduled reasons. These </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">deviations could result in premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV that may be greater than those experienced by other funds.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Non-Diversification Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is classified as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">non-diversified.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> This means that, compared with funds that are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">diversified,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the Fund may invest a greater </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of its assets in securities or other instruments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">representing a small number of issuers or counterparties and thus </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be more susceptible to the risks associated with these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular issuers or counterparties. As a result, the Fund's </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance may depend to a greater extent on the performance </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of a small number of issuers or counterparties, which may lead to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more volatility in the Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Non-U.S. Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Securities issued by non-U.S. issuers </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including depositary receipts) are subject to different legal, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regulatory, political, economic, and market risks than securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issued by U.S. issuers. These risks include greater market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">volatility, less market liquidity, higher transaction costs, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expropriation, confiscatory taxation, adverse changes in foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment or currency control regulations, restrictions on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">repatriation of capital, and political instability. Non-U.S. issuers </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be subject to different accounting, audit and financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reporting standards than U.S. issuers, and there may be less </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">publicly available information about non-U.S. issuers. Foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market trading hours, different clearing and settlement </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">procedures, and holiday schedules may limit the Fund's ability to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">engage in portfolio transactions. To the extent that investments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">are made in a limited number of countries, events in those </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">countries will have a more significant impact on the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Small Fund Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">When the Fund’s size is small, the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">experience low trading volume and wide bid/ask spreads. The </span></div> <div style="line-height: 9.50pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund’s performance near its inception date may not represent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">how the Fund will perform in the future or with a larger asset </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">base. In addition, the Fund may face the risk of being delisted if it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not meet certain requirements set by the listing exchange. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Any resulting liquidation of the Fund could lead to elevated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transaction costs for the Fund and negative tax consequences for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">its shareholders.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 9.50pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Valuation Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The price that the Fund could receive upon the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sale (or other disposition) of a security or other asset may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the Fund’s valuation of the security or other asset, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particularly for securities or other assets that trade in low volume </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or volatile markets or that are valued using a fair value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology. The price received by the Fund also may differ from </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the value used by the Underlying Index. In addition, the value of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the securities or other assets in the Fund’s portfolio may change </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">on days or during time periods when investors are not able to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purchase or sell Fund shares. Authorized Participants that create </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or redeem Fund shares on days when the Fund is holding fair-valued</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> securities or other assets may receive fewer or more </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares, or lower or higher redemption proceeds, than they would </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have received had the securities or other assets not been fair </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">valued or been valued using a different methodology. The ability to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value investments may be impacted by technological issues or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 9.50pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 133.53pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 73.82pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 133.53pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 26.07pt;"> <div style="display: flex; white-space: nowrap; width: 26.07pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 3.46pt;">6.84%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 73.82pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 251.99pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 133.53pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 26.07pt;"> <div style="display: flex; white-space: nowrap; width: 26.07pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">16.57%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 73.82pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 133.53pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 26.07pt;"> <div style="display: flex; white-space: nowrap; width: 26.07pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 1.12pt;">-9.84%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 73.82pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">December 31, 2024</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0684 2025-06-30 Best Quarter 0.1657 2024-09-30 Worst Quarter -0.0984 2024-12-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2022-11-15 0.0070 0.0445 -0.0068 0.0305 0.0072 0.0298 0.1720 0.1710 0.0020 0.0394 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® GLOBAL CLEAN ENERGY ETF Ticker: ICLNStock Exchange: Nasdaq Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares Global Clean Energy ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of global equities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">clean energy sector.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0039 0 0.0000 0.0039 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: 40 125 219 493 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 39% of the average value of its portfolio. 0.39 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund seeks to track the investment results of the S&amp;P Global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">designed to track the performance of approximately 100 clean </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">energy-related companies. The Underlying Index is a subset of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">S&amp;P Global Broad Market Index and includes stocks traded on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developed and emerging market exchanges which meet or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exceed, at the time of inclusion, $300 million in total market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capitalization, $100 million in float- adjusted market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capitalization, and $3 million median daily value traded over a six-month</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> period (or $2 million for existing constituents).</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">S&amp;P Dow Jones Indices LLC (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) uses Global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Industry Classification Standard (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">GICS</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and FactSet’s Revere </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Business Industry Classification System (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">RBICS</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) classifications </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">along with Trucost Power Generation Data (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trucost</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) for utility </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies to determine the eligible universe. Companies that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">derive at least 25% in aggregate revenue from clean energy </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">related businesses as defined by RBICS data, companies in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Electric Utilities, Multi-Utilities, or Independent Power Producers </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">&amp; Energy Traders sub-industries that generate at least 20% of their </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">power from renewable sources as measured by Trucost data, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies in the GICS </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">renewable utilities</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> sub-industry form the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">preliminary universe. In addition, the Index Provider uses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">company exclusion criteria related to business activity (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">e.g.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">controversial weapons, tobacco, thermal coal, etc.) and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exclusion guidelines based on a company’s compliance with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">United Nations Global Compact (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">UNGC</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) provided by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Sustainalytics. Effective with the index review in October 2024, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Index Provider will utilize measurements from S&amp;P Global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Business Involvement Screens when monitoring the company </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exclusion criteria related to business activity (e.g., controversial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">weapons, tobacco, thermal coal, etc.). Lastly, the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">uses RepRisk, a leading provider of business intelligence on </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">environmental, social, and governance risks, for screening and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">analysis of controversies related to companies within the index. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Companies without coverage are ineligible for index inclusion until </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">they receive such coverage.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider defines clean energy exposure scores </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exposure scores</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) for each company based on its primary </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business. The Index Provider also calculates carbon-to-revenue </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">footprint standards and excludes those companies with a high </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carbon-to-revenue footprint standard score determined by the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider. All remaining companies with a high exposure </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">score are selected for the Underlying Index. If the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index does not have 100 constituents, companies with lower </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exposure scores are selected, based on market-capitalization, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">until a constituent count of 100 is reached. If, after a constituent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">count of 100 is reached, the weighted average exposure score is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lower than certain thresholds, companies with low exposure </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">scores will be removed from the Underlying Index. Therefore, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">while the Underlying Index targets a constituent count of 100 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities, it may be comprised of greater or fewer than 100 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities. As of April 30, 2025, there were 100 constituents in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Constituents are weighted based on a product of the constituent’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">float-adjusted market capitalization and exposure score, with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">weights of constituents capped based on their exposure score </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity weight. The Index Provider determines liquidity </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">weight based on the relative six-month median daily value of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">security compared to that measure for the overall index. In </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">addition, the cumulative weight of all stocks within the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index that have a weight greater than 4.5% cannot exceed 40%. As </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of April 30, 2025, the Underlying Index comprised securities of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies in the following countries or regions: Austria, Brazil, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Canada, Chile, China, Denmark, Germany, Hong Kong, India, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indonesia, Israel, Italy, Japan, New Zealand, Portugal, South </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Korea, Spain, Switzerland, Taiwan, Turkey, the United Kingdom </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.K.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and the U.S. The Underlying Index may include large-, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">mid- or small-capitalization companies. As of April 30, 2025, a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">significant portion of the Underlying Index is represented by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of companies in the industrials, technology and utilities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">industries or sectors. The components of the Underlying Index are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and in investments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that have economic characteristics that are substantially identical </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the component securities of its Underlying Index (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">., </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">depositary receipts representing securities of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index) and may invest up to 20% of its assets in certain futures, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">options and swap contracts, cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares of money market funds advised by BFA or its affiliates, as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">well as in securities not included in the Underlying Index, but </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which BFA believes will help the Fund track the Underlying Index. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Cash and cash equivalent investments associated with a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">derivative position will be treated as part of that position for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of calculating the percentage of investments included in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. The Fund seeks to track the investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">results of the Underlying Index before fees and expenses of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is a product of the Index Provider, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent of the Fund and BFA. The Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">determines the composition and relative weightings of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities in the Underlying Index and publishes information </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 8.55pt; font-style: italic; font-weight: bold;">Clean Energy Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Clean energy companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">highly dependent on government subsidies, contracts with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">government entities, and the successful development of new and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">proprietary technologies. Seasonal weather conditions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fluctuations in the supply of and demand for clean energy </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">products, changes in energy prices, and political events may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cause fluctuations in the performance of clean energy companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the prices of their securities.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Currency Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Because the Fund’s NAV is determined in U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dollars, the NAV could decline if the currency of a non-U.S. market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in which the Fund invests depreciates against the U.S. dollar or if </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">there are delays or limits on the repatriation of foreign currency. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Currency exchange rates can be very volatile and can change </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">quickly and unpredictably. As a result, the Fund’s NAV may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">change quickly and without warning. In addition, the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">incur costs in connection with conversions between U.S. dollars </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and foreign currencies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Custody Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Less developed securities markets are more likely </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to experience problems with the clearing and settlement of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trades, as well as the custody of securities and other assets by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">local banks, agents and depositories. These issues may have an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse impact on the Fund, including losses or delays in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">ESG Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">To the extent that the Underlying Index uses criteria </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">related to the ESG characteristics of issuers, this may limit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">types and number of investment opportunities available to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and, as a result, the Fund may underperform other funds </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">whose underlying index does not use ESG criteria. The Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index’s use of ESG criteria may result in the Fund investing in, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">allocating greater weight to, securities or market sectors that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">underperform the market as a whole or underperform other funds </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that use ESG criteria. In addition, the use of representative </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sampling may result in divergence of the Fund’s overall ESG </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">characteristics or ESG risk from those of the Underlying Index. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may evaluate security-level ESG data and, if </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable, ESG objectives or constraints that are relevant to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index only at index reviews or rebalances. Securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index may cease to meet the relevant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">ESG criteria but may nevertheless remain in the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the Fund until the next review or rebalance by the Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Provider. As a result, certain securities in the Underlying Index, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index as a whole, may not meet the relevant ESG </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objectives or constraints at all times.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Industrial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Industrial companies face a number </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of risks, including supply chain and distribution disruptions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business interruptions, product obsolescence, third-party vendor </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, cyber attacks, trade disputes, product recalls, liability </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">claims, scarcity of materials or parts, excess capacity, changes in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">consumer preferences, and volatility in commodity prices and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">currencies. The performance of such companies may also be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affected by technological developments, labor relations, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">legislative and regulatory changes, government spending policies, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and changes in domestic and international economies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Large-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be less able than smaller-capitalization </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies to adapt to changing market conditions and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competitive challenges. Large-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more mature and subject to more limited growth potential </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of large-capitalization companies could trail the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Certain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders of the Fund, including an Authorized Participant, a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">third-party investor, the Fund’s adviser, an affiliate of the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adviser, a market maker, or another entity, may from time to time </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">own or manage a substantial amount of Fund shares, or may hold </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">their investment in the Fund for a limited period of time. There can </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be no assurance that any large shareholder or large group of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders would not redeem their investment. Redemptions of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a large number of Fund shares could require the Fund to dispose </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of assets to meet the redemption requests, which can accelerate </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the realization of taxable income and/or capital gains and cause </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to make taxable distributions to its shareholders earlier </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">than the Fund otherwise would have. In addition, under certain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">circumstances, non-redeeming shareholders may be treated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">receiving a disproportionately large taxable distribution during or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">with respect to such year. In some circumstances, the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">anticipation of large redemptions, diluting its investment returns. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">These large redemptions may also force the Fund to sell portfolio </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets when it might not otherwise do so, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may negatively impact the Fund’s NAV, increase the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">brokerage costs and/or have a material effect on the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Mid-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less stable and more susceptible to adverse developments. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of mid-capitalization companies may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and less liquid than those of large-capitalization companies. As a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">result, the Fund’s share price may be more volatile than that of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fund with a greater investment in large-capitalization stocks.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">National Closed Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> To the extent that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets held by the Fund trade on foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exchanges or in foreign markets that may be closed when the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities exchange on which the Fund’s shares trade is open, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">there are likely to be deviations between such asset’s current </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">price and its last quoted price (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">., the quote from the closed </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign market to the Fund). The impact of a closed foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market on the Fund is likely to be greater where a large portion of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund’s holdings trade on a closed foreign market or when a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign market is closed for unscheduled reasons. These </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">deviations could result in premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV that may be greater than those experienced by other funds.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Non-Diversification Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is classified as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">non-diversified.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> This means that, compared with funds that are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">diversified,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the Fund may invest a greater </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of its assets in securities or other instruments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">representing a small number of issuers or counterparties and thus </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be more susceptible to the risks associated with these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular issuers or counterparties. As a result, the Fund's </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance may depend to a greater extent on the performance </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of a small number of issuers or counterparties, which may lead to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more volatility in the Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Non-U.S. Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Securities issued by non-U.S. issuers </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including depositary receipts) are subject to different legal, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regulatory, political, economic, and market risks than securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issued by U.S. issuers. These risks include greater market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">volatility, less market liquidity, higher transaction costs, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expropriation, confiscatory taxation, adverse changes in foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment or currency control regulations, restrictions on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">repatriation of capital, and political instability. Non-U.S. issuers </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be subject to different accounting, audit and financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reporting standards than U.S. issuers, and there may be less </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">publicly available information about non-U.S. issuers. Foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market trading hours, different clearing and settlement </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">procedures, and holiday schedules may limit the Fund's ability to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">engage in portfolio transactions. To the extent that investments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">are made in a limited number of countries, events in those </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">countries will have a more significant impact on the Fund. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund is specifically exposed to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Asian Economic Risk </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">European Economic Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Reliance on Trading Partners Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund invests in countries </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or regions whose economies are heavily dependent upon trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">with key partners. Any reduction in this trading may have an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse impact on the Fund's investments. Through its holdings of </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of certain issuers, the Fund is specifically exposed to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Asian Economic Risk,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">European Economic Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Economic Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in Asia.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investments in Asian issuers subject </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, economic, currency, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">geographic and security risks that are specific to Asia. There is no </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">guarantee that the economic growth and industrialization in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain Asian economies will continue. Certain Asian countries </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have experienced expropriation and/or nationalization of assets, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">confiscatory taxation, currency devaluations and restrictions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">political or social instability, and armed conflict. An adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic or political event in one Asian country may negatively </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect countries throughout the region. In particular, because </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">many Asian countries depend significantly on international trade, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shifts in relationships with key trading partners, such as China and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the U.S., may have a region-wide economic impact. Regional </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">geopolitical risks include the historical tensions between South </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Korea and North Korea, China’s complex territorial dispute </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regarding the sovereignty of Taiwan and its pledge to take control </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of Taiwan, and frictions between China and the Philippines in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">South China Sea. </span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in China</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investments in Chinese securities, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including certain Hong Kong-listed and U.S.-listed securities, are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subject to risks specific to China. China may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considerable degrees of economic, political and social instability. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Despite economic and market reforms in recent decades, the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Chinese government’s control over certain sectors and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">enterprises and significant regulation of investment and industry </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">are still pervasive. Chinese companies are subject to the risk that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Chinese authorities can intervene in their operations and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">structure. Chinese markets generally continue to experience </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">inefficiency, a lack of publicly available information and/or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">political and social instability and may be subject to volatility and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">pricing anomalies resulting from governmental influence. Internal </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">social unrest or confrontations with other countries, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">military conflicts in response to such events, may disrupt China’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economy and markets and result in a greater risk of currency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fluctuations, currency non-convertibility, interest rate fluctuations </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and higher inflation.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">China has experienced security concerns, such as terrorism and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">strained international relations. Additionally, China is alleged to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have participated in state-sponsored cyberattacks against foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies and foreign governments. Actual and threatened </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">responses to such activity and strained international relations, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including purchasing restrictions, sanctions, export controls, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tariffs or cyberattacks on the Chinese government or Chinese </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies, may impact China’s economy and Chinese issuers in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which the Fund invests. Incidents involving China’s or the region’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">security may adversely affect the Chinese economy and markets </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the Fund’s investments.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Chinese economy is highly reliant on trade. A reduction in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">diversification, the institution of additional tariffs or other trade </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">barriers (including as a result of heightened trade tensions or a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trade war between China and the U.S. or in response to actual or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">alleged Chinese cyber activity) or a downturn in any of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economies of China’s key trading partners may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Chinese economy. The Underlying Index may </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">include companies that are subject to economic or trade </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">restrictions (but not investment restrictions) imposed by the U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or other governments due to national security, human rights or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other concerns of such government. So long as these restrictions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">do not include restrictions on investments, the Fund is generally </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expected to invest in such companies, consistent with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;">Chinese companies, including those listed on U.S. exchanges, are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">not subject to the same degree of regulatory requirements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">accounting standards or auditor oversight as companies in more </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developed countries. As a result, information about the Chinese </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities in which the Fund invests may be less reliable or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">complete. Chinese companies with securities listed on U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exchanges may be delisted if they do not meet U.S. accounting </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">standards and auditor oversight requirements, or for other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons, which would significantly decrease the liquidity and value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of the securities. There may be significant obstacles to obtaining </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information necessary for investigations into or litigation against </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Chinese companies, and shareholders may have limited legal </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">remedies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Many Chinese companies listed on U.S. exchanges use variable </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest entities or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> in their structure as a result of foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">ownership restrictions. Any change in the operations of entities in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a VIE structure, the status of VIE contractual arrangements or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">legal or regulatory environment in China could result in significant, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly permanent and/or total, losses for investments in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">VIE issuers. The Fund does not select investments based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investor protection considerations.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in Developed Countries</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment in  developed country issuers will subject the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">legal, regulatory, political, currency, security, economic and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks associated with developed countries. Developed countries </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tend to represent a significant portion of the global economy and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have generally experienced slower economic growth than some </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less developed countries. Certain developed countries have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">experienced security concerns, such as war, terrorism and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">strained international relations. Incidents involving a country’s or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">region’s security may cause uncertainty in its markets and may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adversely affect its economy and the Fund’s investments. In </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">addition, developed countries may be adversely impacted by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes to the economic conditions of certain key trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">partners, regulatory burdens, debt burdens and the price or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">availability of certain commodities.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in Emerging Markets</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investments in emerging </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets may be subject to a greater risk of loss than investments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in more developed markets. The risks of emerging markets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">include, among others, greater market volatility; political, legal, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic, and social instability; less developed securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets, including settlement, custody and valuation processes; </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">government expropriation or nationalization of assets; greater </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">volatility in currency exchange rates; more capital controls; less </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">governmental supervision and regulation; and less stringent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">accounting, auditing and disclosure requirements. There may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">significant obstacles to obtaining information necessary for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investigations into or litigation against companies, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders may have limited legal remedies. The Fund does not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">select investments based on investor protection considerations. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Emerging market securities may face liquidity challenges, and the </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund may be unable to liquidate its positions in such securities at </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a favorable time or price.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Semiconductor Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The semiconductor industry is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">characterized by rapid technological change and product </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">obsolescence, cyclical market patterns, price erosion, periods of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over-capacity and production shortages, variations in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">manufacturing costs and yields, and significant expenditures for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital equipment and product development. Semiconductor </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies depend significantly on third-party suppliers and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">availability of raw materials and may be adversely affected by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">supply chain disruptions. They also may be adversely affected by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the loss or impairment of intellectual property rights.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Small-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to mid- and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">large-capitalization companies, small-capitalization companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be less stable and more susceptible to adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developments. The securities of small-capitalization companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be more volatile and less liquid than those of mid- and large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies. As a result, the Fund’s share price may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be more volatile than that of a fund with a greater investment in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">large- or mid-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Technology Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Technology companies and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that rely heavily on technological advances may have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">limited product lines, markets, financial resources, supply chains </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and personnel. These companies typically face intense </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competition, potentially rapid product obsolescence and changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in product cycles and customer preferences. They may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unexpected risks and costs associated with technological </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developments, such as artificial intelligence and machine learning. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Technology companies also depend heavily on intellectual </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">property rights and may be adversely affected by the loss or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impairment of those rights. Technology companies may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased government scrutiny and may be subject to adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Thematic Investing Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund relies on the Index Provider to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">identify securities that reflect the relevant themes and sub-themes</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> for inclusion in the Underlying Index. There is no </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">guarantee that the Underlying Index or the Fund will reflect the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intended theme and sub-theme exposures. The Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance may suffer if such securities are not correctly </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">identified, if a theme or sub-theme develops in an unexpected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">manner, or if securities in the Underlying Index do not benefit </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the development of a theme or sub-theme. The Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance may also be impacted if securities that are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">related to the theme or sub-theme are included in the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions. ETFs that track indexes with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">significant exposure to emerging markets may experience higher </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error than ETFs that do not track such indexes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Utility Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The utilities sector is generally subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">significant government regulation and oversight, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">restrictions on rates as well as environmental and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regulations. Utility companies also may face risks related to, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">among other things, natural disasters, cyber or other attacks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital project funding, energy price volatility and increased </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Valuation Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The price that the Fund could receive upon the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sale (or other disposition) of a security or other asset may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the Fund’s valuation of the security or other asset, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particularly for securities or other assets that trade in low volume </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or volatile markets or that are valued using a fair value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology. The price received by the Fund also may differ from </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the value used by the Underlying Index. In addition, the value of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the securities or other assets in the Fund’s portfolio may change </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">on days or during time periods when investors are not able to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purchase or sell Fund shares. Authorized Participants that create </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or redeem Fund shares on days when the Fund is holding fair-valued</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> securities or other assets may receive fewer or more </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares, or lower or higher redemption proceeds, than they would </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have received had the securities or other assets not been fair </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">valued or been valued using a different methodology. The ability to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value investments may be impacted by technological issues or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 137.16pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.03pt;"> <div style="display: flex; white-space: nowrap; width: 28.03pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 3.56pt;">16.11%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.03pt;"> <div style="display: flex; white-space: nowrap; width: 28.03pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 1.33pt;">52.71%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.03pt;"> <div style="display: flex; white-space: nowrap; width: 28.03pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-21.59%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">December 31, 2024</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1611 2025-06-30 Best Quarter 0.5271 2020-12-31 Worst Quarter -0.2159 2024-12-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2008-06-24 -0.2578 0.0059 0.0348 -0.2596 0.0036 0.0303 -0.1490 0.0060 0.0272 0.1624 0.0944 0.0886 -0.2579 0.0074 0.0325 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® GLOBAL REIT ETF Ticker: REETStock Exchange: NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares Global REIT ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of global real estate equities in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developed and emerging markets.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses(ongoing expenses that you pay each year as apercentage of the value of your investments)1 0.0014 0 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 7% of the average value of its portfolio. 0.07 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund seeks to track the investment results of the FTSE EPRA </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Nareit Global REITs Index (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">designed to track the performance of publicly listed real estate </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment trusts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">REITs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (or their local equivalents) in both </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developed and emerging markets. The index components must </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">qualify for REIT (or its local equivalent) status in their country of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">domicile and meet certain liquidity, size, and earnings before </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest, taxes, depreciation and amortization (EBITDA) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">requirements. Components are adjusted for free float and foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">ownership limits. As of April 30, 2025, the Underlying Index was </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">composed of securities of companies in the following countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regions: Australia, Belgium, Brazil, Canada, China, France, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Germany, Hong Kong, India, Indonesia, Ireland, Italy, Japan, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Malaysia, Mexico, the Netherlands, New Zealand, the Philippines, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Saudi Arabia, Slovenia, South Africa, South Korea, Spain, Thailand, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Turkey, the United Kingdom (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.K.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and the U.S. As of April </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">30, 2025, a significant portion of the Underlying Index is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">represented by REITs. The components of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and in investments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that have economic characteristics that are substantially identical </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the component securities of its Underlying Index (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">depositary receipts representing securities of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index) and may invest up to 20% of its assets in certain futures, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">options and swap contracts, cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares of money market funds advised by BFA or its affiliates </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BlackRock Cash Funds</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), as well as in securities not included in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index, but which BFA believes will help the Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">track the Underlying Index. Cash and cash equivalent investments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">associated with a derivative position will be treated as part of that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">position for the purposes of calculating the percentage of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments included in the Underlying Index. The Fund seeks to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">track the investment results of the Underlying Index before fees </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by FTSE International Limited </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">FTSE</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent of the Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and BFA. The Index Provider determines the composition and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">relative weightings of the securities in the Underlying Index and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">publishes information regarding the market value of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Real Estate Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Real estate companies, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">include real estate investment trust (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">REITs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), real estate holding </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and operating companies, and real estate management or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">development companies, expose investors to the risks of owning </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">real estate directly as well as to the risks from the way that such </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies operate. Real estate is highly sensitive to general and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">local economic conditions and can be subject to intense </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competition and periodic overbuilding. Other real estate risks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">include decreases in property values, tax increases, zoning </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes, casualty or condemnation losses, environmental </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liabilities, regulatory limitations on rent or eviction, and defaults </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">by borrowers or tenants. Real estate companies may be heavily </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">invested in one geographic region, industry or property type. They </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also may be highly leveraged, which can magnify losses, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest rate increases can make it difficult to obtain financing and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">service debt.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Currency Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Because the Fund’s NAV is determined in U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dollars, the NAV could decline if the currency of a non-U.S. market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in which the Fund invests depreciates against the U.S. dollar or if </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">there are delays or limits on the repatriation of foreign currency. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Currency exchange rates can be very volatile and can change </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">quickly and unpredictably. As a result, the Fund’s NAV may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">change quickly and without warning. In addition, the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">incur costs in connection with conversions between U.S. dollars </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and foreign currencies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Dividend-Paying Stock Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in dividend-paying stocks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves the risk that such stocks may fall out of favor with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investors and underperform other types of stocks or the broader </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market. Companies that issue dividend-paying stocks are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">required to pay or continue paying dividends on such stocks. It is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">possible that issuers of the stocks held by the Fund will not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declare dividends in the future or will reduce or eliminate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">payment of dividends (including reducing or eliminating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">anticipated accelerations or increases in the payment of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dividends), which may adversely affect the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Certain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders of the Fund, including an Authorized Participant, a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">third-party investor, the Fund’s adviser, an affiliate of the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adviser, a market maker, or another entity, may from time to time </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">own or manage a substantial amount of Fund shares, or may hold </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">their investment in the Fund for a limited period of time. There can </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be no assurance that any large shareholder or large group of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders would not redeem their investment. Redemptions of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a large number of Fund shares could require the Fund to dispose </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of assets to meet the redemption requests, which can accelerate </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the realization of taxable income and/or capital gains and cause </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to make taxable distributions to its shareholders earlier </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">than the Fund otherwise would have. In addition, under certain </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">circumstances, non-redeeming shareholders may be treated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">receiving a disproportionately large taxable distribution during or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">with respect to such year. In some circumstances, the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">anticipation of large redemptions, diluting its investment returns. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">These large redemptions may also force the Fund to sell portfolio </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets when it might not otherwise do so, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may negatively impact the Fund’s NAV, increase the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">brokerage costs and/or have a material effect on the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">National Closed Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> To the extent that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets held by the Fund trade on foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exchanges or in foreign markets that may be closed when the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities exchange on which the Fund’s shares trade is open, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">there are likely to be deviations between such asset’s current </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">price and its last quoted price (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">., the quote from the closed </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign market to the Fund). The impact of a closed foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market on the Fund is likely to be greater where a large portion of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund’s holdings trade on a closed foreign market or when a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign market is closed for unscheduled reasons. These </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">deviations could result in premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV that may be greater than those experienced by other funds.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Non-U.S. Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Securities issued by non-U.S. issuers </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including depositary receipts) are subject to different legal, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regulatory, political, economic, and market risks than securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issued by U.S. issuers. These risks include greater market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">volatility, less market liquidity, higher transaction costs, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expropriation, confiscatory taxation, adverse changes in foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment or currency control regulations, restrictions on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">repatriation of capital, and political instability. Non-U.S. issuers </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be subject to different accounting, audit and financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reporting standards than U.S. issuers, and there may be less </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">publicly available information about non-U.S. issuers. Foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market trading hours, different clearing and settlement </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">procedures, and holiday schedules may limit the Fund's ability to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">engage in portfolio transactions. To the extent that investments </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">are made in a limited number of countries, events in those </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">countries will have a more significant impact on the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in China</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investments in Chinese securities, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including certain Hong Kong-listed and U.S.-listed securities, are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subject to risks specific to China. China may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considerable degrees of economic, political and social instability. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Despite economic and market reforms in recent decades, the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Chinese government’s control over certain sectors and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">enterprises and significant regulation of investment and industry </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">are still pervasive. Chinese companies are subject to the risk that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Chinese authorities can intervene in their operations and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">structure. Chinese markets generally continue to experience </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">inefficiency, a lack of publicly available information and/or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">political and social instability and may be subject to volatility and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">pricing anomalies resulting from governmental influence. Internal </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">social unrest or confrontations with other countries, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">military conflicts in response to such events, may disrupt China’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economy and markets and result in a greater risk of currency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fluctuations, currency non-convertibility, interest rate fluctuations </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and higher inflation.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">China has experienced security concerns, such as terrorism and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">strained international relations. Additionally, China is alleged to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have participated in state-sponsored cyberattacks against foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies and foreign governments. Actual and threatened </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">responses to such activity and strained international relations, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including purchasing restrictions, sanctions, export controls, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tariffs or cyberattacks on the Chinese government or Chinese </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies, may impact China’s economy and Chinese issuers in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which the Fund invests. Incidents involving China’s or the region’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">security may adversely affect the Chinese economy and markets </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the Fund’s investments.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Chinese economy is highly reliant on trade. A reduction in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">spending on Chinese products and services, supply chain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">diversification, the institution of additional tariffs or other trade </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">barriers (including as a result of heightened trade tensions or a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trade war between China and the U.S. or in response to actual or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">alleged Chinese cyber activity) or a downturn in any of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economies of China’s key trading partners may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Chinese economy. The Underlying Index may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">include companies that are subject to economic or trade </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">restrictions (but not investment restrictions) imposed by the U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or other governments due to national security, human rights or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other concerns of such government. So long as these restrictions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">do not include restrictions on investments, the Fund is generally </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expected to invest in such companies, consistent with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;">Chinese companies, including those listed on U.S. exchanges, are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">not subject to the same degree of regulatory requirements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">accounting standards or auditor oversight as companies in more </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developed countries. As a result, information about the Chinese </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities in which the Fund invests may be less reliable or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">complete. Chinese companies with securities listed on U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exchanges may be delisted if they do not meet U.S. accounting </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">standards and auditor oversight requirements, or for other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons, which would significantly decrease the liquidity and value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of the securities. There may be significant obstacles to obtaining </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information necessary for investigations into or litigation against </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Chinese companies, and shareholders may have limited legal </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">remedies.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Many Chinese companies listed on U.S. exchanges use variable </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest entities or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">VIEs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> in their structure as a result of foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">ownership restrictions. Any change in the operations of entities in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a VIE structure, the status of VIE contractual arrangements or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">legal or regulatory environment in China could result in significant, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly permanent and/or total, losses for investments in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">VIE issuers. The Fund does not select investments based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investor protection considerations.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in Developed Countries</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment in  developed country issuers will subject the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">legal, regulatory, political, currency, security, economic and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks associated with developed countries. Developed countries </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tend to represent a significant portion of the global economy and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have generally experienced slower economic growth than some </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less developed countries. Certain developed countries have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">experienced security concerns, such as war, terrorism and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">strained international relations. Incidents involving a country’s or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">region’s security may cause uncertainty in its markets and may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adversely affect its economy and the Fund’s investments. In </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">addition, developed countries may be adversely impacted by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes to the economic conditions of certain key trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">partners, regulatory burdens, debt burdens and the price or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">availability of certain commodities.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in Saudi Arabia</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in Saudi Arabian </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers subjects the Fund to legal, regulatory, political, currency, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">security, and economic risks that are specific to Saudi Arabia. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economy of Saudi Arabia is dominated by petroleum exports. A </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sustained decrease in petroleum prices could have a negative </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on all aspects of the economy. Investments in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of Saudi Arabian issuers involve risks not typically </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">associated with investments in securities of issuers in more </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developed countries, which may negatively affect the value of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund’s investments. Such heightened risks may include, among </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">others, the expropriation and/or nationalization of assets, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">restrictions on and government intervention in international trade, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">confiscatory taxation, political instability, including authoritarian </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and/or military involvement in governmental decision-making, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">armed conflict, crime and instability as a result of religious, ethnic </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and/or socioeconomic unrest. Instability in the Middle East region </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could adversely impact the economy of Saudi Arabia, and there is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">no assurance of political stability in Saudi Arabia.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The ability of foreign investors to invest in the securities of Saudi </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Arabian companies could be restricted by the Saudi Arabian </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">government at any time, and unforeseen risks could materialize </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">with respect to foreign ownership of such securities. There are a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">number of ways to conduct transactions in equity securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Saudi Arabian market. The Fund generally expects to transact in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">manner so that it is not limited by Saudi Arabian regulations to a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">single broker. However, there may be a limited number of brokers </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">who can provide services to the Fund, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the prices, quantity or timing of Fund transactions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Valuation Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The price that the Fund could receive upon the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sale (or other disposition) of a security or other asset may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the Fund’s valuation of the security or other asset, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particularly for securities or other assets that trade in low volume </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or volatile markets or that are valued using a fair value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology. The price received by the Fund also may differ from </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the value used by the Underlying Index. In addition, the value of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the securities or other assets in the Fund’s portfolio may change </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">on days or during time periods when investors are not able to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purchase or sell Fund shares. Authorized Participants that create </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or redeem Fund shares on days when the Fund is holding fair-valued</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> securities or other assets may receive fewer or more </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares, or lower or higher redemption proceeds, than they would </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have received had the securities or other assets not been fair </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">valued or been valued using a different methodology. The ability to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value investments may be impacted by technological issues or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 133.53pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 73.82pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 133.53pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.58pt;"> <div style="display: flex; white-space: nowrap; width: 27.58pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 4.91pt;">4.77%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 73.82pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 251.99pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 133.53pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.58pt;"> <div style="display: flex; white-space: nowrap; width: 27.58pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 1.42pt;">16.03%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 73.82pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 133.53pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.58pt;"> <div style="display: flex; white-space: nowrap; width: 27.58pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-30.17%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 73.82pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0477 2025-06-30 Best Quarter 0.1603 2024-09-30 Worst Quarter -0.3017 2020-03-31 Average Annual Total Returns(for the periods ended December 31, 2024) 2014-07-08 0.0240 0.0034 0.0322 0.0123 -0.0070 0.0176 0.0172 -0.0006 0.0193 0.1720 0.0998 0.0920 0.0161 -0.0041 0.0243 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® INTERNATIONAL DEVELOPED REAL ESTATE ETF Ticker: IFGLStock Exchange: Nasdaq Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares International Developed Real Estate ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of real </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0048 0 0.0000 0.0048 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: 49 154 269 604 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 10% of the average value of its portfolio. 0.10 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund seeks to track the investment results of the FTSE EPRA </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Nareit Developed ex US Index (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">measures the performance of companies engaged in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">ownership, trading and development of income-producing real </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">estate in the developed real estate markets (except for the U.S.) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as defined by FTSE EPRA Nareit. As of April 30, 2025, the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index was composed of securities of companies in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">following countries or regions: Australia, Austria, Belgium, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Canada, Finland, France, Germany, Hong Kong, Ireland, Israel, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Italy, Japan, the Netherlands, New Zealand, Norway, Slovenia, </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">South Korea, Spain, Sweden, Switzerland and the United Kingdom </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.K.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). As of April 30, 2025, a significant portion of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index includes companies offering various real estate </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">services, real estate operating companies and real estate </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment trusts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">REITs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). The components of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and in investments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that have economic characteristics that are substantially identical </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the component securities of its Underlying Index (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">depositary receipts representing securities of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index) and may invest up to 20% of its assets in certain futures, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">options and swap contracts, cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares of money market funds advised by BFA or its affiliates </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BlackRock Cash Funds</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), as well as in securities not included in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index, but which BFA believes will help the Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">track the Underlying Index. Cash and cash equivalent investments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">associated with a derivative position will be treated as part of that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">position for the purposes of calculating the percentage of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments included in the Underlying Index. The Fund seeks to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">track the investment results of the Underlying Index before fees </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by FTSE International Limited </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">FTSE</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent of the Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and BFA. The Index Provider determines the composition and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">relative weightings of the securities in the Underlying Index and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">publishes information regarding the market value of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in Developed Countries</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment in  developed country issuers will subject the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">legal, regulatory, political, currency, security, economic and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks associated with developed countries. Developed countries </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tend to represent a significant portion of the global economy and </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have generally experienced slower economic growth than some </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less developed countries. Certain developed countries have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">experienced security concerns, such as war, terrorism and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">strained international relations. Incidents involving a country’s or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">region’s security may cause uncertainty in its markets and may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adversely affect its economy and the Fund’s investments. In </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">addition, developed countries may be adversely impacted by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes to the economic conditions of certain key trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">partners, regulatory burdens, debt burdens and the price or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">availability of certain commodities.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Real Estate Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Real estate companies, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">include real estate investment trust (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">REITs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), real estate holding </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and operating companies, and real estate management or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">development companies, expose investors to the risks of owning </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">real estate directly as well as to the risks from the way that such </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies operate. Real estate is highly sensitive to general and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">local economic conditions and can be subject to intense </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competition and periodic overbuilding. Other real estate risks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">include decreases in property values, tax increases, zoning </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes, casualty or condemnation losses, environmental </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liabilities, regulatory limitations on rent or eviction, and defaults </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">by borrowers or tenants. Real estate companies may be heavily </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">invested in one geographic region, industry or property type. They </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also may be highly leveraged, which can magnify losses, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest rate increases can make it difficult to obtain financing and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">service debt.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Currency Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Because the Fund’s NAV is determined in U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dollars, the NAV could decline if the currency of a non-U.S. market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in which the Fund invests depreciates against the U.S. dollar or if </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">there are delays or limits on the repatriation of foreign currency. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Currency exchange rates can be very volatile and can change </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">quickly and unpredictably. As a result, the Fund’s NAV may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">change quickly and without warning. In addition, the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">incur costs in connection with conversions between U.S. dollars </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and foreign currencies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Dividend-Paying Stock Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in dividend-paying stocks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves the risk that such stocks may fall out of favor with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investors and underperform other types of stocks or the broader </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market. Companies that issue dividend-paying stocks are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">required to pay or continue paying dividends on such stocks. It is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">possible that issuers of the stocks held by the Fund will not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declare dividends in the future or will reduce or eliminate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">payment of dividends (including reducing or eliminating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">anticipated accelerations or increases in the payment of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dividends), which may adversely affect the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Certain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders of the Fund, including an Authorized Participant, a </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">third-party investor, the Fund’s adviser, an affiliate of the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adviser, a market maker, or another entity, may from time to time </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">own or manage a substantial amount of Fund shares, or may hold </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">their investment in the Fund for a limited period of time. There can </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be no assurance that any large shareholder or large group of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders would not redeem their investment. Redemptions of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a large number of Fund shares could require the Fund to dispose </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of assets to meet the redemption requests, which can accelerate </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the realization of taxable income and/or capital gains and cause </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to make taxable distributions to its shareholders earlier </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">than the Fund otherwise would have. In addition, under certain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">circumstances, non-redeeming shareholders may be treated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">receiving a disproportionately large taxable distribution during or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">with respect to such year. In some circumstances, the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">anticipation of large redemptions, diluting its investment returns. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">These large redemptions may also force the Fund to sell portfolio </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets when it might not otherwise do so, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may negatively impact the Fund’s NAV, increase the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">brokerage costs and/or have a material effect on the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">National Closed Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> To the extent that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets held by the Fund trade on foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exchanges or in foreign markets that may be closed when the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities exchange on which the Fund’s shares trade is open, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">there are likely to be deviations between such asset’s current </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">price and its last quoted price (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">., the quote from the closed </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign market to the Fund). The impact of a closed foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market on the Fund is likely to be greater where a large portion of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund’s holdings trade on a closed foreign market or when a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign market is closed for unscheduled reasons. These </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">deviations could result in premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV that may be greater than those experienced by other funds.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Non-U.S. Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Securities issued by non-U.S. issuers </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including depositary receipts) are subject to different legal, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regulatory, political, economic, and market risks than securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issued by U.S. issuers. These risks include greater market </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">volatility, less market liquidity, higher transaction costs, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expropriation, confiscatory taxation, adverse changes in foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment or currency control regulations, restrictions on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">repatriation of capital, and political instability. Non-U.S. issuers </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be subject to different accounting, audit and financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reporting standards than U.S. issuers, and there may be less </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">publicly available information about non-U.S. issuers. Foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market trading hours, different clearing and settlement </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">procedures, and holiday schedules may limit the Fund's ability to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">engage in portfolio transactions. To the extent that investments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">are made in a limited number of countries, events in those </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">countries will have a more significant impact on the Fund. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund is specifically exposed to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Asian Economic Risk </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">European Economic Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in Japan</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in Japanese issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, economic, currency, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">geographic and security risks that are specific to Japan. Japan’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economy depends heavily on international trade, oil and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">commodity imports, and government policy supporting its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exports. Other risks facing the Japanese economy include </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">significant public debt and deficits, currency fluctuations, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">labor shortages due to an aging and declining population. Japan’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">relations with its neighbors have been strained at times, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could adversely affect its markets and economy. Japan is also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">vulnerable to natural disasters.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Valuation Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The price that the Fund could receive upon the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sale (or other disposition) of a security or other asset may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the Fund’s valuation of the security or other asset, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particularly for securities or other assets that trade in low volume </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or volatile markets or that are valued using a fair value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology. The price received by the Fund also may differ from </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the value used by the Underlying Index. In addition, the value of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the securities or other assets in the Fund’s portfolio may change </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">on days or during time periods when investors are not able to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purchase or sell Fund shares. Authorized Participants that create </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or redeem Fund shares on days when the Fund is holding fair-valued</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> securities or other assets may receive fewer or more </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares, or lower or higher redemption proceeds, than they would </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have received had the securities or other assets not been fair </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">valued or been valued using a different methodology. The ability to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value investments may be impacted by technological issues or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 133.53pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 73.82pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 133.53pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.34pt;"> <div style="display: flex; white-space: nowrap; width: 28.34pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 1.8pt;">20.21%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 73.82pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 251.99pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 133.53pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.34pt;"> <div style="display: flex; white-space: nowrap; width: 28.34pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 2.18pt;">16.45%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 73.82pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 133.53pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.34pt;"> <div style="display: flex; white-space: nowrap; width: 28.34pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-27.67%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 73.82pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.2021 2025-06-30 Best Quarter 0.1645 2024-09-30 Worst Quarter -0.2767 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2007-11-12 -0.0827 -0.0591 -0.0034 -0.0953 -0.0662 -0.0158 -0.0442 -0.0435 -0.0042 0.0562 0.0436 0.0500 -0.0845 -0.0585 -0.0020 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® INTERNATIONAL SELECT DIVIDEND ETF Ticker: IDVStock Exchange: Cboe BZX Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares International Select Dividend ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of relatively high </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may incur </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Acquired Fund Fees and Expenses.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shown in the Financial Highlights section of the Fund’s prospectus (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Prospectus</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). BFA, the investment adviser to the Fund, has </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">contractually agreed to waive a portion of its management fees in an amount equal to the aggregate Acquired Fund Fees and Expenses, if </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through August 30, 2030. The contractual waiver </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be terminated prior to August 30, 2030 only upon written agreement of the Trust and BFA.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). August 30, 2030 Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0050 0 0.0000 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 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: 8.55pt;">The Fund seeks to track the investment results of the Dow Jones </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">EPAC Select Dividend Index (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided by S&amp;P Dow Jones Indices LLC (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">SPDJI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). The Underlying Index measures the performance of 100 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">high dividend-paying companies in the EPAC (Europe, Pacific, Asia </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and Canada) region, which covers developed markets excluding </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the U.S. Constituents are selected according to indicated annual </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dividend (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IAD</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) yield, subject to screening criteria and weighting </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">constraints. IAD yield is defined as a stock’s IAD (not including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">any special dividends) divided by its price.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The starting universe for the Underlying Index is the S&amp;P EPAC </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BMI and the S&amp;P Canada BMI indexes, excluding real estate </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment trusts. To be eligible for the Underlying Index as a new </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">constituent, an issuer must (i) have paid dividends in each of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">previous three years; (ii) have a current year trailing 12-month </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dividend-per-share ratio that is greater than or equal to its three-year</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> average dividend-per-share ratio; and (iii) have a five-year </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">average dividend coverage ratio that is greater than or equal to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">two-thirds of the five-year average dividend coverage ratio of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">corresponding S&amp;P BMI country index, or greater than 118%, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">whichever is greater. In addition, the security must have (x) a non-negative</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> trailing 12-month earnings per share; (y) a float-adjusted </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market capitalization of at least $1 billion, or at least $750 million </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">for current constituents; and (z) a three-month average daily </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trading value of at least $3 million. Current constituents are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the eligible universe regardless of their dividend </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth rate, coverage ratio, current year earnings per share or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">average daily trading value.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">To select the 100 constituents, the Index Provider ranks the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">eligible securities by IAD yield and first includes all existing </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">constituents that are ranked in the top 200 and then selects non-constituent</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> 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: 8.55pt;">The Underlying Index is reconstituted annually with constituent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">weights determined based on tilted IAD yield, which is calculated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">by multiplying the constituent’s IAD yield (capped at 20%) by the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">square root of its fair market capitalization. The weight of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">individual securities is capped at the lower of 10% or five times the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">constituent’s fair market capitalization weight within the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index. In addition, there is a 30% cap on the aggregate </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">weight of constituents within each Global Industry Classification </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Standard sector and each country of domicile.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is reviewed daily based on each </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">constituent’s weight. Daily capping is performed if the aggregate </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">weight of constituents with an individual weight greater than 4.8% </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exceeds 24% of the Underlying Index’s total weight. If that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">threshold is breached, the current constituent weights are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">recapped, with the weights of individual constituents capped at </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">10% and the aggregate weight of constituents with an individual </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">weight greater than 4.5% capped at 22.5% of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index’s total weight. IAD yields and tilted yield weights are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">recalculated if the capping thresholds are breached throughout </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the year. A freeze period on the daily capping is implemented </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">during the annual index reconstitution.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">As of April 30, 2025, the Underlying Index was composed of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of companies in the following countries or regions: </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Australia, Austria, Belgium, Canada, Denmark, Finland, France, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Germany, Hong Kong, Italy, the Netherlands, New Zealand, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Norway, South Korea, Spain, Sweden, Switzerland and the United </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Kingdom (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.K.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). The Fund invests in non-U.S. securities, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may in some cases not produce qualifying dividend income. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index includes large, mid and small-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies and may change over time. As of April 30, 2025, a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">significant portion of the Underlying Index is represented by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of companies in the consumer goods, financials, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">utilities industries or sectors. The components of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and in investments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that have economic characteristics that are substantially identical </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the component securities of its Underlying Index (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">depositary receipts representing securities of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index) and may invest up to 20% of its assets in certain futures, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">options and swap contracts, cash and cash equivalents, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares of money market funds advised by BFA or its affiliates </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BlackRock Cash Funds</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), as well as in securities not included in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index, but which BFA believes will help the Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">track the Underlying Index. Cash and cash equivalent investments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">associated with a derivative position will be treated as part of that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">position for the purposes of calculating the percentage of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments included in the Underlying Index. The Fund seeks to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">track the investment results of the Underlying Index before fees </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by SPDJI, which is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of the Fund and BFA. The Index Provider determines the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and publishes information regarding the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in Developed Countries</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment in  developed country issuers will subject the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">legal, regulatory, political, currency, security, economic and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks associated with developed countries. Developed countries </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tend to represent a significant portion of the global economy and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have generally experienced slower economic growth than some </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less developed countries. Certain developed countries have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">experienced security concerns, such as war, terrorism and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">strained international relations. Incidents involving a country’s or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">region’s security may cause uncertainty in its markets and may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adversely affect its economy and the Fund’s investments. In </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">addition, developed countries may be adversely impacted by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes to the economic conditions of certain key trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">partners, regulatory burdens, debt burdens and the price or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">availability of certain commodities.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Dividend-Paying Stock Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in dividend-paying stocks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves the risk that such stocks may fall out of favor with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investors and underperform other types of stocks or the broader </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market. Companies that issue dividend-paying stocks are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">required to pay or continue paying dividends on such stocks. It is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">possible that issuers of the stocks held by the Fund will not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declare dividends in the future or will reduce or eliminate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">payment of dividends (including reducing or eliminating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">anticipated accelerations or increases in the payment of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dividends), which may adversely affect the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Consumer Goods and Services Companies Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Consumer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">goods and services companies (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">consumer companies</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) face risks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">related to changes in consumer preferences and disposable </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">income, commodity prices, government regulation, supply chain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disruptions, damage to brand or reputation, economic slowdown </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and labor shortages, among other things.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Currency Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Because the Fund’s NAV is determined in U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dollars, the NAV could decline if the currency of a non-U.S. market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in which the Fund invests depreciates against the U.S. dollar or if </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">there are delays or limits on the repatriation of foreign currency. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Currency exchange rates can be very volatile and can change </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">quickly and unpredictably. As a result, the Fund’s NAV may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">change quickly and without warning. In addition, the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">incur costs in connection with conversions between U.S. dollars </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and foreign currencies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Financial Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Financial services companies are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may adversely affect their profitability, the scope of their </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">activities, the prices they can charge, the amount of capital and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liquid assets they must maintain and their size, among other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">things. Financial services companies also may be significantly </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affected by, among other things, interest rates, economic </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">downgrades, adverse public perception, exposure concentration </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Large-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies to adapt to changing market conditions and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competitive challenges. Large-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more mature and subject to more limited growth potential </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of large-capitalization companies could trail the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large Shareholder and Large-Scale Redemption Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Certain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders of the Fund, including an Authorized Participant, a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">third-party investor, the Fund’s adviser, an affiliate of the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adviser, a market maker, or another entity, may from time to time </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">own or manage a substantial amount of Fund shares, or may hold </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">their investment in the Fund for a limited period of time. There can </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be no assurance that any large shareholder or large group of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders would not redeem their investment. Redemptions of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a large number of Fund shares could require the Fund to dispose </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of assets to meet the redemption requests, which can accelerate </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the realization of taxable income and/or capital gains and cause </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to make taxable distributions to its shareholders earlier </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">than the Fund otherwise would have. In addition, under certain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">circumstances, non-redeeming shareholders may be treated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">receiving a disproportionately large taxable distribution during or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">with respect to such year. In some circumstances, the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">hold a relatively large proportion of its assets in cash in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">anticipation of large redemptions, diluting its investment returns. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">These large redemptions may also force the Fund to sell portfolio </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets when it might not otherwise do so, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may negatively impact the Fund’s NAV, increase the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">brokerage costs and/or have a material effect on the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">price of Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Mid-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less stable and more susceptible to adverse developments. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of mid-capitalization companies may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and less liquid than those of large-capitalization companies. As a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">result, the Fund’s share price may be more volatile than that of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">National Closed Market Trading Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> To the extent that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets held by the Fund trade on foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exchanges or in foreign markets that may be closed when the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities exchange on which the Fund’s shares trade is open, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">there are likely to be deviations between such asset’s current </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">price and its last quoted price (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">., the quote from the closed </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign market to the Fund). The impact of a closed foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market on the Fund is likely to be greater where a large portion of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund’s holdings trade on a closed foreign market or when a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign market is closed for unscheduled reasons. These </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">deviations could result in premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV that may be greater than those experienced by other funds.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Non-U.S. Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Securities issued by non-U.S. issuers </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including depositary receipts) are subject to different legal, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regulatory, political, economic, and market risks than securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issued by U.S. issuers. These risks include greater market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">volatility, less market liquidity, higher transaction costs, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expropriation, confiscatory taxation, adverse changes in foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment or currency control regulations, restrictions on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">repatriation of capital, and political instability. Non-U.S. issuers </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be subject to different accounting, audit and financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reporting standards than U.S. issuers, and there may be less </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">publicly available information about non-U.S. issuers. Foreign </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market trading hours, different clearing and settlement </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">procedures, and holiday schedules may limit the Fund's ability to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">engage in portfolio transactions. To the extent that investments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">are made in a limited number of countries, events in those </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">countries will have a more significant impact on the Fund. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund is specifically exposed to</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">European Economic Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Reliance on Trading Partners Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund invests in countries </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or regions whose economies are heavily dependent upon trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">with key partners. Any reduction in this trading may have an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse impact on the Fund's investments. Through its holdings of </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of certain issuers, the Fund is specifically exposed to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Asian Economic Risk, European Economic Risk </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;"> U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Economic Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.K.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.K. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, economic, currency, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">geographic and security risks that are specific to the U.K. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Economic downturns or political instability in its key trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">partners, which include the United States and other European </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">countries, could have an adverse effect on the U.K. economy. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Following Brexit, certain trading matters between the U.K. and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">European Union (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">EU</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) remain unresolved, including with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">respect to financial services. The continuing uncertainty could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have an adverse impact on the U.K. economy and currency.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Utility Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The utilities sector is generally subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">significant government regulation and oversight, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">restrictions on rates as well as environmental and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regulations. Utility companies also may face risks related to, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">among other things, natural disasters, cyber or other attacks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital project funding, energy price volatility and increased </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competition.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Valuation Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The price that the Fund could receive upon the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sale (or other disposition) of a security or other asset may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the Fund’s valuation of the security or other asset, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particularly for securities or other assets that trade in low volume </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or volatile markets or that are valued using a fair value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology. The price received by the Fund also may differ from </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the value used by the Underlying Index. In addition, the value of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the securities or other assets in the Fund’s portfolio may change </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">on days or during time periods when investors are not able to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purchase or sell Fund shares. Authorized Participants that create </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or redeem Fund shares on days when the Fund is holding fair-valued</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> securities or other assets may receive fewer or more </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares, or lower or higher redemption proceeds, than they would </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have received had the securities or other assets not been fair </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">valued or been valued using a different methodology. The ability to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value investments may be impacted by technological issues or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 137.16pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.46pt;"> <div style="display: flex; white-space: nowrap; width: 29.46pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 2.3pt;">29.34%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.46pt;"> <div style="display: flex; white-space: nowrap; width: 29.46pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 2.26pt;">22.05%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.46pt;"> <div style="display: flex; white-space: nowrap; width: 29.46pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-30.57%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.2934 2025-06-30 Best Quarter 0.2205 2022-12-31 Worst Quarter -0.3057 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2007-06-11 0.0397 0.0260 0.0369 0.0294 0.0119 0.0248 0.0393 0.0200 0.0289 0.0325 0.0442 0.0513 0.0366 0.0246 0.0369 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® SELECT DIVIDEND ETF Ticker: DVYStock Exchange: Nasdaq Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares Select Dividend ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of relatively high dividend paying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S. equities.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0038 0 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 19% of the average value of its portfolio. 0.19 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund seeks to track the investment results of the Dow Jones </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S. Select Dividend Index (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">measures the performance of the U.S.'s leading stocks by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dividend yield. Dividend yield is calculated using a stock's </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indicated annual dividend (not including any special dividends) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">divided by its price. The Underlying Index is composed of 100 of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the highest dividend-yielding securities (excluding real estate </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment trusts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">REITs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">)) in the Dow Jones U.S. Index, a broad-based</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> index representative of the total market for U.S. equity </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities. To be included in the Underlying Index, each security (i) </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">must have a dividend per share greater than or equal to its five-year</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> average dividend per share; (ii) must have a five-year average </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dividend coverage ratio of greater than or equal to 167%; (iii) must </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a three-month average daily trading volume of 200,000 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (100,000 shares for current constituents); (iv) must have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">paid dividends in each of the previous five years; (v) must have a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">non-negative trailing 12 month earnings per share; and (vi) must </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a float-adjusted market cap of at least $3 billion ($2 billion </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">for current constituents). The Underlying Index is reviewed </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">quarterly and rebalanced annually.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index includes large-, mid- and small-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies and may change over time. As of April 30, 2025, a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">significant portion of the Underlying Index is represented by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of companies in the consumer goods, financials and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">utilities industries or sectors. The components of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and may invest up to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">20% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund’s total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by S&amp;P Dow Jones Indices LLC </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">SPDJI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and BFA. The Index Provider determines the composition </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and relative weightings of the securities in the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and publishes information regarding the market value of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Dividend-Paying Stock Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in dividend-paying stocks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves the risk that such stocks may fall out of favor with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investors and underperform other types of stocks or the broader </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market. Companies that issue dividend-paying stocks are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">required to pay or continue paying dividends on such stocks. It is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">possible that issuers of the stocks held by the Fund will not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declare dividends in the future or will reduce or eliminate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">payment of dividends (including reducing or eliminating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">anticipated accelerations or increases in the payment of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dividends), which may adversely affect the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Consumer Goods and Services Companies Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Consumer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">goods and services companies (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">consumer companies</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) face risks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">related to changes in consumer preferences and disposable </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">income, commodity prices, government regulation, supply chain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disruptions, damage to brand or reputation, economic slowdown </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and labor shortages, among other things.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Financial Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Financial services companies are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may adversely affect their profitability, the scope of their </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">activities, the prices they can charge, the amount of capital and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liquid assets they must maintain and their size, among other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">things. Financial services companies also may be significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affected by, among other things, interest rates, economic </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">downgrades, adverse public perception, exposure concentration </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Large-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies to adapt to changing market conditions and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competitive challenges. Large-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more mature and subject to more limited growth potential </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of large-capitalization companies could trail the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Mid-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less stable and more susceptible to adverse developments. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of mid-capitalization companies may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and less liquid than those of large-capitalization companies. As a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">result, the Fund’s share price may be more volatile than that of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Small-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to mid- and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">large-capitalization companies, small-capitalization companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be less stable and more susceptible to adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developments. The securities of small-capitalization companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be more volatile and less liquid than those of mid- and large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies. As a result, the Fund’s share price may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be more volatile than that of a fund with a greater investment in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">large- or mid-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Utility Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The utilities sector is generally subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">significant government regulation and oversight, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">restrictions on rates as well as environmental and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regulations. Utility companies also may face risks related to, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">among other things, natural disasters, cyber or other attacks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital project funding, energy price volatility and increased </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competition.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 150.94pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.49pt;"> <div style="display: flex; white-space: nowrap; width: 29.49pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 7.54pt;">3.01%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 251.99pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.49pt;"> <div style="display: flex; white-space: nowrap; width: 29.49pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 4.01pt;">19.51%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.49pt;"> <div style="display: flex; white-space: nowrap; width: 29.49pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-29.37%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0301 2025-06-30 Best Quarter 0.1951 2021-03-31 Worst Quarter -0.2937 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2003-11-03 0.1619 0.0843 0.0895 0.1517 0.0747 0.0804 0.1027 0.0647 0.0709 0.2387 0.1378 0.1248 0.1662 0.0886 0.0938 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® CORE DIVIDEND ETF Ticker: DIVBStock Exchange: Cboe BZX Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares Core Dividend ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of U.S. stocks with a history of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0005 0 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 36% of the average value of its portfolio. 0.36 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund seeks to track the investment results of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> 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: 8.55pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). The Underlying Index is designed to provide exposure to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S.-based companies that return capital to shareholders through </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">either dividend payments or share buybacks. The Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">consists of companies with the largest dividend and buyback </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">programs in the market measured by adjusted shareholder yield, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as determined by Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). The Underlying Index is a subset of the Morningstar US </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Market Index (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Parent Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which is a broad market index </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that represents approximately 97% of the market capitalization of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">publicly traded U.S. stocks. </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Constituent securities of the Parent Index that have had recent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">aggregate dividend yield and net buyback yield (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">total shareholder </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">yield</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) greater than 0.1%, as calculated by the Index Provider, are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">eligible for inclusion in the Underlying Index. The Index Provider’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adjusted shareholder yield calculation gives a 75% weighting to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trailing twelve-month dividend yields and 25% weighting to trailing </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">two-year net buyback yields.  Companies in the top 5% of total </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholder yield are removed. The remaining companies are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">selected by decreasing order of adjusted shareholder yield until </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">50% coverage of total shareholder payout dollars of the Parent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index (excluding any companies with a negative total shareholder </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">yield) is reached. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">total shareholder payout dollars</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">company is defined as the total shareholder yield multiplied by the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">float-adjusted market capitalization of the company.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is weighted by total shareholder payout </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dollars and constrained by capping each individual constituent at </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">4.9%. In addition, the sector weights are constrained within 5% </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(positive or negative) of the Parent Index. The Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">includes large-, mid- and small-capitalization companies and may </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">change over time. As of April 30, 2025, a significant portion of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index is represented by securities of companies in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">financial services and technology industries or sectors. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components of the Underlying Index are likely to change over </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and may invest up to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">20% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund’s total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by Morningstar, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent of the Fund and BFA. The Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">determines the composition and relative weightings of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities in the Underlying Index and publishes information </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Dividend-Paying Stock Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in dividend-paying stocks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves the risk that such stocks may fall out of favor with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investors and underperform other types of stocks or the broader </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market. Companies that issue dividend-paying stocks are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">required to pay or continue paying dividends on such stocks. It is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">possible that issuers of the stocks held by the Fund will not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declare dividends in the future or will reduce or eliminate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">payment of dividends (including reducing or eliminating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">anticipated accelerations or increases in the payment of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dividends), which may adversely affect the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Buyback Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">A stock buyback may signal that a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">management believes the company’s stock price is undervalued. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">However, a company’s announcement of a share buyback </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">strategy may not be an accurate predictor of future share </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Financial Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Financial services companies are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may adversely affect their profitability, the scope of their </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">activities, the prices they can charge, the amount of capital and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liquid assets they must maintain and their size, among other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">things. Financial services companies also may be significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affected by, among other things, interest rates, economic </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">downgrades, adverse public perception, exposure concentration </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Large-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies to adapt to changing market conditions and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competitive challenges. Large-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more mature and subject to more limited growth potential </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of large-capitalization companies could trail the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Mid-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less stable and more susceptible to adverse developments. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of mid-capitalization companies may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and less liquid than those of large-capitalization companies. As a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">result, the Fund’s share price may be more volatile than that of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Technology Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Technology companies and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that rely heavily on technological advances may have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">limited product lines, markets, financial resources, supply chains </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and personnel. These companies typically face intense </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competition, potentially rapid product obsolescence and changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in product cycles and customer preferences. They may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unexpected risks and costs associated with technological </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developments, such as artificial intelligence and machine learning. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Technology companies also depend heavily on intellectual </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">property rights and may be adversely affected by the loss or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impairment of those rights. Technology companies may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased government scrutiny and may be subject to adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 150.94pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.49pt;"> <div style="display: flex; white-space: nowrap; width: 29.49pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 7.83pt;">7.55%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 251.99pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.49pt;"> <div style="display: flex; white-space: nowrap; width: 29.49pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 5.14pt;">19.14%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.49pt;"> <div style="display: flex; white-space: nowrap; width: 29.49pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-24.49%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0755 2025-06-30 Best Quarter 0.1914 2020-06-30 Worst Quarter -0.2449 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2017-11-07 0.1860 0.1181 0.1206 0.1783 0.1114 0.1140 0.1149 0.0929 0.0966 0.2409 0.1396 0.1357 0.1867 0.1199 0.1228 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® CORE DIVIDEND GROWTH ETF Ticker: DGROStock Exchange: NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares Core Dividend Growth ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of U.S. equities with a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">history of consistently growing dividends.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0008 0 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: 8.55pt;">The Fund seeks to track the investment results of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> 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: 8.55pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which is a dividend dollar-weighted index that seeks to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">measure the performance of U.S. companies selected based on a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">consistent history of growing dividends. The Underlying Index is a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> 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: 8.55pt;">, which is a broad </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market index that represents approximately 97% of the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capitalization of publicly traded U.S. stocks. Eligible companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">must pay a qualified dividend, must have at least five years of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">uninterrupted annual dividend growth and their earnings payout </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">ratio must be less than 75%. Companies that are in the top decile </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">based on dividend yield are excluded from the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">prior to the dividend growth and payout ratio screens. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index may include large-, mid- and small-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies and may change over time. As of April 30, 2025, a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">significant portion of the Underlying Index is represented by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of companies in the financial services, healthcare and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">technology industries or sectors. The components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and may invest up to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">20% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by Morningstar Inc. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund and BFA. The Index Provider determines the composition </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and relative weightings of the securities in the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and publishes information regarding the market value of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">financial markets, may have an adverse effect on U.S. issuers.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Dividend-Paying Stock Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in dividend-paying stocks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves the risk that such stocks may fall out of favor with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investors and underperform other types of stocks or the broader </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market. Companies that issue dividend-paying stocks are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">required to pay or continue paying dividends on such stocks. It is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">possible that issuers of the stocks held by the Fund will not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declare dividends in the future or will reduce or eliminate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">payment of dividends (including reducing or eliminating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">anticipated accelerations or increases in the payment of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">dividends), which may adversely affect the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Financial Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Financial services companies are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may adversely affect their profitability, the scope of their </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">activities, the prices they can charge, the amount of capital and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liquid assets they must maintain and their size, among other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">things. Financial services companies also may be significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affected by, among other things, interest rates, economic </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">downgrades, adverse public perception, exposure concentration </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Healthcare Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The profitability of healthcare </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be adversely affected by extensive government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regulations, restrictions on government reimbursement for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">medical expenses, rising costs of medical products and services, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">pricing pressure, the protection and expiration of patents, limited </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">product lines, supply chain issues, labor shortages and product </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liability claims, among other factors.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Large-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies to adapt to changing market conditions and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competitive challenges. Large-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more mature and subject to more limited growth potential </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of large-capitalization companies could trail the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Mid-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less stable and more susceptible to adverse developments. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of mid-capitalization companies may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and less liquid than those of large-capitalization companies. As a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">result, the Fund’s share price may be more volatile than that of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Technology Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Technology companies and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that rely heavily on technological advances may have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">limited product lines, markets, financial resources, supply chains </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and personnel. These companies typically face intense </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competition, potentially rapid product obsolescence and changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in product cycles and customer preferences. They may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unexpected risks and costs associated with technological </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developments, such as artificial intelligence and machine learning. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Technology companies also depend heavily on intellectual </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">property rights and may be adversely affected by the loss or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impairment of those rights. Technology companies may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased government scrutiny and may be subject to adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 150.94pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.36pt;"> <div style="display: flex; white-space: nowrap; width: 27.36pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 4.7pt;">5.43%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 251.99pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.36pt;"> <div style="display: flex; white-space: nowrap; width: 27.36pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 1.21pt;">16.22%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.36pt;"> <div style="display: flex; white-space: nowrap; width: 27.36pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-21.91%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0543 2025-06-30 Best Quarter 0.1622 2020-06-30 Worst Quarter -0.2191 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2014-06-10 0.1661 0.1045 0.1139 0.1597 0.0982 0.1076 0.1026 0.0819 0.0928 0.2409 0.1396 0.1266 0.1667 0.1052 0.1146 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® DOW JONES U.S. ETF Ticker: IYYStock Exchange: NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares Dow Jones U.S. ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of a broad-based index composed of U.S. equities.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0020 0 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: 8.55pt;">The Fund seeks to track the investment results of the Dow Jones </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S. Index (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which measures the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of the broad U.S. equity market. The Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index is composed of all the U.S. companies in the Dow Jones </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Global Index. The Underlying Index aims to consistently represent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the top 95% of U.S.-traded stocks based on a float-adjusted </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market capitalization. The constituents of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">must be common shares or other securities that have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">characteristics of common equities and must meet certain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">minimum liquidity criteria. As of April 30, 2025, a significant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">portion of the Underlying Index is represented by securities of </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies in the financial services and technology industries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sectors. The components of the Underlying Index are likely to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and may invest up to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">20% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by S&amp;P Dow Jones Indices LLC </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">SPDJI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and BFA. The Index Provider determines the composition </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and relative weightings of the securities in the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and publishes information regarding the market value of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Financial Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Financial services companies are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subject to extensive governmental regulation and intervention, </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may adversely affect their profitability, the scope of their </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">activities, the prices they can charge, the amount of capital and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liquid assets they must maintain and their size, among other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">things. Financial services companies also may be significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affected by, among other things, interest rates, economic </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">downgrades, adverse public perception, exposure concentration </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Large-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies to adapt to changing market conditions and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competitive challenges. Large-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more mature and subject to more limited growth potential </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of large-capitalization companies could trail the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Technology Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Technology companies and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that rely heavily on technological advances may have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">limited product lines, markets, financial resources, supply chains </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and personnel. These companies typically face intense </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competition, potentially rapid product obsolescence and changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in product cycles and customer preferences. They may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unexpected risks and costs associated with technological </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developments, such as artificial intelligence and machine learning. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Technology companies also depend heavily on intellectual </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">property rights and may be adversely affected by the loss or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impairment of those rights. Technology companies may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased government scrutiny and may be subject to adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 150.94pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.49pt;"> <div style="display: flex; white-space: nowrap; width: 29.49pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 6.93pt;">5.99%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 251.99pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.49pt;"> <div style="display: flex; white-space: nowrap; width: 29.49pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 4.25pt;">21.71%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.49pt;"> <div style="display: flex; white-space: nowrap; width: 29.49pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-20.49%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0599 2025-06-30 Best Quarter 0.2171 2020-06-30 Worst Quarter -0.2049 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2000-06-12 0.2420 0.1388 0.1250 0.2388 0.1352 0.1207 0.1454 0.1107 0.1031 0.2387 0.1378 0.1248 0.2445 0.1409 0.1270 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® ESG MSCI KLD 400 ETF Ticker: DSIStock Exchange: NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares ESG MSCI KLD 400 ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of U.S. companies that have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0025 0 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 2% of the average value of its portfolio. 0.02 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund seeks to track the investment results of the MSCI KLD </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">400 Social Index (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which is a free float-adjusted</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> market capitalization index designed to provide exposure </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to U.S. companies that have positive environmental, social and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">governance (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">ESG</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) characteristics. As of April 30, 2025, the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index consisted of 401 securities identified by MSCI </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Inc. (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">MSCI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) from the universe of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies included in the MSCI USA IMI Index, which targets </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">99% of the market coverage of stocks that are listed for trading on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the New York Stock Exchange (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NYSE</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and the Nasdaq Stock </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Market. MSCI analyzes each eligible company’s ESG performance </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">using proprietary ratings covering ESG criteria. When selecting </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies for the Underlying Index, MSCI also considers market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capitalization and liquidity. Companies that MSCI determines have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">significant involvement in the following businesses are not eligible </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">for the Underlying Index: fossil fuel extraction, fossil fuel reserve </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">ownership, unconventional oil and gas extraction, thermal coal-based</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> power generation, alcohol, tobacco, gambling, civilian </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">firearms, nuclear power, controversial weapons, nuclear weapons, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conventional weapons, adult entertainment and genetically </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">modified organisms. The Underlying Index includes large-, mid- </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and small-capitalization companies and may change over time.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">As of April 30, 2025, a significant portion of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is represented by securities of companies in the technology </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">industry or sector. The components of the Underlying Index are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 90% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of the Underlying Index and may invest up </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to 10% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by MSCI, which is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of the Fund and BFA. The Index Provider determines the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and publishes information regarding the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-weight: bold;">Diversification Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund intends to be diversified in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">approximately the same proportion as the Underlying Index is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">diversified. The Fund may become </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">non‑diversified,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> as defined in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the 1940 Act, solely as a result of a change in relative market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capitalization or index weighting of one or more constituents of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Shareholder approval will not be sought if </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund becomes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">non‑diversified</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> due solely to a change in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">relative market capitalization or index weighting of one or more </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">constituents of the Underlying Index. The Fund discloses its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">portfolio holdings and weightings at www.iShares.com.</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: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">ESG Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">To the extent that the Underlying Index uses criteria </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">related to the ESG characteristics of issuers, this may limit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">types and number of investment opportunities available to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and, as a result, the Fund may underperform other funds </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">whose underlying index does not use ESG criteria. The Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index’s use of ESG criteria may result in the Fund investing in, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">allocating greater weight to, securities or market sectors that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">underperform the market as a whole or underperform other funds </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that use ESG criteria. In addition, the use of representative </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sampling may result in divergence of the Fund’s overall ESG </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">characteristics or ESG risk from those of the Underlying Index. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may evaluate security-level ESG data and, if </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable, ESG objectives or constraints that are relevant to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index only at index reviews or rebalances. Securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index may cease to meet the relevant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">ESG criteria but may nevertheless remain in the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the Fund until the next review or rebalance by the Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Provider. As a result, certain securities in the Underlying Index, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index as a whole, may not meet the relevant ESG </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objectives or constraints at all times.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Large-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies to adapt to changing market conditions and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competitive challenges. Large-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more mature and subject to more limited growth potential </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of large-capitalization companies could trail the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Non-Diversification Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> To the extent the Fund is non-diversified,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the Fund may invest a large percentage of its assets in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other instruments representing a small number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers or counterparties and thus may be more susceptible to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the risks associated with these particular issuers or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparties. As a result, the Fund's performance may depend </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to a greater extent on the performance of a small number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers or counterparties, which may lead to more volatility in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Technology Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Technology companies and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that rely heavily on technological advances may have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">limited product lines, markets, financial resources, supply chains </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and personnel. These companies typically face intense </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competition, potentially rapid product obsolescence and changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in product cycles and customer preferences. They may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unexpected risks and costs associated with technological </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developments, such as artificial intelligence and machine learning. </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Technology companies also depend heavily on intellectual </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">property rights and may be adversely affected by the loss or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impairment of those rights. Technology companies may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased government scrutiny and may be subject to adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 150.94pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.63pt;"> <div style="display: flex; white-space: nowrap; width: 28.63pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 5.96pt;">5.88%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 251.99pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.63pt;"> <div style="display: flex; white-space: nowrap; width: 28.63pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 3.55pt;">21.51%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.63pt;"> <div style="display: flex; white-space: nowrap; width: 28.63pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-18.42%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0588 2025-06-30 Best Quarter 0.2151 2020-06-30 Worst Quarter -0.1842 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2006-11-14 0.2248 0.1435 0.1272 0.2218 0.1400 0.1235 0.1352 0.1147 0.1053 0.2508 0.1456 0.1308 0.2280 0.1461 0.1308 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® ESG OPTIMIZED MSCI USA ETF Ticker: SUSAStock Exchange: NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares ESG Optimized MSCI USA ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of U.S. companies that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0025 0 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 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: 8.55pt;">The Fund seeks to track the investment results of the MSCI USA </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Extended ESG Select Index (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which is an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">optimized index designed to maximize exposure to positive </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">environmental, social and governance (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">ESG</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) characteristics, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">while exhibiting risk and return characteristics similar to the MSCI </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">USA Index. As of April 30, 2025, the Underlying Index consisted of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">191 securities included in the MSCI USA Index. MSCI Inc. (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">MSCI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) analyzes each eligible company’s ESG </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance using proprietary ratings covering ESG and ethics </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">criteria. The index methodology is designed so that companies </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">with relatively high overall ratings have a higher representation in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index than in the MSCI USA Index and companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">with relatively low overall ratings have a lower representation in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index than in the MSCI USA Index. The Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index must have a minimum ESG score improvement of 20% or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greater than that of the MSCI USA Index as determined by the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider, which is applied at each quarterly review. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Exceptions may result from the Underlying Index’s objective of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">having risk and return characteristics similar to the MSCI USA </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index. The Index Provider excludes securities of companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involved in the business of tobacco, alcohol, gambling, nuclear </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">power and weapons, fossil fuel extraction, thermal coal power and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unconventional oil and gas businesses (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">e.g</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">., thermal coal </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">extraction and generation or oil sands extraction), companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involved with conventional and controversial weapons, producers </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and major retailers of civilian firearms, as well as companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involved in very severe business controversies. The Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defines a controversy as an instance or ongoing situation in which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">company operations and/or products allegedly have a negative </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">environmental, social and/or governance impact. Each </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">controversy case is assessed for the severity of its impact on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">society. The Index Provider generally classifies companies as </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involved</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> in a particular business based on revenue or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of revenue thresholds (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">e.g.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, 10%) for certain products </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and activities in an excluded industry. The securities of certain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies will be excluded regardless of revenue measures (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">e.g.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">all companies involved in the manufacturing of controversial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">weapons are excluded). The Index Provider also applies certain conditional capping (e.g., if the combined weight of issuers with individual weights above 4.5% exceeds 22.5% of the Underlying Index at a quarterly review then the total weight is capped at 22.5%). The Underlying Index includes large- and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">mid-capitalization companies and may change over time.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">As of April 30, 2025, a significant portion of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is represented by securities of companies in the technology </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">industry or sector. The components of the Underlying Index are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 90% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of the Underlying Index and may invest up </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to 10% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by MSCI, which is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of the Fund and BFA. The Index Provider determines the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">composition and relative weightings of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and publishes information regarding the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Underlying Index.</span></div> <div style="margin-top: 0pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, 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.</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: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">ESG Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">To the extent that the Underlying Index uses criteria </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">related to the ESG characteristics of issuers, this may limit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">types and number of investment opportunities available to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and, as a result, the Fund may underperform other funds </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">whose underlying index does not use ESG criteria. The Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index’s use of ESG criteria may result in the Fund investing in, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">allocating greater weight to, securities or market sectors that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">underperform the market as a whole or underperform other funds </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that use ESG criteria. In addition, the use of representative </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sampling may result in divergence of the Fund’s overall ESG </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">characteristics or ESG risk from those of the Underlying Index. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may evaluate security-level ESG data and, if </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable, ESG objectives or constraints that are relevant to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index only at index reviews or rebalances. Securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index may cease to meet the relevant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">ESG criteria but may nevertheless remain in the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the Fund until the next review or rebalance by the Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Provider. As a result, certain securities in the Underlying Index, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index as a whole, may not meet the relevant ESG </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objectives or constraints at all times.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Large-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies to adapt to changing market conditions and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competitive challenges. Large-capitalization companies may be </span>more mature and subject to more limited growth potential </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of large-capitalization companies could trail the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Mid-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less stable and more susceptible to adverse developments. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of mid-capitalization companies may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and less liquid than those of large-capitalization companies. As a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">result, the Fund’s share price may be more volatile than that of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span></div> <div style="margin-top: pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;"></span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"></span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"></span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"></span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"></span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"></span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"></span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Technology Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Technology companies and companies that rely heavily on technological advances may have limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 150.94pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.32pt;"> <div style="display: flex; white-space: nowrap; width: 27.32pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 4.65pt;">4.82%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 251.99pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.32pt;"> <div style="display: flex; white-space: nowrap; width: 27.32pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 0.16pt;">22.26%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.32pt;"> <div style="display: flex; white-space: nowrap; width: 27.32pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-17.79%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0482 2025-06-30 Best Quarter 0.2226 2020-06-30 Worst Quarter -0.1779 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2005-01-24 0.2241 0.1415 0.1256 0.2206 0.1379 0.1217 0.1349 0.1130 0.1039 0.2508 0.1456 0.1308 0.2273 0.1442 0.1293 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® MORNINGSTAR GROWTH ETF Ticker: ILCGStock Exchange: NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares Morningstar Growth ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of large- and mid-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> 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: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0004 0 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 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: 8.55pt;">The Fund seeks to track the investment results of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> 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: 8.55pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which measures the performance of U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">stocks issued by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">large-mid capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies that have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exhibited above-average </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> characteristics as determined </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">by Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">large-mid capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> stocks as those </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">stocks that form approximately the top 90% of the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capitalization of the stocks eligible to be included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> 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: 8.55pt;"> (a diversified broad </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market index that represents approximately 99.5% of the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capitalization of publicly traded U.S. stocks and includes only </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">those stocks in the top 75% of companies in the investable </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">universe based on a liquidity score of the Index Provider). The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider then designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> based on their style orientations. The stocks in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index are designated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> because they are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issued by companies that typically have higher than average </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">historical and forecasted earnings, sales, book value and cash </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">flow growth.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The stocks in the Underlying Index are weighted according to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">total value of shares that are publicly owned and available for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment. As of April 30, 2025, a significant portion of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index is represented by securities of companies in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">technology industry or sector. The components of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and may invest up to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">20% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by Morningstar, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent of the Fund and BFA. The Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">determines the composition and relative weightings of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities in the Underlying Index and publishes information </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Large-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies to adapt to changing market conditions and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competitive challenges. Large-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more mature and subject to more limited growth potential </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of large-capitalization companies could trail the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Growth Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Growth securities are those issued by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies whose earnings growth potential appears to be greater </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">than the market in general and whose revenue growth is expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to continue for an extended period of time. The prices of growth </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities may be more volatile than those of other types of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments and can decline rapidly and significantly in reaction </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to negative news. Growth securities may underperform value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities and other types of assets as well as the overall stock </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market. Growth securities may go in and out of favor over time, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which could affect the performance of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index to vary from its normal or expected composition.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Mid-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less stable and more susceptible to adverse developments. The </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of mid-capitalization companies may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and less liquid than those of large-capitalization companies. As a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">result, the Fund’s share price may be more volatile than that of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Non-Diversification Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is classified as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">non-diversified.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> This means that, compared with funds that are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">diversified,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the Fund may invest a greater </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of its assets in securities or other instruments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">representing a small number of issuers or counterparties and thus </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be more susceptible to the risks associated with these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular issuers or counterparties. As a result, the Fund's </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance may depend to a greater extent on the performance </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of a small number of issuers or counterparties, which may lead to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more volatility in the Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Technology Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Technology companies and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that rely heavily on technological advances may have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">limited product lines, markets, financial resources, supply chains </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and personnel. These companies typically face intense </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competition, potentially rapid product obsolescence and changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in product cycles and customer preferences. They may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unexpected risks and costs associated with technological </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developments, such as artificial intelligence and machine learning. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Technology companies also depend heavily on intellectual </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">property rights and may be adversely affected by the loss or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impairment of those rights. Technology companies may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased government scrutiny and may be subject to adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 155.18pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 52.18pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 155.18pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.54pt;"> <div style="display: flex; white-space: nowrap; width: 29.54pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 7.55pt;">8.41%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 52.18pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 155.18pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.54pt;"> <div style="display: flex; white-space: nowrap; width: 29.54pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 2.38pt;">26.53%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 52.18pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 155.18pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.54pt;"> <div style="display: flex; white-space: nowrap; width: 29.54pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-22.78%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 52.18pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0841 2025-06-30 Best Quarter 0.2653 2020-06-30 Worst Quarter -0.2278 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2024)  2004-06-28 0.3298 0.1698 0.1558 0.3281 0.1682 0.1538 0.1962 0.1374 0.1318 0.2409 0.1396 0.1266 0.3304 0.1708 0.1585 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® MORNINGSTAR MID-CAP ETF Ticker: IMCBStock Exchange: NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares Morningstar Mid-Cap ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of mid-capitalization U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">equities.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0004 0 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 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: 8.55pt;">The Fund seeks to track the investment results of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> US Mid Cap 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: 8.55pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">measures the performance of U.S. stocks issued by mid-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies that have exhibited both </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> characteristics as determined by Morningstar, Inc. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">mid-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> stocks as those stocks that generally fall between </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the 70th and 90th percentile of the market capitalization of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> US Market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> (a diversified broad market index that </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">represents approximately 99.5% of the market capitalization of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">publicly traded U.S. stocks and includes only those stocks of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">top 75% of companies in the investable universe based on a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liquidity score of the Index Provider). The Index Provider then </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> based on their </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">style orientations. Stocks of companies with, for example, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">relatively higher average historical and forecasted earnings, sales, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">book value and cash flow growth would be designated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities. Stocks of companies with, for example, relatively low </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">valuations based on price-to-book ratios, price-to-earnings ratios </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and other factors are designated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> securities. Stocks that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exhibit both growth and value characteristics are designated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">blend</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> securities and are included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">stocks in the Underlying Index are weighted according to the total </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of shares that are publicly owned and available for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">As of April 30, 2025, a significant portion of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is represented by securities of companies in the technology </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">industry or sector. The components of the Underlying Index are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">likely to change over time.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and may invest up to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">20% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by Morningstar, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent of the Fund and BFA. The Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">determines the composition and relative weightings of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities in the Underlying Index and publishes information </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Mid-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less stable and more susceptible to adverse developments. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of mid-capitalization companies may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and less liquid than those of large-capitalization companies. As a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">result, the Fund’s share price may be more volatile than that of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Growth Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Growth securities are those issued by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies whose earnings growth potential appears to be greater </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">than the market in general and whose revenue growth is expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to continue for an extended period of time. The prices of growth </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities may be more volatile than those of other types of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments and can decline rapidly and significantly in reaction </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to negative news. Growth securities may underperform value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities and other types of assets as well as the overall stock </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market. Growth securities may go in and out of favor over time, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which could affect the performance of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Technology Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Technology companies and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that rely heavily on technological advances may have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">limited product lines, markets, financial resources, supply chains </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and personnel. These companies typically face intense </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competition, potentially rapid product obsolescence and changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in product cycles and customer preferences. They may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unexpected risks and costs associated with technological </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developments, such as artificial intelligence and machine learning. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Technology companies also depend heavily on intellectual </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">property rights and may be adversely affected by the loss or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impairment of those rights. Technology companies may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased government scrutiny and may be subject to adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Value Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Value securities are those issued by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that may be perceived as undervalued. Such securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may decline in price or fail to appreciate for long periods of time, </span></div><div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and they may never realize their full potential value. Value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities may underperform growth securities and other types of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets as well as the overall stock market. Value securities may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">go in and out of favor over time, which could affect the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of the Fund.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 150.94pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.4pt;"> <div style="display: flex; white-space: nowrap; width: 29.4pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.58pt;">5.16%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 251.99pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.4pt;"> <div style="display: flex; white-space: nowrap; width: 29.4pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 2.24pt;">20.68%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.4pt;"> <div style="display: flex; white-space: nowrap; width: 29.4pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-26.66%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0516 2025-06-30 Best Quarter 0.2068 2020-06-30 Worst Quarter -0.2666 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2004-06-28 0.1528 0.0935 0.0917 0.1487 0.0894 0.0874 0.0930 0.0731 0.0739 0.2409 0.1396 0.1266 0.1529 0.0943 0.0934 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® MORNINGSTAR MID-CAP GROWTH ETFTicker: IMCGStock Exchange: NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares Morningstar Mid-Cap Growth ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of mid-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> 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: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0006 0 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 35% of the average value of its portfolio. 0.35 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund seeks to track the investment results of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> 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: 8.55pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which measures the performance of U.S. stocks issued by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">mid-capitalization companies that have exhibited above-average </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> characteristics as determined by Morningstar, Inc. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">mid-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> stocks as those stocks that generally fall between </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the 70th and 90th percentile of the market capitalization of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> US Market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> (a diversified broad market index that </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">represents approximately 99.5% of the market capitalization of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">publicly traded U.S. stocks and includes only those stocks of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">top 75% of companies in the investable universe based on a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liquidity score of the Index Provider). The Index Provider then </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> based on their </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">style orientations. The stocks in the Underlying Index are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">designated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> because they are issued by companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that typically have higher than average historical and forecasted </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">earnings, sales, book value and cash flow growth. The stocks in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index are weighted according to the total value of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;">As of April 30, 2025, a significant portion of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is represented by securities of companies in the industrials and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">technology industries or sectors. The components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and may invest up to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">20% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by Morningstar, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent of the Fund and BFA. The Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">determines the composition and relative weightings of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities in the Underlying Index and publishes information </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Mid-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less stable and more susceptible to adverse developments. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of mid-capitalization companies may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and less liquid than those of large-capitalization companies. As a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">result, the Fund’s share price may be more volatile than that of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Growth Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Growth securities are those issued by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies whose earnings growth potential appears to be greater </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">than the market in general and whose revenue growth is expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to continue for an extended period of time. The prices of growth </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities may be more volatile than those of other types of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments and can decline rapidly and significantly in reaction </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to negative news. Growth securities may underperform value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities and other types of assets as well as the overall stock </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market. Growth securities may go in and out of favor over time, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which could affect the performance of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index to vary from its normal or expected composition.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Industrial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Industrial companies face a number </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of risks, including supply chain and distribution disruptions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business interruptions, product obsolescence, third-party vendor </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, cyber attacks, trade disputes, product recalls, liability </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">claims, scarcity of materials or parts, excess capacity, changes in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">consumer preferences, and volatility in commodity prices and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">currencies. The performance of such companies may also be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affected by technological developments, labor relations, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">legislative and regulatory changes, government spending policies, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and changes in domestic and international economies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span></div><div style="line-height: 9.50pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Technology Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Technology companies and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that rely heavily on technological advances may have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">limited product lines, markets, financial resources, supply chains </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and personnel. These companies typically face intense </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competition, potentially rapid product obsolescence and changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in product cycles and customer preferences. They may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unexpected risks and costs associated with technological </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developments, such as artificial intelligence and machine learning. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Technology companies also depend heavily on intellectual </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">property rights and may be adversely affected by the loss or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impairment of those rights. Technology companies may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased government scrutiny and may be subject to adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 9.50pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 155.18pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 52.18pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 155.18pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.32pt;"> <div style="display: flex; white-space: nowrap; width: 28.32pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 6.12pt;">6.74%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 52.18pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 155.18pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.32pt;"> <div style="display: flex; white-space: nowrap; width: 28.32pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 1.16pt;">34.59%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 52.18pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 155.18pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.32pt;"> <div style="display: flex; white-space: nowrap; width: 28.32pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-19.07%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 52.18pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0674 2025-06-30 Best Quarter 0.3459 2020-06-30 Worst Quarter -0.1907 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2024)  2004-06-28 0.1799 0.1218 0.1188 0.1774 0.1199 0.1173 0.1078 0.0969 0.0988 0.2409 0.1396 0.1266 0.1804 0.1230 0.1207 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® MORNINGSTAR MID-CAP VALUE ETF Ticker: IMCVStock Exchange: Nasdaq Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares Morningstar Mid-Cap Value ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of mid-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as apercentage of the value of your investments)1 0.0006 0 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 31% of the average value of its portfolio. 0.31 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund seeks to track the investment results of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> 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: 8.55pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which measures the performance of U.S. stocks issued by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">mid-capitalization companies that have exhibited </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">characteristics as determined by Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">mid-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">stocks as those stocks that generally fall between the 70th and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">90th percentile of the market capitalization of the stocks eligible </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> US Market Extended </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> (a diversified broad market index that represents </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">approximately 99.5% of the market capitalization of publicly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">traded U.S. stocks and includes only those stocks of the top 75% </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of companies in the investable universe based on a liquidity score </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of the Index Provider). The Index Provider then designates stocks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> based on their style orientations. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The stocks in the Underlying Index are designated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">because they are issued by companies that typically have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">relatively low valuations based on price-to-earnings, price-to-book </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value, price-to-sales, price-to-cash flow and dividend yields. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">stocks in the Underlying Index are weighted according to the total </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of shares that are publicly owned and available for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">As of April 30, 2025, a significant portion of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is represented by securities of companies in the financial services </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">industry or sector. The components of the Underlying Index are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and may invest up to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">20% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by Morningstar, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent of the Fund and BFA. The Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">determines the composition and relative weightings of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities in the Underlying Index and publishes information </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Mid-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less stable and more susceptible to adverse developments. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of mid-capitalization companies may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and less liquid than those of large-capitalization companies. As a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">result, the Fund’s share price may be more volatile than that of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Value Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Value securities are those issued by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that may be perceived as undervalued. Such securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may decline in price or fail to appreciate for long periods of time, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and they may never realize their full potential value. Value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities may underperform growth securities and other types of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets as well as the overall stock market. Value securities may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">go in and out of favor over time, which could affect the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Financial Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Financial services companies are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may adversely affect their profitability, the scope of their </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">activities, the prices they can charge, the amount of capital and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liquid assets they must maintain and their size, among other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">things. Financial services companies also may be significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affected by, among other things, interest rates, economic </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">downgrades, adverse public perception, exposure concentration </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 137.16pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.54pt;"> <div style="display: flex; white-space: nowrap; width: 29.54pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 6.93pt;">3.49%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.54pt;"> <div style="display: flex; white-space: nowrap; width: 29.54pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 2.34pt;">20.23%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 29.54pt;"> <div style="display: flex; white-space: nowrap; width: 29.54pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-35.53%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0349 2025-06-30 Best Quarter 0.2023 2020-12-31 Worst Quarter -0.3553 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2004-06-28 0.1242 0.0843 0.0856 0.1175 0.0774 0.0791 0.0775 0.0648 0.0680 0.2409 0.1396 0.1266 0.1244 0.0852 0.0876 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® MORNINGSTAR SMALL-CAP ETF Ticker: ISCBStock Exchange: NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares Morningstar Small-Cap ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of small-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S. equities.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0004 0 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 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: 8.55pt;">The Fund seeks to track the investment results of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> US Small Cap 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: 8.55pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which measures the performance of U.S. stocks issued by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">small-capitalization companies that have exhibited both </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> characteristics as determined by Morningstar, Inc. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">small-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> stocks as those stocks that generally fall </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">between the 90th and 99.5th percentile of the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capitalization of the stocks eligible to be included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> 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: 8.55pt;"> (a diversified broad </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market index that represents approximately 99.5% of the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capitalization of publicly traded U.S. stocks and includes only </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">those stocks of the top 75% of companies in the investable </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">universe based on a liquidity score of the Index Provider). The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">largest company in the Underlying Index of the Fund as of April </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">30, 2025 had a market capitalization of $15.68 billion. The Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Provider then designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">based on their style orientations. Stocks of companies with, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">example, relatively higher average historical and forecasted </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">earnings, sales, book value and cash flow growth would be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">designated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> securities. Stocks of companies with, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">example, relatively low valuations based on price-to-book ratios, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">price-to-earnings ratios and other factors are designated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> securities. Stocks that exhibit both growth and value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">characteristics are designated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">blend</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> securities and are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index. The stocks in the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index are weighted according to the total value of shares that are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">publicly owned and available for investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">As of April 30, 2025, a significant portion of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is represented by securities of companies in the financials and </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">industrials industries or sectors. The components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index are likely to change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and may invest up to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">20% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by Morningstar, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent of the Fund and BFA. The Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">determines the composition and relative weightings of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities in the Underlying Index and publishes information </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Small-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to mid- and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">large-capitalization companies, small-capitalization companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be less stable and more susceptible to adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developments. The securities of small-capitalization companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be more volatile and less liquid than those of mid- and large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies. As a result, the Fund’s share price may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be more volatile than that of a fund with a greater investment in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">large- or mid-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Financial Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Financial services companies are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may adversely affect their profitability, the scope of their </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">activities, the prices they can charge, the amount of capital and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liquid assets they must maintain and their size, among other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">things. Financial services companies also may be significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affected by, among other things, interest rates, economic </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">downgrades, adverse public perception, exposure concentration </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Growth Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Growth securities are those issued by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies whose earnings growth potential appears to be greater </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">than the market in general and whose revenue growth is expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to continue for an extended period of time. The prices of growth </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities may be more volatile than those of other types of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments and can decline rapidly and significantly in reaction </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to negative news. Growth securities may underperform value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities and other types of assets as well as the overall stock </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market. Growth securities may go in and out of favor over time, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which could affect the performance of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Industrial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Industrial companies face a number </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of risks, including supply chain and distribution disruptions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business interruptions, product obsolescence, third-party vendor </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, cyber attacks, trade disputes, product recalls, liability </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">claims, scarcity of materials or parts, excess capacity, changes in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">consumer preferences, and volatility in commodity prices and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">currencies. The performance of such companies may also be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affected by technological developments, labor relations, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">legislative and regulatory changes, government spending policies, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and changes in domestic and international economies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Value Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Value securities are those issued by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that may be perceived as undervalued. Such securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may decline in price or fail to appreciate for long periods of time, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and they may never realize their full potential value. Value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities may underperform growth securities and other types of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets as well as the overall stock market. Value securities may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">go in and out of favor over time, which could affect the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of the Fund.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 137.16pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.75pt;"> <div style="display: flex; white-space: nowrap; width: 27.75pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 2.75pt;">-0.52%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.75pt;"> <div style="display: flex; white-space: nowrap; width: 27.75pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 0.64pt;">26.29%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.75pt;"> <div style="display: flex; white-space: nowrap; width: 27.75pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-33.15%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0052 2025-06-30 Best Quarter 0.2629 2020-12-31 Worst Quarter -0.3315 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2004-06-28 0.1137 0.0610 0.0704 0.1098 0.0567 0.0660 0.0693 0.0466 0.0555 0.2409 0.1396 0.1266 0.1134 0.0603 0.0709 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® MORNINGSTAR SMALL-CAP GROWTH ETF Ticker: ISCGStock Exchange: NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares Morningstar Small-Cap Growth ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of small-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> 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: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div><div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0006 0 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 42% of the average value of its portfolio. 0.42 Principal Investment Strategies <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund seeks to track the investment results of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> 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: 8.55pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which measures the performance of U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">stocks issued by small-capitalization companies that have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exhibited above-average </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> characteristics as determined </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">by Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">small-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> stocks as those stocks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that generally fall between the 90th and 99.5th percentile of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market capitalization of the stocks eligible to be included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> 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: 8.55pt;"> (a diversified broad </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market index that represents approximately 99.5% of the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capitalization of publicly traded U.S. stocks and includes only </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">those stocks of the top 75% of companies in the investable </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">universe based on a liquidity score of the Index Provider). The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">largest company in the Underlying Index of the Fund as of April </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">30, 2025 had a market capitalization of $15.68 billion. The Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Provider then designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">based on their style orientations. The stocks in the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index are designated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> because they are issued by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that typically have higher than average historical and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">forecasted earnings, sales, book value and cash flow growth. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">stocks in the Underlying Index are weighted according to the total </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of shares that are publicly owned and available for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">As of April 30, 2025, a significant portion of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is represented by securities of companies in the healthcare, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">industrials, and technology industries or sectors. The components </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and may invest up to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">20% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by Morningstar, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent of the Fund and BFA. The Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">determines the composition and relative weightings of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities in the Underlying Index and publishes information </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Small-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to mid- and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">large-capitalization companies, small-capitalization companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be less stable and more susceptible to adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developments. The securities of small-capitalization companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be more volatile and less liquid than those of mid- and large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies. As a result, the Fund’s share price may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be more volatile than that of a fund with a greater investment in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">large- or mid-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Growth Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Growth securities are those issued by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies whose earnings growth potential appears to be greater </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">than the market in general and whose revenue growth is expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to continue for an extended period of time. The prices of growth </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities may be more volatile than those of other types of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments and can decline rapidly and significantly in reaction </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to negative news. Growth securities may underperform value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities and other types of assets as well as the overall stock </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market. Growth securities may go in and out of favor over time, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which could affect the performance of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Healthcare Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The profitability of healthcare </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be adversely affected by extensive government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regulations, restrictions on government reimbursement for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">medical expenses, rising costs of medical products and services, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">pricing pressure, the protection and expiration of patents, limited </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">product lines, supply chain issues, labor shortages and product </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liability claims, among other factors.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Industrial Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Industrial companies face a number </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of risks, including supply chain and distribution disruptions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business interruptions, product obsolescence, third-party vendor </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, cyber attacks, trade disputes, product recalls, liability </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">claims, scarcity of materials or parts, excess capacity, changes in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">consumer preferences, and volatility in commodity prices and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">currencies. The performance of such companies may also be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affected by technological developments, labor relations, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">legislative and regulatory changes, government spending policies, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and changes in domestic and international economies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Technology Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Technology companies and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that rely heavily on technological advances may have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">limited product lines, markets, financial resources, supply chains </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and personnel. These companies typically face intense </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competition, potentially rapid product obsolescence and changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in product cycles and customer preferences. They may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unexpected risks and costs associated with technological </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developments, such as artificial intelligence and machine learning. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Technology companies also depend heavily on intellectual </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">property rights and may be adversely affected by the loss or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impairment of those rights. Technology companies may face </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased government scrutiny and may be subject to adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">government or legal action.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 150.94pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.41pt;"> <div style="display: flex; white-space: nowrap; width: 27.41pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 4.8pt;">0.92%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 251.99pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.41pt;"> <div style="display: flex; white-space: nowrap; width: 27.41pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 0.2pt;">32.85%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 27.41pt;"> <div style="display: flex; white-space: nowrap; width: 27.41pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-21.51%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0092 2025-06-30 Best Quarter 0.3285 2020-06-30 Worst Quarter -0.2151 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2004-06-28 0.1344 0.0764 0.0889 0.1314 0.0743 0.0869 0.0804 0.0595 0.0723 0.2409 0.1396 0.1266 0.1339 0.0761 0.0893 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® MORNINGSTAR SMALL-CAP VALUE ETF Ticker: ISCVStock Exchange: NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares Morningstar Small-Cap Value ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of small-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> 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: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0006 0 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 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: 8.55pt;">The Fund seeks to track the investment results of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> 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: 8.55pt;"> (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which measures the performance of U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">stocks issued by small-capitalization companies that have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exhibited above-average </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> characteristics as determined by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Morningstar, Inc. (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Morningstar</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Morningstar defines </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">small capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> stocks as those stocks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that generally fall between the 90th and 99.5th percentile of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market capitalization of the stocks eligible to be included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt;"> 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: 8.55pt;"> (a diversified broad </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market index that represents approximately 99.5% of the market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capitalization of publicly traded U.S. stocks and includes only </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">those stocks of the top 75% of companies in the investable </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">universe based on a liquidity score of the Index Provider). The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">largest company in the Underlying Index of the Fund as of April </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">30, 2025 had a market capitalization of $15.68 billion. The Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Provider then designates stocks as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">blend,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">growth</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">based on their style orientations. The stocks in the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index are designated as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> because they are issued by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that typically have relatively low valuations based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">price-to earnings, price-to-book value, price-to sales, price-to-cash</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> flow and dividend yields. The stocks in the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">are weighted according to the total value of shares that are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">publicly owned and available for investment.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">As of April 30, 2025, a significant portion of the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is represented by securities of companies in the consumer goods </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and services and financial services industries or sectors. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components of the Underlying Index are likely to change over </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and may invest up to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">20% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by Morningstar, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">independent of the Fund and BFA. The Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">determines the composition and relative weightings of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities in the Underlying Index and publishes information </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regarding the market value of the Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Small-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to mid- and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">large-capitalization companies, small-capitalization companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be less stable and more susceptible to adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">developments. The securities of small-capitalization companies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be more volatile and less liquid than those of mid- and large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies. As a result, the Fund’s share price may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be more volatile than that of a fund with a greater investment in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">large- or mid-capitalization stocks.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Value Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Value securities are those issued by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies that may be perceived as undervalued. Such securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may decline in price or fail to appreciate for long periods of time, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and they may never realize their full potential value. Value </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities may underperform growth securities and other types of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets as well as the overall stock market. Value securities may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">go in and out of favor over time, which could affect the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Consumer Goods and Services Companies Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Consumer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">goods and services companies (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">consumer companies</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) face risks </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">related to changes in consumer preferences and disposable </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">income, commodity prices, government regulation, supply chain </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disruptions, damage to brand or reputation, economic slowdown </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and labor shortages, among other things.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Financial Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Financial services companies are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subject to extensive governmental regulation and intervention, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may adversely affect their profitability, the scope of their </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">activities, the prices they can charge, the amount of capital and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liquid assets they must maintain and their size, among other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">things. Financial services companies also may be significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affected by, among other things, interest rates, economic </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions, volatility in financial markets, credit rating </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">downgrades, adverse public perception, exposure concentration </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and counterparty risk.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 9.50pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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  <div style="margin-top: 0.0pt;"> <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 137.16pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.99pt;"> <div style="display: flex; white-space: nowrap; width: 28.99pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 3.99pt;">-2.03%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.99pt;"> <div style="display: flex; white-space: nowrap; width: 28.99pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 1.78pt;">33.33%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 137.16pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.99pt;"> <div style="display: flex; white-space: nowrap; width: 28.99pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-39.71%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 70.2pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> </div> Calendar Year-to-Date Return -0.0203 2025-06-30 Best Quarter 0.3333 2020-12-31 Worst Quarter -0.3971 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2004-06-28 0.0918 0.0815 0.0637 0.0859 0.0750 0.0570 0.0574 0.0625 0.0489 0.2409 0.1396 0.1266 0.0927 0.0823 0.0653 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® MORNINGSTAR U.S. EQUITY ETFTicker: ILCBStock Exchange: NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The iShares Morningstar U.S. Equity ETF (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) seeks to track the investment results of an index composed of large- and mid-capitalization</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> U.S. equities.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">advisory agreement between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Trust</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">the tables and examples below.</span></div> Annual Fund Operating Expenses(ongoing expenses that you pay each year as apercentage of the value of your investments)1 0.0003 0 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 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:8.55pt">The Fund seeks to track the investment results of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt"> US Large-Mid Cap 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:8.55pt"> (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which measures the performance of U.S. stocks issued by large-mid</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> capitalization companies that have exhibited similar </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">growth</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">value</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> characteristics, as determined by Morningstar, Inc. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Morningstar</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Morningstar defines </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">large-mid capitalization</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> stocks as those stocks that form </span><span style="color:#000000;font-family:arial;font-size:8.55pt">approximately the top 90% of the market capitalization of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt"> US Market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt"> (a diversified broad market index that </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">represents approximately 99.5% of the market capitalization of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">publicly traded U.S. stocks and includes only those stocks of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">top 75% of companies in the investable universe based on a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">liquidity score of the Index Provider). The Index Provider then </span><span style="color:#000000;font-family:arial;font-size:8.55pt">designates stocks as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">blend,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">growth</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">value</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> based on their </span><span style="color:#000000;font-family:arial;font-size:8.55pt">style orientations. Stocks of companies with, for example, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">relatively higher than average historical and forecasted earnings, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sales, book value and cash flow growth are designated as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">growth</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> securities. Stocks of companies with, for example, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">relatively low valuations based on price-to-book ratios, price-to-earnings</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> ratios and other factors are designated as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">value</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities. Stocks that exhibit both growth and value </span><span style="color:#000000;font-family:arial;font-size:8.55pt">characteristics are designated as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">blend</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> securities and are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index. The stocks in the Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index are weighted according to the total value of shares that are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">publicly owned and available for investment.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">As of April 30, 2025, a significant portion of the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">is represented by securities of companies in the technology </span><span style="color:#000000;font-family:arial;font-size:8.55pt">industry or sector. The components of the Underlying Index are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">likely to change over time.</span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">beat</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracks and does not seek temporary defensive positions when </span><span style="color:#000000;font-family:arial;font-size:8.55pt">markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing may eliminate the chance that the Fund will substantially </span><span style="color:#000000;font-family:arial;font-size:8.55pt">outperform the Underlying Index but also may reduce some of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks of active management, such as poor security selection. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing seeks to achieve lower costs and better after-tax </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance by aiming to keep portfolio turnover low in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses a representative sampling indexing strategy to manage </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves investing in a representative sample of securities that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collectively has an investment profile similar to that of an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">applicable underlying index. The securities selected are expected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to have, in the aggregate, investment characteristics (based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors such as market capitalization and industry weightings), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">fundamental characteristics (such as return variability and yield) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and liquidity measures similar to those of an applicable underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index. The Fund may or may not hold all of the securities in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund generally will invest at least 80% of its assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">component securities of its Underlying Index and may invest up to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">20% of its assets in certain futures, options and swap contracts, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">cash and cash equivalents, including shares of money market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, but which BFA believes will help </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments associated with a derivative position will be treated </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as part of that position for the purposes of calculating the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of investments included in the Underlying Index. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund seeks to track the investment results of the Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may lend securities representing up to one-third of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is sponsored by Morningstar, which </span><span style="color:#000000;font-family:arial;font-size:8.55pt">is</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">independent of the Fund and BFA. The Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">determines the composition and relative weightings of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities in the Underlying Index and publishes information </span><span style="color:#000000;font-family:arial;font-size:8.55pt">regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund will concentrate its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments (</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular industry or group of industries to approximately the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:8.55pt">purposes of this limitation, securities of the U.S. government </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements collateralized by U.S. government securities are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">considered to be issued by members of any industry.</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:8.55pt;font-style:italic;font-weight:bold">Risk of Investing in the U.S</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in U.S. issuers subjects </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">economic risks that are specific to the U.S. Certain changes in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Large-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies to adapt to changing market conditions and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competitive challenges. Large-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more mature and subject to more limited growth potential </span><span style="color:#000000;font-family:arial;font-size:8.55pt">compared with smaller-capitalization companies. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of large-capitalization companies could trail the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Equity Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Equity securities are subject to changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in value, and their values may be more volatile than those of other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes. The value of a security may decline for a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">reasons that may directly relate to the issuer as well as due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">general industry or market conditions. Common stock is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capital structure. Common stock has the lowest priority, and the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Market Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund could lose money over short periods due </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to short-term market movements and over longer periods during </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more prolonged market downturns. Local, regional or global </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events such as war, acts of terrorism, pandemics or other public </span><span style="color:#000000;font-family:arial;font-size:8.55pt">health issues, recessions, the prospect or occurrence of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sovereign default or other financial crisis, or other events could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">have a significant impact on the Fund and its investments and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">could result in increased premiums or discounts to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Index-Related Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Index Provider may rely on various </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index, including information that may be based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assurances that the Index Provider’s methodology or sources of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information will provide an accurate assessment of included </span><span style="color:#000000;font-family:arial;font-size:8.55pt">components or will result in the Fund meeting its investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">objective. Errors in index data, index computations or the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">construction of the Underlying Index in accordance with its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">methodology may occur, and the Index Provider may not identify </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or correct them promptly or at all, which may have an adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">impact on the Fund and its shareholders. Unusual market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions or other unforeseen circumstances (such as natural </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disasters, political unrest or war) may impact the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or a third-party data provider and could cause the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to postpone a scheduled rebalance. This could cause the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The securities and other assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to financial markets generally, a particular financial </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market, another index, or other asset classes.</span></div> <div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">  An </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">registered with the SEC, which has a written agreement with the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund or one of its service providers that allows the Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant to place orders for the purchase and redemption of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">creation units (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Only an Authorized Participant </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may engage in creation or redemption transactions directly with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. There are a limited number of institutions that may act </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as Authorized Participants for the Fund, including on an agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">basis on behalf of other market participants. No Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant is obligated to engage in creation or redemption </span><span style="color:#000000;font-family:arial;font-size:8.55pt">transactions. To the extent that Authorized Participants exit the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">business or do not place creation or redemption orders for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund and no other Authorized Participant places orders, Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares are more likely to trade at a premium or discount to NAV </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and possibly face trading halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be susceptible to an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affect the Fund’s investments more than the market as a whole, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to the extent that the Fund’s investments are concentrated in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities or other assets of one or more issuers, countries or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Growth Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Growth securities are those issued by </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies whose earnings growth potential appears to be greater </span><span style="color:#000000;font-family:arial;font-size:8.55pt">than the market in general and whose revenue growth is expected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to continue for an extended period of time. The prices of growth </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities may be more volatile than those of other types of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments and can decline rapidly and significantly in reaction </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to negative news. Growth securities may underperform value </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities and other types of assets as well as the overall stock </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market. Growth securities may go in and out of favor over time, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which could affect the performance of the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Issuer Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The performance of the Fund depends on the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund has exposure. The value of securities or other assets may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">decline, or perform differently from the market as a whole, due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">changes in the financial condition or credit rating of the issuer or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Management Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund generally does not attempt to take </span><span style="color:#000000;font-family:arial;font-size:8.55pt">defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declining markets. As the Fund will not fully replicate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, it is subject to the risk that the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment strategy of BFA may not produce the intended results. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">There is no guarantee that the Fund’s investment results will have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">a high degree of correlation to those of the Underlying Index or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Market Trading Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund faces numerous market trading </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks, including the potential lack of an active market for Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares (including through a trading halt), losses from trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">secondary markets, periods of high volatility, and disruptions in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the process of creating and redeeming Fund shares. Any of these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, among others, may lead to the Fund’s shares trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the secondary market at a premium or discount to NAV or to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares at a time when the market price is at a premium to NAV or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sell Fund shares at a time when the market price is at a discount </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">to NAV, you may pay significantly more or receive significantly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less than the underlying value of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Mid-Capitalization Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Compared to large-capitalization</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less stable and more susceptible to adverse developments. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities of mid-capitalization companies may be more volatile </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and less liquid than those of large-capitalization companies. As a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">result, the Fund’s share price may be more volatile than that of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Operational and Technology Risks</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is directly and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including those related to human errors, processing errors, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">AI</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may result in losses for the Fund and its shareholders or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may impair the Fund’s operations. While the Fund’s service </span><span style="color:#000000;font-family:arial;font-size:8.55pt">providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information security and cybersecurity risk management policies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and procedures, their methods of risk management may differ </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from those of the Fund. Operational and technology risks for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">issuers in which the Fund invests could also result in material </span><span style="color:#000000;font-family:arial;font-size:8.55pt">adverse consequences for such issuers and may cause the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Securities Lending Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may engage in securities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lose money because the borrower of the loaned securities fails to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">return the securities in a timely manner or at all. The Fund could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">also lose money in the event of a decline in the value of collateral </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provided for loaned securities or a decline in the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments made with cash collateral. These events could also </span><span style="color:#000000;font-family:arial;font-size:8.55pt">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Technology Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Technology companies and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies that rely heavily on technological advances may have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">limited product lines, markets, financial resources, supply chains </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and personnel. These companies typically face intense </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competition, potentially rapid product obsolescence and changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in product cycles and customer preferences. They may face </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unexpected risks and costs associated with technological </span><span style="color:#000000;font-family:arial;font-size:8.55pt">developments, such as artificial intelligence and machine learning. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Technology companies also depend heavily on intellectual </span><span style="color:#000000;font-family:arial;font-size:8.55pt">property rights and may be adversely affected by the loss or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">impairment of those rights. Technology companies may face </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased government scrutiny and may be subject to adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">government or legal action.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Tracking Error Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which is the divergence of the Fund’s performance from that of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Tracking error may occur due to a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, including differences between the securities and other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assets held in the Fund’s portfolio and those included in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; differences in the timing and methodologies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">used to value securities and other assets; transaction costs and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other expenses incurred by the Fund that the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the timing of the accrual or the valuation of dividends or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">interest received by the Fund or distributions paid to Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; tax gains or losses; differences between the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">amount and/or timing of withholding taxes on dividends reflected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the Underlying Index from the Fund’s obligation, if any, for </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">foreign withholding taxes; the requirements for the Fund to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">maintain pass-through tax treatment; portfolio transactions </span><span style="color:#000000;font-family:arial;font-size:8.55pt">carried out to minimize the distribution of capital gains to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; the acceptance of custom baskets; changes to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; and impacts to the Fund of complying with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">certain regulatory requirements or limits. Tracking error risk may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">be heightened during times of increased market volatility or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unusual market conditions.</span></div> <div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Value Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Value securities are those issued by </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies that may be perceived as undervalued. Such securities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may decline in price or fail to appreciate for long periods of time, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and they may never realize their full potential value. Value </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities may underperform growth securities and other types of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assets as well as the overall stock market. Value securities may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">go in and out of favor over time, which could affect the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of the Fund.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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 </span><span style="color:#000000;font-family:arial;font-size:8.55pt">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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:139.5pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:150.94pt;"> <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:7.60pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.64pt;"> <div style="line-height:11.50pt;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:7.60pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:11.50pt;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:7.60pt;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:150.94pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.54pt;"> <div style="display:flex;white-space:nowrap;width:29.54pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:6.93pt">6.34%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">June 30, 2025</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:251.99pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:9.50pt;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:150.94pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.54pt;"> <div style="display:flex;white-space:nowrap;width:29.54pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:3.49pt">19.69%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">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:150.94pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.54pt;"> <div style="display:flex;white-space:nowrap;width:29.54pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt">-20.24%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0634 2025-06-30 Best Quarter 0.1969 2020-06-30 Worst Quarter -0.2024 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2004-06-28 0.2503 0.1358 0.1217 0.2465 0.1318 0.1168 0.1505 0.1080 0.0998 0.2409 0.1396 0.1266 0.2507 0.1364 0.1231 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color:#000000;font-family:arial;font-size:8.55pt">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® MORNINGSTAR VALUE ETFTicker: ILCVStock Exchange: NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The iShares Morningstar Value ETF (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) seeks to track the investment results of an index composed of large- and mid-capitalization</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> 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:8.55pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">advisory agreement between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Trust</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">the tables and examples below.</span></div> Annual Fund Operating Expenses(ongoing expenses that you pay each year as apercentage of the value of your investments)1 0.0004 0 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 22% of the average value of its portfolio. 0.22 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund seeks to track the investment results of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt"> 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:8.55pt"> (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), which measures the performance of U.S. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">stocks issued by large-mid capitalization companies that have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">exhibited above-average </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">value</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> characteristics as determined by </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Morningstar, Inc. (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Morningstar</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Morningstar defines </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">large-mid capitalization</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> stocks as those </span><span style="color:#000000;font-family:arial;font-size:8.55pt">stocks that form approximately the top 90% of the market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capitalization of the stocks eligible to be included in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt"> 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:8.55pt"> (a diversified broad </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">market index that represents approximately 99.5% of the market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capitalization of publicly traded U.S. stocks and includes only </span><span style="color:#000000;font-family:arial;font-size:8.55pt">those stocks of the top 75% of companies in the investable </span><span style="color:#000000;font-family:arial;font-size:8.55pt">universe based on a liquidity score of the Index Provider). The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index Provider then designates stocks as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">blend,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">growth</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">value</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> based on their style orientations. The stocks in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index are designated as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">value</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> because they are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">issued by companies that typically have relatively low valuations </span><span style="color:#000000;font-family:arial;font-size:8.55pt">based on price-to-earnings, price-to-book value, price-to-sales, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">price-to-cash flow and dividend yields. The stocks in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index are weighted according to the total value of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt">As of April 30, 2025, a significant portion of the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">is represented by securities of companies in the financial services </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and technology industries or sectors. The components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">beat</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracks and does not seek temporary defensive positions when </span><span style="color:#000000;font-family:arial;font-size:8.55pt">markets decline or appear overvalued.</span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing may eliminate the chance that the Fund will substantially </span><span style="color:#000000;font-family:arial;font-size:8.55pt">outperform the Underlying Index but also may reduce some of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks of active management, such as poor security selection. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing seeks to achieve lower costs and better after-tax </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance by aiming to keep portfolio turnover low in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses a representative sampling indexing strategy to manage </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves investing in a representative sample of securities that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collectively has an investment profile similar to that of an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">applicable underlying index. The securities selected are expected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to have, in the aggregate, investment characteristics (based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors such as market capitalization and industry weightings), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">fundamental characteristics (such as return variability and yield) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and liquidity measures similar to those of an applicable underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index. The Fund may or may not hold all of the securities in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund generally will invest at least 80% of its assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">component securities of its Underlying Index and may invest up to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">20% of its assets in certain futures, options and swap contracts, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">cash and cash equivalents, including shares of money market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, but which BFA believes will help </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments associated with a derivative position will be treated </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as part of that position for the purposes of calculating the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of investments included in the Underlying Index. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund seeks to track the investment results of the Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may lend securities representing up to one-third of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is sponsored by Morningstar, which </span><span style="color:#000000;font-family:arial;font-size:8.55pt">is</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">independent of the Fund and BFA. The Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">determines the composition and relative weightings of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities in the Underlying Index and publishes information </span><span style="color:#000000;font-family:arial;font-size:8.55pt">regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund will concentrate its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments (</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular industry or group of industries to approximately the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:8.55pt">purposes of this limitation, securities of the U.S. government </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements collateralized by U.S. government securities are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">considered to be issued by members of any industry.</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:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Risk of Investing in the U.S</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in U.S. issuers subjects </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">economic risks that are specific to the U.S. Certain changes in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Large-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies to adapt to changing market conditions and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competitive challenges. Large-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more mature and subject to more limited growth potential </span><span style="color:#000000;font-family:arial;font-size:8.55pt">compared with smaller-capitalization companies. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of large-capitalization companies could trail the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Mid-Capitalization Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Compared to large-capitalization</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less stable and more susceptible to adverse developments. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities of mid-capitalization companies may be more volatile </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and less liquid than those of large-capitalization companies. As a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">result, the Fund’s share price may be more volatile than that of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Value Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Value securities are those issued by </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies that may be perceived as undervalued. Such securities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may decline in price or fail to appreciate for long periods of time, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and they may never realize their full potential value. Value </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities may underperform growth securities and other types of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assets as well as the overall stock market. Value securities may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">go in and out of favor over time, which could affect the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Equity Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Equity securities are subject to changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in value, and their values may be more volatile than those of other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes. The value of a security may decline for a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">reasons that may directly relate to the issuer as well as due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">general industry or market conditions. Common stock is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capital structure. Common stock has the lowest priority, and the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Market Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund could lose money over short periods due </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to short-term market movements and over longer periods during </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more prolonged market downturns. Local, regional or global </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events such as war, acts of terrorism, pandemics or other public </span><span style="color:#000000;font-family:arial;font-size:8.55pt">health issues, recessions, the prospect or occurrence of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sovereign default or other financial crisis, or other events could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">have a significant impact on the Fund and its investments and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">could result in increased premiums or discounts to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Index-Related Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Index Provider may rely on various </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index, including information that may be based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assurances that the Index Provider’s methodology or sources of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information will provide an accurate assessment of included </span><span style="color:#000000;font-family:arial;font-size:8.55pt">components or will result in the Fund meeting its investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">objective. Errors in index data, index computations or the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">construction of the Underlying Index in accordance with its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">methodology may occur, and the Index Provider may not identify </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or correct them promptly or at all, which may have an adverse </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">impact on the Fund and its shareholders. Unusual market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions or other unforeseen circumstances (such as natural </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disasters, political unrest or war) may impact the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or a third-party data provider and could cause the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to postpone a scheduled rebalance. This could cause the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The securities and other assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to financial markets generally, a particular financial </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">  An </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">registered with the SEC, which has a written agreement with the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund or one of its service providers that allows the Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant to place orders for the purchase and redemption of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">creation units (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Only an Authorized Participant </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may engage in creation or redemption transactions directly with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. There are a limited number of institutions that may act </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as Authorized Participants for the Fund, including on an agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">basis on behalf of other market participants. No Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant is obligated to engage in creation or redemption </span><span style="color:#000000;font-family:arial;font-size:8.55pt">transactions. To the extent that Authorized Participants exit the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">business or do not place creation or redemption orders for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund and no other Authorized Participant places orders, Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares are more likely to trade at a premium or discount to NAV </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and possibly face trading halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be susceptible to an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affect the Fund’s investments more than the market as a whole, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to the extent that the Fund’s investments are concentrated in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities or other assets of one or more issuers, countries or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Financial Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Financial services companies are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subject to extensive governmental regulation and intervention, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may adversely affect their profitability, the scope of their </span><span style="color:#000000;font-family:arial;font-size:8.55pt">activities, the prices they can charge, the amount of capital and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">liquid assets they must maintain and their size, among other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">things. Financial services companies also may be significantly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affected by, among other things, interest rates, economic </span><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions, volatility in financial markets, credit rating </span><span style="color:#000000;font-family:arial;font-size:8.55pt">downgrades, adverse public perception, exposure concentration </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and counterparty risk.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Issuer Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The performance of the Fund depends on the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund has exposure. The value of securities or other assets may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">decline, or perform differently from the market as a whole, due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">changes in the financial condition or credit rating of the issuer or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Management Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund generally does not attempt to take </span><span style="color:#000000;font-family:arial;font-size:8.55pt">defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declining markets. As the Fund will not fully replicate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, it is subject to the risk that the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment strategy of BFA may not produce the intended results. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">There is no guarantee that the Fund’s investment results will have </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">a high degree of correlation to those of the Underlying Index or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Market Trading Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund faces numerous market trading </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks, including the potential lack of an active market for Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares (including through a trading halt), losses from trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">secondary markets, periods of high volatility, and disruptions in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the process of creating and redeeming Fund shares. Any of these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, among others, may lead to the Fund’s shares trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the secondary market at a premium or discount to NAV or to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares at a time when the market price is at a premium to NAV or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sell Fund shares at a time when the market price is at a discount </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to NAV, you may pay significantly more or receive significantly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less than the underlying value of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Operational and Technology Risks</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is directly and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including those related to human errors, processing errors, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">AI</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may result in losses for the Fund and its shareholders or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may impair the Fund’s operations. While the Fund’s service </span><span style="color:#000000;font-family:arial;font-size:8.55pt">providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information security and cybersecurity risk management policies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and procedures, their methods of risk management may differ </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from those of the Fund. Operational and technology risks for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">issuers in which the Fund invests could also result in material </span><span style="color:#000000;font-family:arial;font-size:8.55pt">adverse consequences for such issuers and may cause the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Securities Lending Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may engage in securities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lose money because the borrower of the loaned securities fails to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">return the securities in a timely manner or at all. The Fund could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">also lose money in the event of a decline in the value of collateral </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provided for loaned securities or a decline in the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments made with cash collateral. These events could also </span><span style="color:#000000;font-family:arial;font-size:8.55pt">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Technology Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Technology companies and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies that rely heavily on technological advances may have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">limited product lines, markets, financial resources, supply chains </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and personnel. These companies typically face intense </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competition, potentially rapid product obsolescence and changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in product cycles and customer preferences. They may face </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unexpected risks and costs associated with technological </span><span style="color:#000000;font-family:arial;font-size:8.55pt">developments, such as artificial intelligence and machine learning. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Technology companies also depend heavily on intellectual </span><span style="color:#000000;font-family:arial;font-size:8.55pt">property rights and may be adversely affected by the loss or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">impairment of those rights. Technology companies may face </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased government scrutiny and may be subject to adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">government or legal action.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Tracking Error Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which is the divergence of the Fund’s performance from that of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Tracking error may occur due to a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, including differences between the securities and other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assets held in the Fund’s portfolio and those included in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; differences in the timing and methodologies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">used to value securities and other assets; transaction costs and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other expenses incurred by the Fund that the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not incur; the Fund’s holding of uninvested cash; differences </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">in the timing of the accrual or the valuation of dividends or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">interest received by the Fund or distributions paid to Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; tax gains or losses; differences between the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">amount and/or timing of withholding taxes on dividends reflected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color:#000000;font-family:arial;font-size:8.55pt">foreign withholding taxes; the requirements for the Fund to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">maintain pass-through tax treatment; portfolio transactions </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">carried out to minimize the distribution of capital gains to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; the acceptance of custom baskets; changes to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; and impacts to the Fund of complying with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">certain regulatory requirements or limits. Tracking error risk may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">be heightened during times of increased market volatility or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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 </span><span style="color:#000000;font-family:arial;font-size:8.55pt">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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:139.5pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:137.16pt;"> <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:7.60pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.64pt;"> <div style="line-height:11.50pt;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:7.60pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:11.50pt;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:7.60pt;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:137.16pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:27.75pt;"> <div style="display:flex;white-space:nowrap;width:27.75pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:5.13pt">3.98%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">June 30, 2025</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:9.50pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:9.50pt;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:137.16pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:27.75pt;"> <div style="display:flex;white-space:nowrap;width:27.75pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:1.55pt">14.54%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">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:137.16pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:27.75pt;"> <div style="display:flex;white-space:nowrap;width:27.75pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt">-25.14%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0398 2025-06-30 Best Quarter 0.1454 2020-12-31 Worst Quarter -0.2514 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2004-06-28 0.1711 0.0936 0.0945 0.1653 0.0870 0.0875 0.1050 0.0726 0.0755 0.2409 0.1396 0.1266 0.1717 0.0944 0.0962 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color:#000000;font-family:arial;font-size:8.55pt">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® CORE U.S. REIT ETFTicker: USRTStock Exchange: NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The iShares Core U.S. REIT ETF (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) seeks to track the investment results of an index composed of U.S. real estate equities.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">advisory agreement between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Trust</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">the tables and examples below.</span></div> Annual Fund Operating Expenses(ongoing expenses that you pay each year as apercentage of the value of your investments)1 0.0008 0 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 7% of the average value of its portfolio. 0.07 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund seeks to track the investment results of the FTSE Nareit </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Equity REITs 40 Act Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), which </span><span style="color:#000000;font-family:arial;font-size:8.55pt">measures the performance of U.S.-listed equity real estate </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment trusts (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">REITs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), excluding infrastructure REITs, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">mortgage REITs, and timber REITs. The Underlying Index will </span><span style="color:#000000;font-family:arial;font-size:8.55pt">constrain at its quarterly rebalance: (i) the weight of any single </span><span style="color:#000000;font-family:arial;font-size:8.55pt">company to a maximum of 22.5%, and (ii) the aggregate weight of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies exceeding 4.5% weight to a maximum of 22.5%. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Outside the scheduled quarterly index reviews, the Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index is rebalanced to: (i) the weight of any single company to a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">maximum of 24%, and (ii) the aggregate weight of companies </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">exceeding 4.8% weight to a maximum of 24%. As of April 30, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">2025, the Underlying Index is represented by the securities of 132 </span><span style="color:#000000;font-family:arial;font-size:8.55pt">REITs, which invest in U.S. real estate markets. The components </span><span style="color:#000000;font-family:arial;font-size:8.55pt">of the Underlying Index may change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">beat</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracks and does not seek temporary defensive positions when </span><span style="color:#000000;font-family:arial;font-size:8.55pt">markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing may eliminate the chance that the Fund will substantially </span><span style="color:#000000;font-family:arial;font-size:8.55pt">outperform the Underlying Index but also may reduce some of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks of active management, such as poor security selection. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing seeks to achieve lower costs and better after-tax </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance by aiming to keep portfolio turnover low in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses a representative sampling indexing strategy to manage </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves investing in a representative sample of securities that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collectively has an investment profile similar to that of an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">applicable underlying index. The securities selected are expected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to have, in the aggregate, investment characteristics (based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors such as market capitalization and industry weightings), </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">fundamental characteristics (such as return variability and yield) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and liquidity measures similar to those of an applicable underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index. The Fund may or may not hold all of the securities in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund generally will invest at least 80% of its assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">component securities of its Underlying Index and may invest up to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">20% of its assets in certain futures, options and swap contracts, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">cash and cash equivalents, including shares of money market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, but which BFA believes will help </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments associated with a derivative position will be treated </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as part of that position for the purposes of calculating the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of investments included in the Underlying Index. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund seeks to track the investment results of the Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may lend securities representing up to one-third of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is sponsored by FTSE International Limited </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">FTSE</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), which is</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and BFA. The Index Provider determines the composition and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">relative weightings of the securities in the Underlying Index and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">publishes information regarding the market value of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund will concentrate its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments (</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular industry or group of industries to approximately the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:8.55pt">purposes of this limitation, securities of the U.S. government </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements collateralized by U.S. government securities are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">considered to be issued by members of any industry.</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:8.55pt;font-style:italic;font-weight:bold">Risk of Investing in the U.S</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in U.S. issuers subjects </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">economic risks that are specific to the U.S. Certain changes in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Real Estate Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Real estate companies, which </span><span style="color:#000000;font-family:arial;font-size:8.55pt">include real estate investment trust (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">REITs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), real estate holding </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and operating companies, and real estate management or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">development companies, expose investors to the risks of owning </span><span style="color:#000000;font-family:arial;font-size:8.55pt">real estate directly as well as to the risks from the way that such </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies operate. Real estate is highly sensitive to general and </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">local economic conditions and can be subject to intense </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competition and periodic overbuilding. Other real estate risks </span><span style="color:#000000;font-family:arial;font-size:8.55pt">include decreases in property values, tax increases, zoning </span><span style="color:#000000;font-family:arial;font-size:8.55pt">changes, casualty or condemnation losses, environmental </span><span style="color:#000000;font-family:arial;font-size:8.55pt">liabilities, regulatory limitations on rent or eviction, and defaults </span><span style="color:#000000;font-family:arial;font-size:8.55pt">by borrowers or tenants. Real estate companies may be heavily </span><span style="color:#000000;font-family:arial;font-size:8.55pt">invested in one geographic region, industry or property type. They </span><span style="color:#000000;font-family:arial;font-size:8.55pt">also may be highly leveraged, which can magnify losses, and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">interest rate increases can make it difficult to obtain financing and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">service debt.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Equity Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Equity securities are subject to changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in value, and their values may be more volatile than those of other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes. The value of a security may decline for a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">reasons that may directly relate to the issuer as well as due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">general industry or market conditions. Common stock is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capital structure. Common stock has the lowest priority, and the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Market Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund could lose money over short periods due </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to short-term market movements and over longer periods during </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more prolonged market downturns. Local, regional or global </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events such as war, acts of terrorism, pandemics or other public </span><span style="color:#000000;font-family:arial;font-size:8.55pt">health issues, recessions, the prospect or occurrence of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sovereign default or other financial crisis, or other events could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">have a significant impact on the Fund and its investments and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">could result in increased premiums or discounts to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Index-Related Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Index Provider may rely on various </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index, including information that may be based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assurances that the Index Provider’s methodology or sources of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information will provide an accurate assessment of included </span><span style="color:#000000;font-family:arial;font-size:8.55pt">components or will result in the Fund meeting its investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">objective. Errors in index data, index computations or the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">construction of the Underlying Index in accordance with its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">methodology may occur, and the Index Provider may not identify </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or correct them promptly or at all, which may have an adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">impact on the Fund and its shareholders. Unusual market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions or other unforeseen circumstances (such as natural </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disasters, political unrest or war) may impact the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or a third-party data provider and could cause the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to postpone a scheduled rebalance. This could cause the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The securities and other assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to financial markets generally, a particular financial </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">  An </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">registered with the SEC, which has a written agreement with the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund or one of its service providers that allows the Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant to place orders for the purchase and redemption of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">creation units (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Only an Authorized Participant </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may engage in creation or redemption transactions directly with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. There are a limited number of institutions that may act </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as Authorized Participants for the Fund, including on an agency </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">basis on behalf of other market participants. No Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant is obligated to engage in creation or redemption </span><span style="color:#000000;font-family:arial;font-size:8.55pt">transactions. To the extent that Authorized Participants exit the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">business or do not place creation or redemption orders for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund and no other Authorized Participant places orders, Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares are more likely to trade at a premium or discount to NAV </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and possibly face trading halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be susceptible to an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affect the Fund’s investments more than the market as a whole, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to the extent that the Fund’s investments are concentrated in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities or other assets of one or more issuers, countries or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Dividend-Paying Stock Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in dividend-paying stocks </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves the risk that such stocks may fall out of favor with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investors and underperform other types of stocks or the broader </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market. Companies that issue dividend-paying stocks are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">required to pay or continue paying dividends on such stocks. It is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">possible that issuers of the stocks held by the Fund will not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declare dividends in the future or will reduce or eliminate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">payment of dividends (including reducing or eliminating </span><span style="color:#000000;font-family:arial;font-size:8.55pt">anticipated accelerations or increases in the payment of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">dividends), which may adversely affect the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Issuer Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The performance of the Fund depends on the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund has exposure. The value of securities or other assets may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">decline, or perform differently from the market as a whole, due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">changes in the financial condition or credit rating of the issuer or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Large-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies to adapt to changing market conditions and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competitive challenges. Large-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more mature and subject to more limited growth potential </span><span style="color:#000000;font-family:arial;font-size:8.55pt">compared with smaller-capitalization companies. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of large-capitalization companies could trail the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Management Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund generally does not attempt to take </span><span style="color:#000000;font-family:arial;font-size:8.55pt">defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declining markets. As the Fund will not fully replicate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, it is subject to the risk that the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment strategy of BFA may not produce the intended results. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">There is no guarantee that the Fund’s investment results will have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">a high degree of correlation to those of the Underlying Index or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Market Trading Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund faces numerous market trading </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks, including the potential lack of an active market for Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares (including through a trading halt), losses from trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">secondary markets, periods of high volatility, and disruptions in </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">the process of creating and redeeming Fund shares. Any of these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, among others, may lead to the Fund’s shares trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the secondary market at a premium or discount to NAV or to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares at a time when the market price is at a premium to NAV or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sell Fund shares at a time when the market price is at a discount </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to NAV, you may pay significantly more or receive significantly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less than the underlying value of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Operational and Technology Risks</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is directly and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including those related to human errors, processing errors, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">AI</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may result in losses for the Fund and its shareholders or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may impair the Fund’s operations. While the Fund’s service </span><span style="color:#000000;font-family:arial;font-size:8.55pt">providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information security and cybersecurity risk management policies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and procedures, their methods of risk management may differ </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from those of the Fund. Operational and technology risks for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">issuers in which the Fund invests could also result in material </span><span style="color:#000000;font-family:arial;font-size:8.55pt">adverse consequences for such issuers and may cause the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Securities Lending Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may engage in securities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lose money because the borrower of the loaned securities fails to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">return the securities in a timely manner or at all. The Fund could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">also lose money in the event of a decline in the value of collateral </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provided for loaned securities or a decline in the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments made with cash collateral. These events could also </span><span style="color:#000000;font-family:arial;font-size:8.55pt">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Tracking Error Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which is the divergence of the Fund’s performance from that of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Tracking error may occur due to a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, including differences between the securities and other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assets held in the Fund’s portfolio and those included in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; differences in the timing and methodologies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">used to value securities and other assets; transaction costs and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other expenses incurred by the Fund that the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the timing of the accrual or the valuation of dividends or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">interest received by the Fund or distributions paid to Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; tax gains or losses; differences between the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">amount and/or timing of withholding taxes on dividends reflected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color:#000000;font-family:arial;font-size:8.55pt">foreign withholding taxes; the requirements for the Fund to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">maintain pass-through tax treatment; portfolio transactions </span><span style="color:#000000;font-family:arial;font-size:8.55pt">carried out to minimize the distribution of capital gains to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; the acceptance of custom baskets; changes to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; and impacts to the Fund of complying with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">certain regulatory requirements or limits. Tracking error risk may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">be heightened during times of increased market volatility or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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 </span><span style="color:#000000;font-family:arial;font-size:8.55pt">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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:139.5pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:150.94pt;"> <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:7.60pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.64pt;"> <div style="line-height:11.50pt;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:7.60pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:11.50pt;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:7.60pt;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:150.94pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:28.46pt;"> <div style="display:flex;white-space:nowrap;width:28.46pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:5.17pt">-0.18%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">June 30, 2025</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:251.99pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:9.50pt;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:150.94pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:28.46pt;"> <div style="display:flex;white-space:nowrap;width:28.46pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:2.9pt">16.31%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">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:150.94pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:28.46pt;"> <div style="display:flex;white-space:nowrap;width:28.46pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt">-27.32%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return -0.0018 2025-06-30 Best Quarter 0.1631 2019-03-31 Worst Quarter -0.2732 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2007-05-01 0.0860 0.0419 0.0571 0.0758 0.0308 0.0430 0.0531 0.0282 0.0387 0.2381 0.1386 0.1255 0.0873 0.0427 0.0583 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color:#000000;font-family:arial;font-size:8.55pt">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® SELECT U.S. REIT ETFTicker: ICFStock Exchange: Cboe BZX Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The iShares Select U.S. REIT ETF (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) seeks to track the investment results of an index composed of U.S. real estate investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">trusts (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">REITs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">).</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">advisory agreement between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Trust</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0032 0 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:8.55pt">The Fund seeks to track the investment results of the Cohen &amp; </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Steers Realty Majors Index (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), which </span><span style="color:#000000;font-family:arial;font-size:8.55pt">consists of up to 30 relatively large and liquid REITs that may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">benefit from future consolidation and securitization of the U.S. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">real estate industry, as determined by Cohen &amp; Steers Capital </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Management, Inc. (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Cohen &amp; Steers</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). </span><span style="color:#000000;font-family:arial;font-size:8.55pt">REITs are selected for inclusion in the Underlying Index based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">a review of several factors, including management, portfolio </span><span style="color:#000000;font-family:arial;font-size:8.55pt">quality, capital structure, and property sector and geographic </span><span style="color:#000000;font-family:arial;font-size:8.55pt">diversification. Constituents also must meet minimum market </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">capitalization and trading volume requirements. The Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index is weighted according to the total free float adjusted market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of each constituent’s outstanding shares and is adjusted </span><span style="color:#000000;font-family:arial;font-size:8.55pt">quarterly so that no constituent represents more than 8% of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index. Additionally, at the quarterly rebalance, the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index uses a capping methodology to cap at 45% the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">aggregate weight of all constituents that individually exceed 4.5% </span><span style="color:#000000;font-family:arial;font-size:8.55pt">of the index weight. Between rebalances, constituent weights may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">exceed these constraints due to fluctuations in market value, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">corporate actions, or other events that change the index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">composition. As of April 30, 2025, a significant portion of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index is represented by REITs. The components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">beat</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracks and does not seek temporary defensive positions when </span><span style="color:#000000;font-family:arial;font-size:8.55pt">markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing may eliminate the chance that the Fund will substantially </span><span style="color:#000000;font-family:arial;font-size:8.55pt">outperform the Underlying Index but also may reduce some of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks of active management, such as poor security selection. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing seeks to achieve lower costs and better after-tax </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">performance by aiming to keep portfolio turnover low in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses a representative sampling indexing strategy to manage </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves investing in a representative sample of securities that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collectively has an investment profile similar to that of an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">applicable underlying index. The securities selected are expected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to have, in the aggregate, investment characteristics (based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors such as market capitalization and industry weightings), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">fundamental characteristics (such as return variability and yield) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and liquidity measures similar to those of an applicable underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index. The Fund may or may not hold all of the securities in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund generally will invest at least 80% of its assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">component securities of its Underlying Index and may invest up to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">20% of its assets in certain futures, options and swap contracts, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">cash and cash equivalents, including shares of money market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, but which BFA believes will help </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments associated with a derivative position will be treated </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as part of that position for the purposes of calculating the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of investments included in the Underlying Index. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund seeks to track the investment results of the Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may lend securities representing up to one-third of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is sponsored by Cohen &amp; Steers Capital </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Management, Inc. (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Cohen &amp; Steers</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which is</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">independent of the Fund and BFA. The Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">determines the composition and relative weightings of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities in the Underlying Index and publishes information </span><span style="color:#000000;font-family:arial;font-size:8.55pt">regarding the market value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund will concentrate its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments (</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular industry or group of industries to approximately the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:8.55pt">purposes of this limitation, securities of the U.S. government </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements collateralized by U.S. government securities are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">considered to be issued by members of any industry.</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:8.55pt;font-style:italic;font-weight:bold">Real Estate Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Real estate companies, which </span><span style="color:#000000;font-family:arial;font-size:8.55pt">include real estate investment trust (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">REITs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), real estate holding </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">and operating companies, and real estate management or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">development companies, expose investors to the risks of owning </span><span style="color:#000000;font-family:arial;font-size:8.55pt">real estate directly as well as to the risks from the way that such </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies operate. Real estate is highly sensitive to general and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">local economic conditions and can be subject to intense </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competition and periodic overbuilding. Other real estate risks </span><span style="color:#000000;font-family:arial;font-size:8.55pt">include decreases in property values, tax increases, zoning </span><span style="color:#000000;font-family:arial;font-size:8.55pt">changes, casualty or condemnation losses, environmental </span><span style="color:#000000;font-family:arial;font-size:8.55pt">liabilities, regulatory limitations on rent or eviction, and defaults </span><span style="color:#000000;font-family:arial;font-size:8.55pt">by borrowers or tenants. Real estate companies may be heavily </span><span style="color:#000000;font-family:arial;font-size:8.55pt">invested in one geographic region, industry or property type. They </span><span style="color:#000000;font-family:arial;font-size:8.55pt">also may be highly leveraged, which can magnify losses, and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">interest rate increases can make it difficult to obtain financing and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">service debt.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Risk of Investing in the U.S</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in U.S. issuers subjects </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">economic risks that are specific to the U.S. Certain changes in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Equity Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Equity securities are subject to changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in value, and their values may be more volatile than those of other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes. The value of a security may decline for a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">reasons that may directly relate to the issuer as well as due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">general industry or market conditions. Common stock is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capital structure. Common stock has the lowest priority, and the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Market Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund could lose money over short periods due </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to short-term market movements and over longer periods during </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more prolonged market downturns. Local, regional or global </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events such as war, acts of terrorism, pandemics or other public </span><span style="color:#000000;font-family:arial;font-size:8.55pt">health issues, recessions, the prospect or occurrence of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sovereign default or other financial crisis, or other events could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">have a significant impact on the Fund and its investments and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">could result in increased premiums or discounts to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Index-Related Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Index Provider may rely on various </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index, including information that may be based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assurances that the Index Provider’s methodology or sources of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information will provide an accurate assessment of included </span><span style="color:#000000;font-family:arial;font-size:8.55pt">components or will result in the Fund meeting its investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">objective. Errors in index data, index computations or the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">construction of the Underlying Index in accordance with its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">methodology may occur, and the Index Provider may not identify </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or correct them promptly or at all, which may have an adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">impact on the Fund and its shareholders. Unusual market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions or other unforeseen circumstances (such as natural </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disasters, political unrest or war) may impact the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or a third-party data provider and could cause the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to postpone a scheduled rebalance. This could cause the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The securities and other assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to financial markets generally, a particular financial </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market, another index, or other asset classes.</span></div> <div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">  An </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">registered with the SEC, which has a written agreement with the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund or one of its service providers that allows the Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant to place orders for the purchase and redemption of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">creation units (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Only an Authorized Participant </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may engage in creation or redemption transactions directly with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. There are a limited number of institutions that may act </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as Authorized Participants for the Fund, including on an agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">basis on behalf of other market participants. No Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant is obligated to engage in creation or redemption </span><span style="color:#000000;font-family:arial;font-size:8.55pt">transactions. To the extent that Authorized Participants exit the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">business or do not place creation or redemption orders for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund and no other Authorized Participant places orders, Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares are more likely to trade at a premium or discount to NAV </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and possibly face trading halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be susceptible to an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affect the Fund’s investments more than the market as a whole, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to the extent that the Fund’s investments are concentrated in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities or other assets of one or more issuers, countries or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Dividend-Paying Stock Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in dividend-paying stocks </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves the risk that such stocks may fall out of favor with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investors and underperform other types of stocks or the broader </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market. Companies that issue dividend-paying stocks are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">required to pay or continue paying dividends on such stocks. It is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">possible that issuers of the stocks held by the Fund will not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declare dividends in the future or will reduce or eliminate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">payment of dividends (including reducing or eliminating </span><span style="color:#000000;font-family:arial;font-size:8.55pt">anticipated accelerations or increases in the payment of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">dividends), which may adversely affect the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Issuer Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The performance of the Fund depends on the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund has exposure. The value of securities or other assets may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">decline, or perform differently from the market as a whole, due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">changes in the financial condition or credit rating of the issuer or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Management Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund generally does not attempt to take </span><span style="color:#000000;font-family:arial;font-size:8.55pt">defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declining markets. As the Fund will not fully replicate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, it is subject to the risk that the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment strategy of BFA may not produce the intended results. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">There is no guarantee that the Fund’s investment results will have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">a high degree of correlation to those of the Underlying Index or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Market Trading Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund faces numerous market trading </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks, including the potential lack of an active market for Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares (including through a trading halt), losses from trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">secondary markets, periods of high volatility, and disruptions in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the process of creating and redeeming Fund shares. Any of these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, among others, may lead to the Fund’s shares trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the secondary market at a premium or discount to NAV or to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares at a time when the market price is at a premium to NAV or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sell Fund shares at a time when the market price is at a discount </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">to NAV, you may pay significantly more or receive significantly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less than the underlying value of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Non-Diversification Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is classified as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">non-diversified.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> This means that, compared with funds that are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">classified as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">diversified,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the Fund may invest a greater </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of its assets in securities or other instruments </span><span style="color:#000000;font-family:arial;font-size:8.55pt">representing a small number of issuers or counterparties and thus </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular issuers or counterparties. As a result, the Fund's </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance may depend to a greater extent on the performance </span><span style="color:#000000;font-family:arial;font-size:8.55pt">of a small number of issuers or counterparties, which may lead to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more volatility in the Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Operational and Technology Risks</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is directly and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including those related to human errors, processing errors, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">AI</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may result in losses for the Fund and its shareholders or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may impair the Fund’s operations. While the Fund’s service </span><span style="color:#000000;font-family:arial;font-size:8.55pt">providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information security and cybersecurity risk management policies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and procedures, their methods of risk management may differ </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from those of the Fund. Operational and technology risks for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">issuers in which the Fund invests could also result in material </span><span style="color:#000000;font-family:arial;font-size:8.55pt">adverse consequences for such issuers and may cause the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Securities Lending Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may engage in securities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lose money because the borrower of the loaned securities fails to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">return the securities in a timely manner or at all. The Fund could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">also lose money in the event of a decline in the value of collateral </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provided for loaned securities or a decline in the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments made with cash collateral. These events could also </span><span style="color:#000000;font-family:arial;font-size:8.55pt">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Tracking Error Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which is the divergence of the Fund’s performance from that of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Tracking error may occur due to a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, including differences between the securities and other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assets held in the Fund’s portfolio and those included in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; differences in the timing and methodologies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">used to value securities and other assets; transaction costs and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other expenses incurred by the Fund that the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the timing of the accrual or the valuation of dividends or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">interest received by the Fund or distributions paid to Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; tax gains or losses; differences between the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">amount and/or timing of withholding taxes on dividends reflected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color:#000000;font-family:arial;font-size:8.55pt">foreign withholding taxes; the requirements for the Fund to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">maintain pass-through tax treatment; portfolio transactions </span><span style="color:#000000;font-family:arial;font-size:8.55pt">carried out to minimize the distribution of capital gains to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; the acceptance of custom baskets; changes to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; and impacts to the Fund of complying with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">certain regulatory requirements or limits. Tracking error risk may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">be heightened during times of increased market volatility or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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 </span><span style="color:#000000;font-family:arial;font-size:8.55pt">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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  <div style="margin-top:0.0pt;"> <table cellpadding="0" cellspacing="0" style="empty-cells:show;margin-left:139.5pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:137.16pt;"> <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:7.60pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.64pt;"> <div style="line-height:11.50pt;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:7.60pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:11.50pt;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:7.60pt;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:137.16pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:26.29pt;"> <div style="display:flex;white-space:nowrap;width:26.29pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:3.67pt">2.64%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">June 30, 2025</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:9.50pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:9.50pt;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:137.16pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:26.29pt;"> <div style="display:flex;white-space:nowrap;width:26.29pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:1.79pt">18.14%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">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:137.16pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:26.29pt;"> <div style="display:flex;white-space:nowrap;width:26.29pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt">-21.14%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">March 31, 2020</span></div> </div> </td> </tr> </table> </div> Calendar Year-to-Date Return 0.0264 2025-06-30 Best Quarter 0.1814 2023-12-31 Worst Quarter -0.2114 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2001-01-29 0.0530 0.0319 0.0523 0.0439 0.0230 0.0408 0.0334 0.0215 0.0362 0.2387 0.1378 0.1248 0.0568 0.0356 0.0561 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color:#000000;font-family:arial;font-size:8.55pt">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® U.S. BASIC MATERIALS ETFTicker: IYMStock Exchange: NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The iShares U.S. Basic Materials ETF (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) seeks to track the investment results of an index composed of U.S. equities in the basic </span><span style="color:#000000;font-family:arial;font-size:8.55pt">materials sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">advisory agreement between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Trust</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0038 0 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 19% of the average value of its portfolio. 0.19 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund seeks to track the investment results of the Russell </span><span style="color:#000000;font-family:arial;font-size:8.55pt">1000 Basic Materials RIC 22.5/45 Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), which measures the performance of the basic materials </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sector of the U.S. equity market, as defined by FTSE Russell (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). The Underlying Index includes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">large- and mid-capitalization companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is a subset of the Russell 1000 Index, which </span><span style="color:#000000;font-family:arial;font-size:8.55pt">is a float-adjusted capitalization-weighted index of equity </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities issued by approximately the 1,000 largest issuers in the </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of the broad U.S. equity market, as defined by </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index uses a capping methodology to constrain at </span><span style="color:#000000;font-family:arial;font-size:8.55pt">quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">determined by Russell) to a maximum of 22.5%, and (ii) the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">aggregate weight of all issuers that individually exceed 4.5% of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index weight to a maximum of 45%. The weight of one or more </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities in the Underlying Index may exceed these constraints </span><span style="color:#000000;font-family:arial;font-size:8.55pt">due to fluctuations in market value, corporate actions, or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events that change the index composition between quarterly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">rebalance dates.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Substantially all of the Underlying Index is expected to be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">represented by securities of companies in the basic materials </span><span style="color:#000000;font-family:arial;font-size:8.55pt">industry or sector. The components of the Underlying Index are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">beat</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracks and does not seek temporary defensive positions when </span><span style="color:#000000;font-family:arial;font-size:8.55pt">markets decline or appear overvalued.</span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing may eliminate the chance that the Fund will substantially </span><span style="color:#000000;font-family:arial;font-size:8.55pt">outperform the Underlying Index but also may reduce some of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks of active management, such as poor security selection. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing seeks to achieve lower costs and better after-tax </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance by aiming to keep portfolio turnover low in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses a representative sampling indexing strategy to manage </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves investing in a representative sample of securities that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collectively has an investment profile similar to that of an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">applicable underlying index. The securities selected are expected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to have, in the aggregate, investment characteristics (based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors such as market capitalization and industry weightings), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">fundamental characteristics (such as return variability and yield) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and liquidity measures similar to those of an applicable underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index. The Fund may or may not hold all of the securities in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund generally will invest at least 80% of its assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">component securities of its Underlying Index and may invest up to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">20% of its assets in certain futures, options and swap contracts, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">cash and cash equivalents, including shares of money market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, but which BFA believes will help </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments associated with a derivative position will be treated </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as part of that position for the purposes of calculating the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of investments included in the Underlying Index. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund seeks to track the investment results of the Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may lend securities representing up to one-third of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is sponsored by Russell, which is</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">part of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">London Stock Exchange Group and is independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and BFA. The Index Provider determines the composition and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">relative weightings of the securities in the Underlying Index and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">publishes information regarding the market value of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund will concentrate its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments (</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular industry or group of industries to approximately the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:8.55pt">purposes of this limitation, securities of the U.S. government </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements collateralized by U.S. government securities are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">considered to be issued by members of any industry.</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:8.55pt;font-style:italic;font-weight:bold">Risk of Investing in the U.S</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in U.S. issuers subjects </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">economic risks that are specific to the U.S. Certain changes in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Materials Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Materials companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">adversely affected by volatility in commodity prices, changes in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">exchange rates, social and political unrest, war, depletion of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">resources, lower demand, overproduction, litigation and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">government regulations, among other factors.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Equity Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Equity securities are subject to changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in value, and their values may be more volatile than those of other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes. The value of a security may decline for a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">reasons that may directly relate to the issuer as well as due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">general industry or market conditions. Common stock is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capital structure. Common stock has the lowest priority, and the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Market Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund could lose money over short periods due </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to short-term market movements and over longer periods during </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more prolonged market downturns. Local, regional or global </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events such as war, acts of terrorism, pandemics or other public </span><span style="color:#000000;font-family:arial;font-size:8.55pt">health issues, recessions, the prospect or occurrence of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sovereign default or other financial crisis, or other events could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">have a significant impact on the Fund and its investments and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">could result in increased premiums or discounts to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Index-Related Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Index Provider may rely on various </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index, including information that may be based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assurances that the Index Provider’s methodology or sources of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information will provide an accurate assessment of included </span><span style="color:#000000;font-family:arial;font-size:8.55pt">components or will result in the Fund meeting its investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">objective. Errors in index data, index computations or the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">construction of the Underlying Index in accordance with its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">methodology may occur, and the Index Provider may not identify </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or correct them promptly or at all, which may have an adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">impact on the Fund and its shareholders. Unusual market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions or other unforeseen circumstances (such as natural </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disasters, political unrest or war) may impact the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or a third-party data provider and could cause the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to postpone a scheduled rebalance. This could cause the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The securities and other assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to financial markets generally, a particular financial </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">  An </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">registered with the SEC, which has a written agreement with the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund or one of its service providers that allows the Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant to place orders for the purchase and redemption of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">creation units (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Only an Authorized Participant </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">may engage in creation or redemption transactions directly with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. There are a limited number of institutions that may act </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as Authorized Participants for the Fund, including on an agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">basis on behalf of other market participants. No Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant is obligated to engage in creation or redemption </span><span style="color:#000000;font-family:arial;font-size:8.55pt">transactions. To the extent that Authorized Participants exit the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">business or do not place creation or redemption orders for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund and no other Authorized Participant places orders, Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares are more likely to trade at a premium or discount to NAV </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and possibly face trading halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be susceptible to an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affect the Fund’s investments more than the market as a whole, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to the extent that the Fund’s investments are concentrated in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities or other assets of one or more issuers, countries or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Issuer Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The performance of the Fund depends on the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund has exposure. The value of securities or other assets may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">decline, or perform differently from the market as a whole, due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">changes in the financial condition or credit rating of the issuer or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Large-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies to adapt to changing market conditions and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competitive challenges. Large-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more mature and subject to more limited growth potential </span><span style="color:#000000;font-family:arial;font-size:8.55pt">compared with smaller-capitalization companies. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of large-capitalization companies could trail the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Management Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund generally does not attempt to take </span><span style="color:#000000;font-family:arial;font-size:8.55pt">defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declining markets. As the Fund will not fully replicate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, it is subject to the risk that the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment strategy of BFA may not produce the intended results. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">There is no guarantee that the Fund’s investment results will have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">a high degree of correlation to those of the Underlying Index or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Market Trading Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund faces numerous market trading </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks, including the potential lack of an active market for Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares (including through a trading halt), losses from trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">secondary markets, periods of high volatility, and disruptions in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the process of creating and redeeming Fund shares. Any of these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, among others, may lead to the Fund’s shares trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the secondary market at a premium or discount to NAV or to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares at a time when the market price is at a premium to NAV or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sell Fund shares at a time when the market price is at a discount </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to NAV, you may pay significantly more or receive significantly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less than the underlying value of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Mid-Capitalization Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Compared to large-capitalization</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less stable and more susceptible to adverse developments. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities of mid-capitalization companies may be more volatile </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and less liquid than those of large-capitalization companies. As a </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">result, the Fund’s share price may be more volatile than that of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Non-Diversification Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is classified as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">non-diversified.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> This means that, compared with funds that are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">classified as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">diversified,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the Fund may invest a greater </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of its assets in securities or other instruments </span><span style="color:#000000;font-family:arial;font-size:8.55pt">representing a small number of issuers or counterparties and thus </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular issuers or counterparties. As a result, the Fund's </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance may depend to a greater extent on the performance </span><span style="color:#000000;font-family:arial;font-size:8.55pt">of a small number of issuers or counterparties, which may lead to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more volatility in the Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Operational and Technology Risks</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is directly and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including those related to human errors, processing errors, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">AI</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may result in losses for the Fund and its shareholders or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may impair the Fund’s operations. While the Fund’s service </span><span style="color:#000000;font-family:arial;font-size:8.55pt">providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information security and cybersecurity risk management policies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and procedures, their methods of risk management may differ </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from those of the Fund. Operational and technology risks for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">issuers in which the Fund invests could also result in material </span><span style="color:#000000;font-family:arial;font-size:8.55pt">adverse consequences for such issuers and may cause the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Securities Lending Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may engage in securities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lose money because the borrower of the loaned securities fails to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">return the securities in a timely manner or at all. The Fund could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">also lose money in the event of a decline in the value of collateral </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provided for loaned securities or a decline in the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments made with cash collateral. These events could also </span><span style="color:#000000;font-family:arial;font-size:8.55pt">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Tracking Error Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which is the divergence of the Fund’s performance from that of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Tracking error may occur due to a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, including differences between the securities and other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assets held in the Fund’s portfolio and those included in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; differences in the timing and methodologies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">used to value securities and other assets; transaction costs and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other expenses incurred by the Fund that the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the timing of the accrual or the valuation of dividends or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">interest received by the Fund or distributions paid to Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; tax gains or losses; differences between the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">amount and/or timing of withholding taxes on dividends reflected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color:#000000;font-family:arial;font-size:8.55pt">foreign withholding taxes; the requirements for the Fund to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">maintain pass-through tax treatment; portfolio transactions </span><span style="color:#000000;font-family:arial;font-size:8.55pt">carried out to minimize the distribution of capital gains to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; the acceptance of custom baskets; changes to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; and impacts to the Fund of complying with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">certain regulatory requirements or limits. Tracking error risk may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">be heightened during times of increased market volatility or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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 </span><span style="color:#000000;font-family:arial;font-size:8.55pt">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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:139.5pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:150.94pt;"> <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:7.60pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.64pt;"> <div style="line-height:11.50pt;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:7.60pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:11.50pt;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:7.60pt;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:150.94pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.49pt;"> <div style="display:flex;white-space:nowrap;width:29.49pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:6.83pt">8.55%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">June 30, 2025</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:251.99pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:9.50pt;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:150.94pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.49pt;"> <div style="display:flex;white-space:nowrap;width:29.49pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:3.01pt">29.51%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">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:150.94pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.49pt;"> <div style="display:flex;white-space:nowrap;width:29.49pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt">-29.02%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0855 2025-06-30 Best Quarter 0.2951 2020-06-30 Worst Quarter -0.2902 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2000-06-12 -0.0453 0.0768 0.0650 -0.0487 0.0722 0.0606 -0.0240 0.0601 0.0516 0.2381 0.1386 0.1255 -0.0417 0.0809 0.0692 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color:#000000;font-family:arial;font-size:8.55pt">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® U.S. CONSUMER DISCRETIONARY ETFTicker: IYCStock Exchange: NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The iShares U.S. Consumer Discretionary ETF (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) 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:8.55pt">the consumer discretionary sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">advisory agreement between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Trust</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0038 0 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 22% of the average value of its portfolio. 0.22 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund seeks to track the investment results of the Russell </span><span style="color:#000000;font-family:arial;font-size:8.55pt">1000 Consumer Discretionary 40 Act 15/22.5 Daily Capped Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), which measures the performance of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">consumer discretionary sector of the U.S. equity market, as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">defined by FTSE Russell (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index includes large- and mid-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is a subset of the Russell 1000 Index, which </span><span style="color:#000000;font-family:arial;font-size:8.55pt">is a float-adjusted capitalization-weighted index of equity </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">securities issued by approximately the 1,000 largest issuers in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of the broad U.S. equity market, as defined by </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Index Provider classifies the Consumer Discretionary industry </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as including companies whose businesses tend to be the most </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sensitive to economic cycles and whose customers' purchasing </span><span style="color:#000000;font-family:arial;font-size:8.55pt">habits are considered cyclical in nature. The Consumer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Discretionary industry includes companies that manufacture and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">distribute household durable goods, apparel, home electronic </span><span style="color:#000000;font-family:arial;font-size:8.55pt">devices, leisure equipment, and automotive and related parts. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">services segment of Consumer Discretionary includes hotels, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">restaurants, retail/e-retail, passenger transportation, other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">leisure facilities and media companies that engage in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">entertainment content creation and traditional advertisement.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index uses a capping methodology to constrain at </span><span style="color:#000000;font-family:arial;font-size:8.55pt">quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">determined by Russell) to a maximum of 15%, and (ii) the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">aggregate weight of all issuers that individually exceed 4.5% of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index weight to a maximum of 22.5%. Between scheduled </span><span style="color:#000000;font-family:arial;font-size:8.55pt">quarterly index reviews, the Underlying Index is monitored daily </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">using constituent weights and forward looking information to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">ensure all companies that constitute more than 4.8% of the weight </span><span style="color:#000000;font-family:arial;font-size:8.55pt">of the Underlying Index do not constitute more than 24% of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">weight of the Underlying Index in the aggregate on a future date. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">On the calculation day where the threshold has been breached, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt">Substantially all of the Underlying Index is expected to be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">represented by securities of companies in the consumer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">discretionary industry or sector. The components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">beat</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracks and does not seek temporary defensive positions when </span><span style="color:#000000;font-family:arial;font-size:8.55pt">markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing may eliminate the chance that the Fund will substantially </span><span style="color:#000000;font-family:arial;font-size:8.55pt">outperform the Underlying Index but also may reduce some of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks of active management, such as poor security selection. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing seeks to achieve lower costs and better after-tax </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance by aiming to keep portfolio turnover low in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses a representative sampling indexing strategy to manage </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves investing in a representative sample of securities that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collectively has an investment profile similar to that of an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">applicable underlying index. The securities selected are expected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to have, in the aggregate, investment characteristics (based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors such as market capitalization and industry weightings), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">fundamental characteristics (such as return variability and yield) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and liquidity measures similar to those of an applicable underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index. The Fund may or may not hold all of the securities in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund generally will invest at least 80% of its assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">component securities of its Underlying Index and may invest up to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">20% of its assets in certain futures, options and swap contracts, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">cash and cash equivalents, including shares of money market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, but which BFA believes will help </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments associated with a derivative position will be treated </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as part of that position for the purposes of calculating the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of investments included in the Underlying Index. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund seeks to track the investment results of the Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may lend securities representing up to one-third of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is sponsored by Russell, which is</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">part of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">London Stock Exchange Group and is independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and BFA. The Index Provider determines the composition and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">relative weightings of the securities in the Underlying Index and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">publishes information regarding the market value of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund will concentrate its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments (</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular industry or group of industries to approximately the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">same extent that the Underlying Index is concentrated. For </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">purposes of this limitation, securities of the U.S. government </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements collateralized by U.S. government securities are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">considered to be issued by members of any industry.</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:8.55pt;font-style:italic;font-weight:bold">Risk of Investing in the U.S</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in U.S. issuers subjects </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">economic risks that are specific to the U.S. Certain changes in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Consumer Goods and Services Companies Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Consumer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">goods and services companies (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">consumer companies</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) face risks </span><span style="color:#000000;font-family:arial;font-size:8.55pt">related to changes in consumer preferences and disposable </span><span style="color:#000000;font-family:arial;font-size:8.55pt">income, commodity prices, government regulation, supply chain </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disruptions, damage to brand or reputation, economic slowdown </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and labor shortages, among other things.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Equity Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Equity securities are subject to changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in value, and their values may be more volatile than those of other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes. The value of a security may decline for a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">reasons that may directly relate to the issuer as well as due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">general industry or market conditions. Common stock is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capital structure. Common stock has the lowest priority, and the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Market Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund could lose money over short periods due </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to short-term market movements and over longer periods during </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more prolonged market downturns. Local, regional or global </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events such as war, acts of terrorism, pandemics or other public </span><span style="color:#000000;font-family:arial;font-size:8.55pt">health issues, recessions, the prospect or occurrence of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sovereign default or other financial crisis, or other events could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">have a significant impact on the Fund and its investments and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">could result in increased premiums or discounts to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Index-Related Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Index Provider may rely on various </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index, including information that may be based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assurances that the Index Provider’s methodology or sources of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information will provide an accurate assessment of included </span><span style="color:#000000;font-family:arial;font-size:8.55pt">components or will result in the Fund meeting its investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">objective. Errors in index data, index computations or the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">construction of the Underlying Index in accordance with its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">methodology may occur, and the Index Provider may not identify </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or correct them promptly or at all, which may have an adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">impact on the Fund and its shareholders. Unusual market </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions or other unforeseen circumstances (such as natural </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disasters, political unrest or war) may impact the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or a third-party data provider and could cause the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to postpone a scheduled rebalance. This could cause the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The securities and other assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to financial markets generally, a particular financial </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">  An </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">registered with the SEC, which has a written agreement with the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund or one of its service providers that allows the Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant to place orders for the purchase and redemption of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">creation units (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Only an Authorized Participant </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may engage in creation or redemption transactions directly with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. There are a limited number of institutions that may act </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as Authorized Participants for the Fund, including on an agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">basis on behalf of other market participants. No Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant is obligated to engage in creation or redemption </span><span style="color:#000000;font-family:arial;font-size:8.55pt">transactions. To the extent that Authorized Participants exit the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">business or do not place creation or redemption orders for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund and no other Authorized Participant places orders, Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares are more likely to trade at a premium or discount to NAV </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and possibly face trading halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be susceptible to an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affect the Fund’s investments more than the market as a whole, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to the extent that the Fund’s investments are concentrated in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities or other assets of one or more issuers, countries or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Issuer Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The performance of the Fund depends on the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund has exposure. The value of securities or other assets may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">decline, or perform differently from the market as a whole, due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">changes in the financial condition or credit rating of the issuer or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Large-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies to adapt to changing market conditions and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competitive challenges. Large-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more mature and subject to more limited growth potential </span><span style="color:#000000;font-family:arial;font-size:8.55pt">compared with smaller-capitalization companies. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of large-capitalization companies could trail the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Management Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund generally does not attempt to take </span><span style="color:#000000;font-family:arial;font-size:8.55pt">defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declining markets. As the Fund will not fully replicate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, it is subject to the risk that the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment strategy of BFA may not produce the intended results. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">There is no guarantee that the Fund’s investment results will have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">a high degree of correlation to those of the Underlying Index or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Market Trading Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund faces numerous market trading </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks, including the potential lack of an active market for Fund </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">shares (including through a trading halt), losses from trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">secondary markets, periods of high volatility, and disruptions in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the process of creating and redeeming Fund shares. Any of these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, among others, may lead to the Fund’s shares trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the secondary market at a premium or discount to NAV or to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares at a time when the market price is at a premium to NAV or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sell Fund shares at a time when the market price is at a discount </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to NAV, you may pay significantly more or receive significantly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less than the underlying value of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Mid-Capitalization Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Compared to large-capitalization</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less stable and more susceptible to adverse developments. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities of mid-capitalization companies may be more volatile </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and less liquid than those of large-capitalization companies. As a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">result, the Fund’s share price may be more volatile than that of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Operational and Technology Risks</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is directly and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including those related to human errors, processing errors, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">AI</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may result in losses for the Fund and its shareholders or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may impair the Fund’s operations. While the Fund’s service </span><span style="color:#000000;font-family:arial;font-size:8.55pt">providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information security and cybersecurity risk management policies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and procedures, their methods of risk management may differ </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from those of the Fund. Operational and technology risks for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">issuers in which the Fund invests could also result in material </span><span style="color:#000000;font-family:arial;font-size:8.55pt">adverse consequences for such issuers and may cause the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Securities Lending Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may engage in securities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lose money because the borrower of the loaned securities fails to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">return the securities in a timely manner or at all. The Fund could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">also lose money in the event of a decline in the value of collateral </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provided for loaned securities or a decline in the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments made with cash collateral. These events could also </span><span style="color:#000000;font-family:arial;font-size:8.55pt">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Tracking Error Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:9.50pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which is the divergence of the Fund’s performance from that of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Tracking error may occur due to a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, including differences between the securities and other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assets held in the Fund’s portfolio and those included in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; differences in the timing and methodologies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">used to value securities and other assets; transaction costs and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other expenses incurred by the Fund that the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the timing of the accrual or the valuation of dividends or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">interest received by the Fund or distributions paid to Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; tax gains or losses; differences between the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">amount and/or timing of withholding taxes on dividends reflected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color:#000000;font-family:arial;font-size:8.55pt">foreign withholding taxes; the requirements for the Fund to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">maintain pass-through tax treatment; portfolio transactions </span><span style="color:#000000;font-family:arial;font-size:8.55pt">carried out to minimize the distribution of capital gains to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; the acceptance of custom baskets; changes to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; and impacts to the Fund of complying with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">certain regulatory requirements or limits. Tracking error risk may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">be heightened during times of increased market volatility or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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 </span><span style="color:#000000;font-family:arial;font-size:8.55pt">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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:139.5pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:155.18pt;"> <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:7.60pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.64pt;"> <div style="line-height:11.50pt;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:7.60pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:52.18pt;"> <div style="line-height:11.50pt;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:7.60pt;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:155.18pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:28.87pt;"> <div style="display:flex;white-space:nowrap;width:28.87pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:6.38pt">3.87%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:52.18pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">June 30, 2025</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:9.50pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:9.50pt;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:155.18pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:28.87pt;"> <div style="display:flex;white-space:nowrap;width:28.87pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:1.66pt">23.80%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:52.18pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">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:155.18pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:28.87pt;"> <div style="display:flex;white-space:nowrap;width:28.87pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt">-24.21%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:52.18pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">June 30, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0387 2025-06-30 Best Quarter 0.2380 2020-06-30 Worst Quarter -0.2421 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2024)  2000-06-12 0.2759 0.1169 0.1172 0.2743 0.1152 0.1151 0.1643 0.0929 0.0971 0.2381 0.1386 0.1255 0.2799 0.1210 0.1217 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color:#000000;font-family:arial;font-size:8.55pt">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® U.S. CONSUMER STAPLES ETFTicker: IYKStock Exchange: NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The iShares U.S. Consumer Staples ETF (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) 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:8.55pt">consumer staples sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">advisory agreement between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Trust</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0038 0 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 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:8.55pt">The Fund seeks to track the investment results of the Russell </span><span style="color:#000000;font-family:arial;font-size:8.55pt">1000 Consumer Staples RIC 22.5/45 Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), which measures the performance of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">consumer staples sector of the U.S. equity market, as defined by </span><span style="color:#000000;font-family:arial;font-size:8.55pt">FTSE Russell (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). The Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index includes large- and mid-capitalization companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is a subset of the Russell 1000 Index, which </span><span style="color:#000000;font-family:arial;font-size:8.55pt">is a float-adjusted capitalization-weighted index of equity </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities issued by approximately the 1,000 largest issuers in the </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of the broad U.S. equity market, as defined by </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Index Provider classifies the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Consumer Staples</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> industry as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including companies whose businesses tend to be less sensitive </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to economic cycles and whose customers’ purchasing habits are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">non-cyclical in nature. The Consumer Staples industry includes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies that manufacture, distribute, and/or retail food, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">beverages, other non-durable household goods, drug-retailing </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies as well as agriculture, fishing, ranching and milling </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index uses a capping methodology to constrain at </span><span style="color:#000000;font-family:arial;font-size:8.55pt">quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">determined by Russell) to a maximum of 22.5%, and (ii) the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">aggregate weight of all issuers that individually exceed 4.5% of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index weight to a maximum of 45%. The weight of one or more </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities in the Underlying Index may exceed these constraints </span><span style="color:#000000;font-family:arial;font-size:8.55pt">due to fluctuations in market value, corporate actions, or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events that change the index composition between quarterly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">rebalance dates.</span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Substantially all of the Underlying Index is expected to be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">represented by securities of companies in the consumer staples </span><span style="color:#000000;font-family:arial;font-size:8.55pt">industry or sector. The components of the Underlying Index are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">beat</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracks and does not seek temporary defensive positions when </span><span style="color:#000000;font-family:arial;font-size:8.55pt">markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing may eliminate the chance that the Fund will substantially </span><span style="color:#000000;font-family:arial;font-size:8.55pt">outperform the Underlying Index but also may reduce some of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks of active management, such as poor security selection. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing seeks to achieve lower costs and better after-tax </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance by aiming to keep portfolio turnover low in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses a representative sampling indexing strategy to manage </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves investing in a representative sample of securities that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collectively has an investment profile similar to that of an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">applicable underlying index. The securities selected are expected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to have, in the aggregate, investment characteristics (based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors such as market capitalization and industry weightings), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">fundamental characteristics (such as return variability and yield) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and liquidity measures similar to those of an applicable underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index. The Fund may or may not hold all of the securities in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund generally will invest at least 80% of its assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">component securities of its Underlying Index and may invest up to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">20% of its assets in certain futures, options and swap contracts, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">cash and cash equivalents, including shares of money market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, but which BFA believes will help </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments associated with a derivative position will be treated </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as part of that position for the purposes of calculating the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of investments included in the Underlying Index. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund seeks to track the investment results of the Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may lend securities representing up to one-third of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is sponsored by Russell, which is</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">part of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">London Stock Exchange Group and is independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and BFA. The Index Provider determines the composition and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">relative weightings of the securities in the Underlying Index and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">publishes information regarding the market value of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund will concentrate its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments (</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular industry or group of industries to approximately the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:8.55pt">purposes of this limitation, securities of the U.S. government </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements collateralized by U.S. government securities are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">considered to be issued by members of any industry.</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:8.55pt;font-style:italic;font-weight:bold">Risk of Investing in the U.S</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in U.S. issuers subjects </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">economic risks that are specific to the U.S. Certain changes in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Consumer Goods and Services Companies Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Consumer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">goods and services companies (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">consumer companies</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) face risks </span><span style="color:#000000;font-family:arial;font-size:8.55pt">related to changes in consumer preferences and disposable </span><span style="color:#000000;font-family:arial;font-size:8.55pt">income, commodity prices, government regulation, supply chain </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disruptions, damage to brand or reputation, economic slowdown </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and labor shortages, among other things.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Equity Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Equity securities are subject to changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in value, and their values may be more volatile than those of other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes. The value of a security may decline for a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">reasons that may directly relate to the issuer as well as due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">general industry or market conditions. Common stock is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capital structure. Common stock has the lowest priority, and the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Market Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund could lose money over short periods due </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to short-term market movements and over longer periods during </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more prolonged market downturns. Local, regional or global </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events such as war, acts of terrorism, pandemics or other public </span><span style="color:#000000;font-family:arial;font-size:8.55pt">health issues, recessions, the prospect or occurrence of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sovereign default or other financial crisis, or other events could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">have a significant impact on the Fund and its investments and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">could result in increased premiums or discounts to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Index-Related Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Index Provider may rely on various </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index, including information that may be based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assurances that the Index Provider’s methodology or sources of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information will provide an accurate assessment of included </span><span style="color:#000000;font-family:arial;font-size:8.55pt">components or will result in the Fund meeting its investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">objective. Errors in index data, index computations or the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">construction of the Underlying Index in accordance with its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">methodology may occur, and the Index Provider may not identify </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or correct them promptly or at all, which may have an adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">impact on the Fund and its shareholders. Unusual market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions or other unforeseen circumstances (such as natural </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disasters, political unrest or war) may impact the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or a third-party data provider and could cause the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to postpone a scheduled rebalance. This could cause the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index to vary from its normal or expected composition.</span></div> <div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The securities and other assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to financial markets generally, a particular financial </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">  An </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">registered with the SEC, which has a written agreement with the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund or one of its service providers that allows the Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant to place orders for the purchase and redemption of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">creation units (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Only an Authorized Participant </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may engage in creation or redemption transactions directly with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. There are a limited number of institutions that may act </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as Authorized Participants for the Fund, including on an agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">basis on behalf of other market participants. No Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant is obligated to engage in creation or redemption </span><span style="color:#000000;font-family:arial;font-size:8.55pt">transactions. To the extent that Authorized Participants exit the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">business or do not place creation or redemption orders for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund and no other Authorized Participant places orders, Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares are more likely to trade at a premium or discount to NAV </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and possibly face trading halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be susceptible to an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affect the Fund’s investments more than the market as a whole, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to the extent that the Fund’s investments are concentrated in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities or other assets of one or more issuers, countries or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Issuer Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The performance of the Fund depends on the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund has exposure. The value of securities or other assets may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">decline, or perform differently from the market as a whole, due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">changes in the financial condition or credit rating of the issuer or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Large-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies to adapt to changing market conditions and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competitive challenges. Large-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more mature and subject to more limited growth potential </span><span style="color:#000000;font-family:arial;font-size:8.55pt">compared with smaller-capitalization companies. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of large-capitalization companies could trail the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Management Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund generally does not attempt to take </span><span style="color:#000000;font-family:arial;font-size:8.55pt">defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declining markets. As the Fund will not fully replicate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, it is subject to the risk that the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment strategy of BFA may not produce the intended results. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">There is no guarantee that the Fund’s investment results will have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">a high degree of correlation to those of the Underlying Index or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Market Trading Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund faces numerous market trading </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks, including the potential lack of an active market for Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares (including through a trading halt), losses from trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">secondary markets, periods of high volatility, and disruptions in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the process of creating and redeeming Fund shares. Any of these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, among others, may lead to the Fund’s shares trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the secondary market at a premium or discount to NAV or to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares at a time when the market price is at a premium to NAV or </span></div><div style="line-height:9.50pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">sell Fund shares at a time when the market price is at a discount </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to NAV, you may pay significantly more or receive significantly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less than the underlying value of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Mid-Capitalization Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Compared to large-capitalization</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less stable and more susceptible to adverse developments. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities of mid-capitalization companies may be more volatile </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and less liquid than those of large-capitalization companies. As a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">result, the Fund’s share price may be more volatile than that of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Non-Diversification Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is classified as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">non-diversified.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> This means that, compared with funds that are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">classified as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">diversified,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the Fund may invest a greater </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of its assets in securities or other instruments </span><span style="color:#000000;font-family:arial;font-size:8.55pt">representing a small number of issuers or counterparties and thus </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular issuers or counterparties. As a result, the Fund's </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance may depend to a greater extent on the performance </span><span style="color:#000000;font-family:arial;font-size:8.55pt">of a small number of issuers or counterparties, which may lead to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more volatility in the Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Operational and Technology Risks</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is directly and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including those related to human errors, processing errors, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">AI</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may result in losses for the Fund and its shareholders or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may impair the Fund’s operations. While the Fund’s service </span><span style="color:#000000;font-family:arial;font-size:8.55pt">providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information security and cybersecurity risk management policies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and procedures, their methods of risk management may differ </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from those of the Fund. Operational and technology risks for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">issuers in which the Fund invests could also result in material </span><span style="color:#000000;font-family:arial;font-size:8.55pt">adverse consequences for such issuers and may cause the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Securities Lending Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may engage in securities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lose money because the borrower of the loaned securities fails to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">return the securities in a timely manner or at all. The Fund could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">also lose money in the event of a decline in the value of collateral </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provided for loaned securities or a decline in the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments made with cash collateral. These events could also </span><span style="color:#000000;font-family:arial;font-size:8.55pt">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Tracking Error Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:9.50pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which is the divergence of the Fund’s performance from that of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Tracking error may occur due to a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, including differences between the securities and other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assets held in the Fund’s portfolio and those included in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; differences in the timing and methodologies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">used to value securities and other assets; transaction costs and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other expenses incurred by the Fund that the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the timing of the accrual or the valuation of dividends or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">interest received by the Fund or distributions paid to Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; tax gains or losses; differences between the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">amount and/or timing of withholding taxes on dividends reflected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color:#000000;font-family:arial;font-size:8.55pt">foreign withholding taxes; the requirements for the Fund to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">maintain pass-through tax treatment; portfolio transactions </span><span style="color:#000000;font-family:arial;font-size:8.55pt">carried out to minimize the distribution of capital gains to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; the acceptance of custom baskets; changes to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; and impacts to the Fund of complying with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">certain regulatory requirements or limits. Tracking error risk may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">be heightened during times of increased market volatility or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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 </span><span style="color:#000000;font-family:arial;font-size:8.55pt">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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:139.5pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:150.94pt;"> <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:7.60pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.64pt;"> <div style="line-height:11.50pt;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:7.60pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:11.50pt;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:7.60pt;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:150.94pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:28.63pt;"> <div style="display:flex;white-space:nowrap;width:28.63pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:6.01pt">8.56%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">June 30, 2025</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:251.99pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:9.50pt;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:150.94pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:28.63pt;"> <div style="display:flex;white-space:nowrap;width:28.63pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:2.34pt">18.38%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">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:150.94pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:28.63pt;"> <div style="display:flex;white-space:nowrap;width:28.63pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt">-18.30%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0856 2025-06-30 Best Quarter 0.1838 2020-06-30 Worst Quarter -0.1830 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2000-06-12 0.0530 0.1051 0.0893 0.0467 0.0994 0.0835 0.0361 0.0831 0.0718 0.2381 0.1386 0.1255 0.0570 0.1096 0.0937 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color:#000000;font-family:arial;font-size:8.55pt">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® U.S. ENERGY ETF Ticker: IYEStock Exchange: NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares U.S. Energy ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of U.S. equities in the energy sector.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0038 0 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 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: 8.55pt;">The Fund seeks to track the investment results of the Russell </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">1000 Energy RIC 22.5/45 Capped Index (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which measures the performance of the energy sector of the U.S. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">equity market, as defined by FTSE Russell (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Russell</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). The Underlying Index includes large- and mid-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is a subset of the Russell 1000 Index, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is a float-adjusted capitalization-weighted index of equity </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities issued by approximately the 1,000 largest issuers in the </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of the broad U.S. equity market, as defined by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Russell.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index uses a capping methodology to constrain at </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">determined by Russell) to a maximum of 22.5%, and (ii) the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">aggregate weight of all issuers that individually exceed 4.5% of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index weight to a maximum of 45%. The weight of one or more </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities in the Underlying Index may exceed these constraints </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">due to fluctuations in market value, corporate actions, or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events that change the index composition between quarterly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">rebalance dates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Substantially all of the Underlying Index is expected to be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">represented by securities of companies in the energy industry or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sector. The components of the Underlying Index are likely to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and may invest up to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">20% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by Russell, which is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">part of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">London Stock Exchange Group and is independent of the Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and BFA. The Index Provider determines the composition and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">relative weightings of the securities in the Underlying Index and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">publishes information regarding the market value of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Energy Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Companies in the energy sector may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adversely affected by volatility in energy and commodity prices, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lower demand, overproduction, depletion of resources, social and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">political unrest, war, trade disputes, government regulations and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">energy transition efforts, among other factors. The energy sector </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is cyclical and can be significantly impacted by changes in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic conditions. Some energy companies, such as those in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the oil and gas sector, face substantial costs related to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">exploration and production and significant operational risks. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Energy companies are at risk of environmental damage claims and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other litigation.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Large-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies to adapt to changing market conditions and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competitive challenges. Large-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more mature and subject to more limited growth potential </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of large-capitalization companies could trail the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="line-height: 9.50pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Mid-Capitalization Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Compared to large-capitalization</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> companies, mid-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less stable and more susceptible to adverse developments. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities of mid-capitalization companies may be more volatile </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and less liquid than those of large-capitalization companies. As a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">result, the Fund’s share price may be more volatile than that of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Non-Diversification Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is classified as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">non-diversified.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> This means that, compared with funds that are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">diversified,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the Fund may invest a greater </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of its assets in securities or other instruments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">representing a small number of issuers or counterparties and thus </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be more susceptible to the risks associated with these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular issuers or counterparties. As a result, the Fund's </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance may depend to a greater extent on the performance </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of a small number of issuers or counterparties, which may lead to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more volatility in the Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 9.50pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 150.94pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.08pt;"> <div style="display: flex; white-space: nowrap; width: 28.08pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 5.47pt;">0.63%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 251.99pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.08pt;"> <div style="display: flex; white-space: nowrap; width: 28.08pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 1.64pt;">36.91%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.08pt;"> <div style="display: flex; white-space: nowrap; width: 28.08pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-51.42%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0063 2025-06-30 Best Quarter 0.3691 2022-03-31 Worst Quarter -0.5142 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2000-06-12 0.0604 0.1115 0.0374 0.0537 0.1019 0.0287 0.0407 0.0863 0.0270 0.2381 0.1386 0.1255 0.0647 0.1159 0.0415 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® U.S. FINANCIAL SERVICES ETFTicker: IYGStock Exchange: NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The iShares U.S. Financial Services ETF (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) 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:8.55pt">financial services sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">advisory agreement between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Trust</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0038 0 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 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:8.55pt">The Fund seeks to track the investment results of the Dow Jones </span><span style="color:#000000;font-family:arial;font-size:8.55pt">U.S. Financial Services Index (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), which </span><span style="color:#000000;font-family:arial;font-size:8.55pt">measures the performance of the financial services sector of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">U.S. equity market. The Underlying Index is a subset of the Dow </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Jones U.S. Index (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Parent Index</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) and includes components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">following subsectors in the Parent Index: banks, asset managers, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">consumer finance, specialty finance, investments services and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">mortgage finance. The Underlying Index includes large-, mid- and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">small-capitalization companies and may change over time. As of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">April 30, 2025, a significant portion of the Underlying Index is </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">represented by securities of companies in the financials industry </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or sector. The components of the Underlying Index are likely to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">beat</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracks and does not seek temporary defensive positions when </span><span style="color:#000000;font-family:arial;font-size:8.55pt">markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing may eliminate the chance that the Fund will substantially </span><span style="color:#000000;font-family:arial;font-size:8.55pt">outperform the Underlying Index but also may reduce some of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks of active management, such as poor security selection. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing seeks to achieve lower costs and better after-tax </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance by aiming to keep portfolio turnover low in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses a representative sampling indexing strategy to manage </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves investing in a representative sample of securities that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collectively has an investment profile similar to that of an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">applicable underlying index. The securities selected are expected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to have, in the aggregate, investment characteristics (based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors such as market capitalization and industry weightings), </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">fundamental characteristics (such as return variability and yield) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and liquidity measures similar to those of an applicable underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index. The Fund may or may not hold all of the securities in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund generally will invest at least 80% of its assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">component securities of its Underlying Index and may invest up to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">20% of its assets in certain futures, options and swap contracts, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">cash and cash equivalents, including shares of money market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, but which BFA believes will help </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments associated with a derivative position will be treated </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as part of that position for the purposes of calculating the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of investments included in the Underlying Index. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund seeks to track the investment results of the Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may lend securities representing up to one-third of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is sponsored by S&amp;P Dow Jones Indices LLC </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">SPDJI</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), which is</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">independent of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund and BFA. The Index Provider determines the composition </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and relative weightings of the securities in the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and publishes information regarding the market value of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund will concentrate its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments (</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular industry or group of industries to approximately the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:8.55pt">purposes of this limitation, securities of the U.S. government </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements collateralized by U.S. government securities are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">considered to be issued by members of any industry.</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:8.55pt;font-style:italic;font-weight:bold">Risk of Investing in the U.S</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in U.S. issuers subjects </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">economic risks that are specific to the U.S. Certain changes in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Financial Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Financial services companies are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subject to extensive governmental regulation and intervention, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may adversely affect their profitability, the scope of their </span><span style="color:#000000;font-family:arial;font-size:8.55pt">activities, the prices they can charge, the amount of capital and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">liquid assets they must maintain and their size, among other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">things. Financial services companies also may be significantly </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">affected by, among other things, interest rates, economic </span><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions, volatility in financial markets, credit rating </span><span style="color:#000000;font-family:arial;font-size:8.55pt">downgrades, adverse public perception, exposure concentration </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and counterparty risk.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Equity Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Equity securities are subject to changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in value, and their values may be more volatile than those of other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes. The value of a security may decline for a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">reasons that may directly relate to the issuer as well as due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">general industry or market conditions. Common stock is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capital structure. Common stock has the lowest priority, and the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Market Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund could lose money over short periods due </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to short-term market movements and over longer periods during </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more prolonged market downturns. Local, regional or global </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events such as war, acts of terrorism, pandemics or other public </span><span style="color:#000000;font-family:arial;font-size:8.55pt">health issues, recessions, the prospect or occurrence of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sovereign default or other financial crisis, or other events could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">have a significant impact on the Fund and its investments and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">could result in increased premiums or discounts to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Index-Related Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Index Provider may rely on various </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index, including information that may be based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assurances that the Index Provider’s methodology or sources of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information will provide an accurate assessment of included </span><span style="color:#000000;font-family:arial;font-size:8.55pt">components or will result in the Fund meeting its investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">objective. Errors in index data, index computations or the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">construction of the Underlying Index in accordance with its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">methodology may occur, and the Index Provider may not identify </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or correct them promptly or at all, which may have an adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">impact on the Fund and its shareholders. Unusual market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions or other unforeseen circumstances (such as natural </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disasters, political unrest or war) may impact the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or a third-party data provider and could cause the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to postpone a scheduled rebalance. This could cause the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The securities and other assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to financial markets generally, a particular financial </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">  An </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">registered with the SEC, which has a written agreement with the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund or one of its service providers that allows the Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant to place orders for the purchase and redemption of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">creation units (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Only an Authorized Participant </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may engage in creation or redemption transactions directly with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. There are a limited number of institutions that may act </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as Authorized Participants for the Fund, including on an agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">basis on behalf of other market participants. No Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant is obligated to engage in creation or redemption </span><span style="color:#000000;font-family:arial;font-size:8.55pt">transactions. To the extent that Authorized Participants exit the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">business or do not place creation or redemption orders for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund and no other Authorized Participant places orders, Fund </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">shares are more likely to trade at a premium or discount to NAV </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and possibly face trading halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be susceptible to an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affect the Fund’s investments more than the market as a whole, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to the extent that the Fund’s investments are concentrated in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities or other assets of one or more issuers, countries or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Issuer Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The performance of the Fund depends on the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund has exposure. The value of securities or other assets may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">decline, or perform differently from the market as a whole, due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">changes in the financial condition or credit rating of the issuer or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Large-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies to adapt to changing market conditions and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competitive challenges. Large-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more mature and subject to more limited growth potential </span><span style="color:#000000;font-family:arial;font-size:8.55pt">compared with smaller-capitalization companies. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of large-capitalization companies could trail the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Management Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund generally does not attempt to take </span><span style="color:#000000;font-family:arial;font-size:8.55pt">defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declining markets. As the Fund will not fully replicate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, it is subject to the risk that the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment strategy of BFA may not produce the intended results. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">There is no guarantee that the Fund’s investment results will have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">a high degree of correlation to those of the Underlying Index or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Market Trading Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund faces numerous market trading </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks, including the potential lack of an active market for Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares (including through a trading halt), losses from trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">secondary markets, periods of high volatility, and disruptions in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the process of creating and redeeming Fund shares. Any of these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, among others, may lead to the Fund’s shares trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the secondary market at a premium or discount to NAV or to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares at a time when the market price is at a premium to NAV or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sell Fund shares at a time when the market price is at a discount </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to NAV, you may pay significantly more or receive significantly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less than the underlying value of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Non-Diversification Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is classified as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">non-diversified.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> This means that, compared with funds that are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">classified as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">diversified,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the Fund may invest a greater </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of its assets in securities or other instruments </span><span style="color:#000000;font-family:arial;font-size:8.55pt">representing a small number of issuers or counterparties and thus </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular issuers or counterparties. As a result, the Fund's </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance may depend to a greater extent on the performance </span><span style="color:#000000;font-family:arial;font-size:8.55pt">of a small number of issuers or counterparties, which may lead to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more volatility in the Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Operational and Technology Risks</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is directly and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including those related to human errors, processing errors, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">AI</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may result in losses for the Fund and its shareholders or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may impair the Fund’s operations. While the Fund’s service </span><span style="color:#000000;font-family:arial;font-size:8.55pt">providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information security and cybersecurity risk management policies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and procedures, their methods of risk management may differ </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from those of the Fund. Operational and technology risks for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">issuers in which the Fund invests could also result in material </span><span style="color:#000000;font-family:arial;font-size:8.55pt">adverse consequences for such issuers and may cause the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Securities Lending Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may engage in securities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lose money because the borrower of the loaned securities fails to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">return the securities in a timely manner or at all. The Fund could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">also lose money in the event of a decline in the value of collateral </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provided for loaned securities or a decline in the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments made with cash collateral. These events could also </span><span style="color:#000000;font-family:arial;font-size:8.55pt">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Tracking Error Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which is the divergence of the Fund’s performance from that of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Tracking error may occur due to a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, including differences between the securities and other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assets held in the Fund’s portfolio and those included in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; differences in the timing and methodologies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">used to value securities and other assets; transaction costs and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other expenses incurred by the Fund that the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the timing of the accrual or the valuation of dividends or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">interest received by the Fund or distributions paid to Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; tax gains or losses; differences between the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">amount and/or timing of withholding taxes on dividends reflected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color:#000000;font-family:arial;font-size:8.55pt">foreign withholding taxes; the requirements for the Fund to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">maintain pass-through tax treatment; portfolio transactions </span><span style="color:#000000;font-family:arial;font-size:8.55pt">carried out to minimize the distribution of capital gains to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; the acceptance of custom baskets; changes to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; and impacts to the Fund of complying with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">certain regulatory requirements or limits. Tracking error risk may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">be heightened during times of increased market volatility or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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 </span><span style="color:#000000;font-family:arial;font-size:8.55pt">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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:139.5pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:137.16pt;"> <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:7.60pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.64pt;"> <div style="line-height:11.50pt;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:7.60pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:11.50pt;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:7.60pt;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:137.16pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:28.11pt;"> <div style="display:flex;white-space:nowrap;width:28.11pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:1.74pt">10.77%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">June 30, 2025</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:9.50pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:9.50pt;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:137.16pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:28.11pt;"> <div style="display:flex;white-space:nowrap;width:28.11pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:1.03pt">23.67%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">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:137.16pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:28.11pt;"> <div style="display:flex;white-space:nowrap;width:28.11pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt">-31.98%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1077 2025-06-30 Best Quarter 0.2367 2020-12-31 Worst Quarter -0.3198 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2000-06-12 0.3195 0.1087 0.1158 0.3154 0.1041 0.1115 0.1915 0.0853 0.0950 0.2387 0.1378 0.1248 0.3245 0.1130 0.1203 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color:#000000;font-family:arial;font-size:8.55pt">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® U.S. FINANCIALS ETFTicker: IYFStock Exchange: NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The iShares U.S. Financials ETF (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) seeks to track the investment results of an index composed of U.S. equities in the financials </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">advisory agreement between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Trust</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0038 0 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 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:8.55pt">The Fund seeks to track the investment results of the Russell </span><span style="color:#000000;font-family:arial;font-size:8.55pt">1000 Financials 40 Act 15/22.5 Daily Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), which measures the performance of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">financials sector of the U.S. equity market, as defined by FTSE </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). The Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">includes large- and mid-capitalization companies. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is a subset of the Russell 1000 Index, which </span><span style="color:#000000;font-family:arial;font-size:8.55pt">is a float-adjusted capitalization-weighted index of equity </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities issued by approximately the 1,000 largest issuers in the </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of the broad U.S. equity market, as defined by </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index uses a capping methodology to constrain at </span><span style="color:#000000;font-family:arial;font-size:8.55pt">quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">determined by Russell) to a maximum of 15%, and (ii) the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">aggregate weight of all issuers that individually exceed 4.5% of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index weight to a maximum of 22.5%. Between scheduled </span><span style="color:#000000;font-family:arial;font-size:8.55pt">quarterly index reviews, the Underlying Index is monitored daily </span><span style="color:#000000;font-family:arial;font-size:8.55pt">using constituent weights and forward looking information to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">ensure all companies that constitute more than 4.8% of the weight </span><span style="color:#000000;font-family:arial;font-size:8.55pt">of the Underlying Index do not constitute more than 24% of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">weight of the Underlying Index in the aggregate. On the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">calculation day where the threshold has been breached, the index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">is recapped using the quarterly capping methodology.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Substantially all of the Underlying Index is expected to be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">represented by securities of companies in the financials industry </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or sector. The components of the Underlying Index are likely to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">change over time.</span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">beat</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracks and does not seek temporary defensive positions when </span><span style="color:#000000;font-family:arial;font-size:8.55pt">markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing may eliminate the chance that the Fund will substantially </span><span style="color:#000000;font-family:arial;font-size:8.55pt">outperform the Underlying Index but also may reduce some of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks of active management, such as poor security selection. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing seeks to achieve lower costs and better after-tax </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance by aiming to keep portfolio turnover low in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses a representative sampling indexing strategy to manage </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves investing in a representative sample of securities that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collectively has an investment profile similar to that of an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">applicable underlying index. The securities selected are expected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to have, in the aggregate, investment characteristics (based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors such as market capitalization and industry weightings), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">fundamental characteristics (such as return variability and yield) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and liquidity measures similar to those of an applicable underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index. The Fund may or may not hold all of the securities in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund generally will invest at least 80% of its assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">component securities of its Underlying Index and may invest up to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">20% of its assets in certain futures, options and swap contracts, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">cash and cash equivalents, including shares of money market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, but which BFA believes will help </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments associated with a derivative position will be treated </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as part of that position for the purposes of calculating the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of investments included in the Underlying Index. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund seeks to track the investment results of the Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may lend securities representing up to one-third of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is sponsored by Russell, which is</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">part of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">London Stock Exchange Group and is independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and BFA. The Index Provider determines the composition and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">relative weightings of the securities in the Underlying Index and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">publishes information regarding the market value of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund will concentrate its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments (</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular industry or group of industries to approximately the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:8.55pt">purposes of this limitation, securities of the U.S. government </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements collateralized by U.S. government securities are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">considered to be issued by members of any industry.</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:8.55pt;font-style:italic;font-weight:bold">Risk of Investing in the U.S</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in U.S. issuers subjects </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">economic risks that are specific to the U.S. Certain changes in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Financial Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Financial services companies are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subject to extensive governmental regulation and intervention, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may adversely affect their profitability, the scope of their </span><span style="color:#000000;font-family:arial;font-size:8.55pt">activities, the prices they can charge, the amount of capital and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">liquid assets they must maintain and their size, among other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">things. Financial services companies also may be significantly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affected by, among other things, interest rates, economic </span><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions, volatility in financial markets, credit rating </span><span style="color:#000000;font-family:arial;font-size:8.55pt">downgrades, adverse public perception, exposure concentration </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and counterparty risk.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Equity Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Equity securities are subject to changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in value, and their values may be more volatile than those of other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes. The value of a security may decline for a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">reasons that may directly relate to the issuer as well as due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">general industry or market conditions. Common stock is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capital structure. Common stock has the lowest priority, and the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Market Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund could lose money over short periods due </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to short-term market movements and over longer periods during </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more prolonged market downturns. Local, regional or global </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events such as war, acts of terrorism, pandemics or other public </span><span style="color:#000000;font-family:arial;font-size:8.55pt">health issues, recessions, the prospect or occurrence of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sovereign default or other financial crisis, or other events could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">have a significant impact on the Fund and its investments and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">could result in increased premiums or discounts to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Index-Related Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Index Provider may rely on various </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index, including information that may be based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assurances that the Index Provider’s methodology or sources of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information will provide an accurate assessment of included </span><span style="color:#000000;font-family:arial;font-size:8.55pt">components or will result in the Fund meeting its investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">objective. Errors in index data, index computations or the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">construction of the Underlying Index in accordance with its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">methodology may occur, and the Index Provider may not identify </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or correct them promptly or at all, which may have an adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">impact on the Fund and its shareholders. Unusual market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions or other unforeseen circumstances (such as natural </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disasters, political unrest or war) may impact the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or a third-party data provider and could cause the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to postpone a scheduled rebalance. This could cause the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index to vary from its normal or expected composition.</span></div> <div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The securities and other assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to financial markets generally, a particular financial </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">  An </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">registered with the SEC, which has a written agreement with the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund or one of its service providers that allows the Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant to place orders for the purchase and redemption of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">creation units (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Only an Authorized Participant </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may engage in creation or redemption transactions directly with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. There are a limited number of institutions that may act </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as Authorized Participants for the Fund, including on an agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">basis on behalf of other market participants. No Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant is obligated to engage in creation or redemption </span><span style="color:#000000;font-family:arial;font-size:8.55pt">transactions. To the extent that Authorized Participants exit the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">business or do not place creation or redemption orders for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund and no other Authorized Participant places orders, Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares are more likely to trade at a premium or discount to NAV </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and possibly face trading halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be susceptible to an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affect the Fund’s investments more than the market as a whole, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to the extent that the Fund’s investments are concentrated in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities or other assets of one or more issuers, countries or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Issuer Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The performance of the Fund depends on the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund has exposure. The value of securities or other assets may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">decline, or perform differently from the market as a whole, due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">changes in the financial condition or credit rating of the issuer or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Large-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies to adapt to changing market conditions and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competitive challenges. Large-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more mature and subject to more limited growth potential </span><span style="color:#000000;font-family:arial;font-size:8.55pt">compared with smaller-capitalization companies. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of large-capitalization companies could trail the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Management Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund generally does not attempt to take </span><span style="color:#000000;font-family:arial;font-size:8.55pt">defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declining markets. As the Fund will not fully replicate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, it is subject to the risk that the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment strategy of BFA may not produce the intended results. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">There is no guarantee that the Fund’s investment results will have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">a high degree of correlation to those of the Underlying Index or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Market Trading Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund faces numerous market trading </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks, including the potential lack of an active market for Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares (including through a trading halt), losses from trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">secondary markets, periods of high volatility, and disruptions in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the process of creating and redeeming Fund shares. Any of these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, among others, may lead to the Fund’s shares trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the secondary market at a premium or discount to NAV or to the </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares at a time when the market price is at a premium to NAV or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sell Fund shares at a time when the market price is at a discount </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to NAV, you may pay significantly more or receive significantly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less than the underlying value of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Mid-Capitalization Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Compared to large-capitalization</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less stable and more susceptible to adverse developments. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities of mid-capitalization companies may be more volatile </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and less liquid than those of large-capitalization companies. As a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">result, the Fund’s share price may be more volatile than that of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Operational and Technology Risks</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is directly and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including those related to human errors, processing errors, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">AI</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may result in losses for the Fund and its shareholders or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may impair the Fund’s operations. While the Fund’s service </span><span style="color:#000000;font-family:arial;font-size:8.55pt">providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information security and cybersecurity risk management policies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and procedures, their methods of risk management may differ </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from those of the Fund. Operational and technology risks for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">issuers in which the Fund invests could also result in material </span><span style="color:#000000;font-family:arial;font-size:8.55pt">adverse consequences for such issuers and may cause the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Securities Lending Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may engage in securities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lose money because the borrower of the loaned securities fails to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">return the securities in a timely manner or at all. The Fund could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">also lose money in the event of a decline in the value of collateral </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provided for loaned securities or a decline in the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments made with cash collateral. These events could also </span><span style="color:#000000;font-family:arial;font-size:8.55pt">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Tracking Error Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which is the divergence of the Fund’s performance from that of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Tracking error may occur due to a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, including differences between the securities and other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assets held in the Fund’s portfolio and those included in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; differences in the timing and methodologies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">used to value securities and other assets; transaction costs and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other expenses incurred by the Fund that the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the timing of the accrual or the valuation of dividends or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">interest received by the Fund or distributions paid to Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; tax gains or losses; differences between the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">amount and/or timing of withholding taxes on dividends reflected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color:#000000;font-family:arial;font-size:8.55pt">foreign withholding taxes; the requirements for the Fund to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">maintain pass-through tax treatment; portfolio transactions </span><span style="color:#000000;font-family:arial;font-size:8.55pt">carried out to minimize the distribution of capital gains to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; the acceptance of custom baskets; changes to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; and impacts to the Fund of complying with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">certain regulatory requirements or limits. Tracking error risk may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">be heightened during times of increased market volatility or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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 </span><span style="color:#000000;font-family:arial;font-size:8.55pt">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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:139.5pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:137.16pt;"> <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:7.60pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.64pt;"> <div style="line-height:11.50pt;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:7.60pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:11.50pt;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:7.60pt;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:137.16pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.49pt;"> <div style="display:flex;white-space:nowrap;width:29.49pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:4.92pt">10.15%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">June 30, 2025</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:9.50pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:9.50pt;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:137.16pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.49pt;"> <div style="display:flex;white-space:nowrap;width:29.49pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:3.25pt">18.26%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">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:137.16pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.49pt;"> <div style="display:flex;white-space:nowrap;width:29.49pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt">-28.95%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:70.2pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1015 2025-06-30 Best Quarter 0.1826 2020-12-31 Worst Quarter -0.2895 2020-03-31 Average Annual Total Returns(for the periods ended December 31, 2024) 2000-05-22 0.3138 0.1181 0.1129 0.3094 0.1135 0.1080 0.1884 0.0930 0.0919 0.2381 0.1386 0.1255 0.3188 0.1226 0.1173 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color:#000000;font-family:arial;font-size:8.55pt">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® U.S. HEALTHCARE ETF Ticker: IYHStock Exchange: NYSE Arca Investment Objective <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The iShares U.S. Healthcare ETF (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) seeks to track the investment results of an index composed of U.S. equities in the healthcare </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sector.</span></div> Fees and Expenses <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">advisory agreement between iShares Trust (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Trust</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) and BlackRock Fund Advisors (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Investment Advisory Agreement</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0038 0 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 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: 8.55pt;">The Fund seeks to track the investment results of the Russell </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">1000 Health Care RIC 22.5/45 Capped Index (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), which measures the performance of the healthcare </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sector of the U.S. equity market, as defined by FTSE Russell (the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index Provider</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Russell</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). The Underlying Index includes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">large- and mid-capitalization companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is a subset of the Russell 1000 Index, which </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">is a float-adjusted capitalization-weighted index of equity </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities issued by approximately the 1,000 largest issuers in the </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of the broad U.S. equity market, as defined by </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Russell.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index uses a capping methodology to constrain at </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">determined by Russell) to a maximum of 22.5%, and (ii) the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">aggregate weight of all issuers that individually exceed 4.5% of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index weight to a maximum of 45%. The weight of one or more </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities in the Underlying Index may exceed these constraints </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">due to fluctuations in market value, corporate actions, or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events that change the index composition between quarterly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">rebalance dates.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Substantially all of the Underlying Index is expected to be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">represented by securities of companies in the healthcare industry </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or sector. The components of the Underlying Index are likely to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">change over time.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment objective. The Fund does not try to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">beat</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the index it </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracks and does not seek temporary defensive positions when </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">markets decline or appear overvalued.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing may eliminate the chance that the Fund will substantially </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">outperform the Underlying Index but also may reduce some of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks of active management, such as poor security selection. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Indexing seeks to achieve lower costs and better after-tax </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance by aiming to keep portfolio turnover low in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to actively managed investment companies.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">BFA uses a representative sampling indexing strategy to manage </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Representative sampling</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is an indexing strategy that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">involves investing in a representative sample of securities that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collectively has an investment profile similar to that of an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">applicable underlying index. The securities selected are expected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to have, in the aggregate, investment characteristics (based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors such as market capitalization and industry weightings), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">fundamental characteristics (such as return variability and yield) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and liquidity measures similar to those of an applicable underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">index. The Fund may or may not hold all of the securities in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund generally will invest at least 80% of its assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">component securities of its Underlying Index and may invest up to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">20% of its assets in certain futures, options and swap contracts, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">cash and cash equivalents, including shares of money market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, but which BFA believes will help </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments associated with a derivative position will be treated </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as part of that position for the purposes of calculating the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of investments included in the Underlying Index. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund seeks to track the investment results of the Underlying </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Index before fees and expenses of the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may lend securities representing up to one-third of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">value of the Fund's total assets (including the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">collateral received).</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Underlying Index is sponsored by Russell, which is</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">part of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">London Stock Exchange Group and is independent of the Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and BFA. The Index Provider determines the composition and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">relative weightings of the securities in the Underlying Index and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">publishes information regarding the market value of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">Industry Concentration Policy.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund will concentrate its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">, hold 25% or more of its total assets) in a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular industry or group of industries to approximately the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">same extent that the Underlying Index is concentrated. For </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">purposes of this limitation, securities of the U.S. government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">(including its agencies and instrumentalities) and repurchase </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements collateralized by U.S. government securities are not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">considered to be issued by members of any industry.</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: 8.55pt; font-style: italic; font-weight: bold;">Risk of Investing in the U.S</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Investing in U.S. issuers subjects </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund to legal, regulatory, political, currency, security, and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">economic risks that are specific to the U.S. Certain changes in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Healthcare Companies Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The profitability of healthcare </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be adversely affected by extensive government </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">regulations, restrictions on government reimbursement for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">medical expenses, rising costs of medical products and services, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">pricing pressure, the protection and expiration of patents, limited </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">product lines, supply chain issues, labor shortages and product </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">liability claims, among other factors.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Equity Securities Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Equity securities are subject to changes </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in value, and their values may be more volatile than those of other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes. The value of a security may decline for a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">reasons that may directly relate to the issuer as well as due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">general industry or market conditions. Common stock is </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">subordinated to preferred securities and debt in a company’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">capital structure. Common stock has the lowest priority, and the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">greatest risk, with respect to dividends and any liquidation </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Market Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund could lose money over short periods due </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to short-term market movements and over longer periods during </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more prolonged market downturns. Local, regional or global </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">events such as war, acts of terrorism, pandemics or other public </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">health issues, recessions, the prospect or occurrence of a </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sovereign default or other financial crisis, or other events could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">have a significant impact on the Fund and its investments and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">could result in increased premiums or discounts to the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Index-Related Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Index Provider may rely on various </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sources of information to assess the criteria of components of the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index, including information that may be based on </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assurances that the Index Provider’s methodology or sources of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information will provide an accurate assessment of included </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">components or will result in the Fund meeting its investment </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">objective. Errors in index data, index computations or the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">construction of the Underlying Index in accordance with its </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">methodology may occur, and the Index Provider may not identify </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or correct them promptly or at all, which may have an adverse </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">impact on the Fund and its shareholders. Unusual market </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">conditions or other unforeseen circumstances (such as natural </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">disasters, political unrest or war) may impact the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">or a third-party data provider and could cause the Index Provider </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to postpone a scheduled rebalance. This could cause the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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: 8.55pt; font-style: italic; font-weight: bold;">Asset Class Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The securities and other assets in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">comparison to financial markets generally, a particular financial </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">market, another index, or other asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Authorized Participant Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">  An </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> is a member or participant of a clearing agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">registered with the SEC, which has a written agreement with the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund or one of its service providers that allows the Authorized </span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant to place orders for the purchase and redemption of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">creation units (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Creation Units</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Only an Authorized Participant </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may engage in creation or redemption transactions directly with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Fund. There are a limited number of institutions that may act </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">as Authorized Participants for the Fund, including on an agency </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">basis on behalf of other market participants. No Authorized </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Participant is obligated to engage in creation or redemption </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">transactions. To the extent that Authorized Participants exit the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">business or do not place creation or redemption orders for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund and no other Authorized Participant places orders, Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares are more likely to trade at a premium or discount to NAV </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and possibly face trading halts or delisting.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Concentration Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be susceptible to an </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">increased risk of loss, including losses due to adverse events that </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">affect the Fund’s investments more than the market as a whole, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to the extent that the Fund’s investments are concentrated in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">securities or other assets of one or more issuers, countries or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other geographic units, markets, industries, project types, or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">asset classes.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Issuer Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The performance of the Fund depends on the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of individual securities or other assets to which the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Fund has exposure. The value of securities or other assets may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">decline, or perform differently from the market as a whole, due to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">changes in the financial condition or credit rating of the issuer or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">counterparty.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Large-Capitalization Companies Risk.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> Large-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies may be less able than smaller-capitalization </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">companies to adapt to changing market conditions and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">competitive challenges. Large-capitalization companies may be </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more mature and subject to more limited growth potential </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">compared with smaller-capitalization companies. The </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance of large-capitalization companies could trail the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">overall performance of the broader securities markets.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Management Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund generally does not attempt to take </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">defensive positions under any market conditions, including </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">declining markets. As the Fund will not fully replicate the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index and may hold securities or other assets not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">included in the Underlying Index, it is subject to the risk that the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investment strategy of BFA may not produce the intended results. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">There is no guarantee that the Fund’s investment results will have </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">a high degree of correlation to those of the Underlying Index or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">that the Fund will achieve its investment objective.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Market Trading Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund faces numerous market trading </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">risks, including the potential lack of an active market for Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares (including through a trading halt), losses from trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">secondary markets, periods of high volatility, and disruptions in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the process of creating and redeeming Fund shares. Any of these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, among others, may lead to the Fund’s shares trading in </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the secondary market at a premium or discount to NAV or to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shares at a time when the market price is at a premium to NAV or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">sell Fund shares at a time when the market price is at a discount </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">to NAV, you may pay significantly more or receive significantly </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">less than the underlying value of the Fund shares.</span></div> <div style="line-height: 10.45pt; text-align: left;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Non-Diversification Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is classified as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">non-diversified.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> This means that, compared with funds that are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">classified as </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">diversified,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> the Fund may invest a greater </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">percentage of its assets in securities or other instruments </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">representing a small number of issuers or counterparties and thus </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be more susceptible to the risks associated with these </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">particular issuers or counterparties. As a result, the Fund's </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">performance may depend to a greater extent on the performance </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">of a small number of issuers or counterparties, which may lead to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">more volatility in the Fund’s NAV.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Operational and Technology Risks</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund is directly and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">indirectly susceptible to operational and technology risks, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">including those related to human errors, processing errors, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">communication errors, systems failures, cybersecurity incidents, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and the use of artificial intelligence and machine learning (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">AI</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">), </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which may result in losses for the Fund and its shareholders or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may impair the Fund’s operations. While the Fund’s service </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">providers are required to have appropriate operational, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">information security and cybersecurity risk management policies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and procedures, their methods of risk management may differ </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from those of the Fund. Operational and technology risks for the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">issuers in which the Fund invests could also result in material </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">adverse consequences for such issuers and may cause the Fund’s </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments in such issuers to lose value.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Securities Lending Risk. </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The Fund may engage in securities </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lending. Securities lending involves the risk that the Fund may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">lose money because the borrower of the loaned securities fails to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">return the securities in a timely manner or at all. The Fund could </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">also lose money in the event of a decline in the value of collateral </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">provided for loaned securities or a decline in the value of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">investments made with cash collateral. These events could also </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-style: italic; font-weight: bold;">Tracking Error Risk</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; font-weight: bold;">.</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;"> The Fund may be subject to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">tracking error,</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">which is the divergence of the Fund’s performance from that of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Tracking error may occur due to a number of </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">factors, including differences between the securities and other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">assets held in the Fund’s portfolio and those included in the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; differences in the timing and methodologies </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">used to value securities and other assets; transaction costs and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">other expenses incurred by the Fund that the Underlying Index </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the timing of the accrual or the valuation of dividends or </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">interest received by the Fund or distributions paid to Fund </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; tax gains or losses; differences between the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">amount and/or timing of withholding taxes on dividends reflected </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">foreign withholding taxes; the requirements for the Fund to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">maintain pass-through tax treatment; portfolio transactions </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">carried out to minimize the distribution of capital gains to </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">shareholders; the acceptance of custom baskets; changes to the </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">Underlying Index; and impacts to the Fund of complying with </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">certain regulatory requirements or limits. Tracking error risk may </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">be heightened during times of increased market volatility or other </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">unusual market conditions.</span></div> Performance Information <div style="margin-top: 6pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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 </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color: #000000; font-family: arial; font-size: 8.55pt; line-height: 10.45pt;"> </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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 <div style="margin-top: 0.0pt;"> <table cellpadding="0" cellspacing="0" style="empty-cells: show; margin-left: 139.5pt; width: 252pt;"> <tr style="height: 20pt;"> <td style="background-color: #ffffff; padding-bottom: 4pt; padding-top: 4pt; vertical-align: Bottom; width: 150.94pt;"> <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: 7.60pt; font-weight: bold;"> </span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 44.64pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; font-weight: bold;">Return (%)</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 11.50pt; 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: 7.60pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.54pt;"> <div style="display: flex; white-space: nowrap; width: 28.54pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 3.59pt;">-2.49%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 4pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">June 30, 2025</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: 251.99pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; 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: 9.50pt; 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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Best Quarter</span></div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.54pt;"> <div style="display: flex; white-space: nowrap; width: 28.54pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 2.34pt;">15.25%</span></div> </div> </div> </td> <td style="background-color: azure; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">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: 150.94pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt; margin-left: 8.0pt;">Worst Quarter</span></div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; white-space: nowrap; width: 44.64pt;"> <div style="line-height: 9.50pt; margin-left: 3pt; margin-right: 3pt; text-align: right; width: 38.64pt;"> <div style="display: flex; margin: auto; width: 28.54pt;"> <div style="display: flex; white-space: nowrap; width: 28.54pt;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">-12.72%</span></div> </div> </div> </td> <td style="background-color: #ffffff; padding-bottom: 2pt; padding-top: 2pt; vertical-align: Bottom; width: 56.41pt;"> <div style="line-height: 9.50pt; text-align: left;"> <div style="margin-left: 3pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial; font-size: 7.60pt;">March 31, 2020</span></div> </div> </td> </tr> </table> </div> Calendar Year-to-Date Return -0.0249 2025-06-30 Best Quarter 0.1525 2020-06-30 Worst Quarter -0.1272 2020-03-31 Average Annual Total Returns(for the periods ended December 31, 2024) 2000-06-12 0.0308 0.0747 0.0875 0.0279 0.0716 0.0840 0.0205 0.0585 0.0709 0.2381 0.1386 0.1255 0.0347 0.0788 0.0917 <div style="margin-top: 7pt;"><span style="color: #000000; font-family: arial; font-size: 8.55pt;">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">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, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">such as 401(k) plans or individual retirement accounts (</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">“</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">IRAs</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">”</span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color: #000000; font-family: arial; font-size: 8.55pt;">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® U.S. INDUSTRIALS ETFTicker: IYJStock Exchange: Cboe BZX Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The iShares U.S. Industrials ETF (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) seeks to track the investment results of an index composed of U.S. equities in the industrials </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">advisory agreement between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Trust</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">the tables and examples below.</span></div> Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments)1 0.0038 0 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 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:8.55pt">The Fund seeks to track the investment results of the Russell </span><span style="color:#000000;font-family:arial;font-size:8.55pt">1000 Industrials 40 Act 15/22.5 Daily Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), which measures the performance of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">industrials sector of the U.S. equity market, as defined by FTSE </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). The Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">includes large- and mid-capitalization companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is a subset of the Russell 1000 Index, which </span><span style="color:#000000;font-family:arial;font-size:8.55pt">is a float-adjusted capitalization-weighted index of equity </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities issued by approximately the 1,000 largest issuers in the </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of the broad U.S. equity market, as defined by </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index uses a capping methodology to constrain at </span><span style="color:#000000;font-family:arial;font-size:8.55pt">quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">determined by Russell) to a maximum of 15%, and (ii) the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">aggregate weight of all issuers that individually exceed 4.5% of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index weight to a maximum of 22.5%. Between scheduled </span><span style="color:#000000;font-family:arial;font-size:8.55pt">quarterly index reviews, the Underlying Index is monitored daily </span><span style="color:#000000;font-family:arial;font-size:8.55pt">using constituent weights and forward looking information to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">ensure all companies that constitute more than 4.8% of the weight </span><span style="color:#000000;font-family:arial;font-size:8.55pt">of the Underlying Index do not constitute more than 24% of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">weight of the Underlying Index in the aggregate. On the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">calculation day where the threshold has been breached, the index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">is recapped using the quarterly capping methodology. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Substantially all of the Underlying Index is expected to be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">represented by securities of companies in the industrials industry </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or sector. The components of the Underlying Index are likely to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">change over time.</span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">beat</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracks and does not seek temporary defensive positions when </span><span style="color:#000000;font-family:arial;font-size:8.55pt">markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing may eliminate the chance that the Fund will substantially </span><span style="color:#000000;font-family:arial;font-size:8.55pt">outperform the Underlying Index but also may reduce some of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks of active management, such as poor security selection. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing seeks to achieve lower costs and better after-tax </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance by aiming to keep portfolio turnover low in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses a representative sampling indexing strategy to manage </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves investing in a representative sample of securities that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collectively has an investment profile similar to that of an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">applicable underlying index. The securities selected are expected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to have, in the aggregate, investment characteristics (based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors such as market capitalization and industry weightings), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">fundamental characteristics (such as return variability and yield) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and liquidity measures similar to those of an applicable underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index. The Fund may or may not hold all of the securities in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund generally will invest at least 80% of its assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">component securities of its Underlying Index and may invest up to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">20% of its assets in certain futures, options and swap contracts, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">cash and cash equivalents, including shares of money market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, but which BFA believes will help </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments associated with a derivative position will be treated </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as part of that position for the purposes of calculating the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of investments included in the Underlying Index. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund seeks to track the investment results of the Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may lend securities representing up to one-third of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is sponsored by Russell, which is</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">part of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">London Stock Exchange Group and is independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and BFA. The Index Provider determines the composition and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">relative weightings of the securities in the Underlying Index and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">publishes information regarding the market value of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund will concentrate its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments (</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular industry or group of industries to approximately the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:8.55pt">purposes of this limitation, securities of the U.S. government </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements collateralized by U.S. government securities are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">considered to be issued by members of any industry.</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:8.55pt;font-style:italic;font-weight:bold">Risk of Investing in the U.S</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in U.S. issuers subjects </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">economic risks that are specific to the U.S. Certain changes in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Industrial Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Industrial companies face a number </span><span style="color:#000000;font-family:arial;font-size:8.55pt">of risks, including supply chain and distribution disruptions, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">business interruptions, product obsolescence, third-party vendor </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks, cyber attacks, trade disputes, product recalls, liability </span><span style="color:#000000;font-family:arial;font-size:8.55pt">claims, scarcity of materials or parts, excess capacity, changes in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">consumer preferences, and volatility in commodity prices and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">currencies. The performance of such companies may also be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affected by technological developments, labor relations, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">legislative and regulatory changes, government spending policies, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and changes in domestic and international economies.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Equity Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Equity securities are subject to changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in value, and their values may be more volatile than those of other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes. The value of a security may decline for a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">reasons that may directly relate to the issuer as well as due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">general industry or market conditions. Common stock is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capital structure. Common stock has the lowest priority, and the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Market Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund could lose money over short periods due </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to short-term market movements and over longer periods during </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more prolonged market downturns. Local, regional or global </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events such as war, acts of terrorism, pandemics or other public </span><span style="color:#000000;font-family:arial;font-size:8.55pt">health issues, recessions, the prospect or occurrence of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sovereign default or other financial crisis, or other events could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">have a significant impact on the Fund and its investments and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">could result in increased premiums or discounts to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Index-Related Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Index Provider may rely on various </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index, including information that may be based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assurances that the Index Provider’s methodology or sources of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information will provide an accurate assessment of included </span><span style="color:#000000;font-family:arial;font-size:8.55pt">components or will result in the Fund meeting its investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">objective. Errors in index data, index computations or the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">construction of the Underlying Index in accordance with its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">methodology may occur, and the Index Provider may not identify </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or correct them promptly or at all, which may have an adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">impact on the Fund and its shareholders. Unusual market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions or other unforeseen circumstances (such as natural </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disasters, political unrest or war) may impact the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or a third-party data provider and could cause the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to postpone a scheduled rebalance. This could cause the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index to vary from its normal or expected composition.</span></div> <div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The securities and other assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to financial markets generally, a particular financial </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">  An </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">registered with the SEC, which has a written agreement with the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund or one of its service providers that allows the Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant to place orders for the purchase and redemption of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">creation units (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Only an Authorized Participant </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may engage in creation or redemption transactions directly with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. There are a limited number of institutions that may act </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as Authorized Participants for the Fund, including on an agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">basis on behalf of other market participants. No Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant is obligated to engage in creation or redemption </span><span style="color:#000000;font-family:arial;font-size:8.55pt">transactions. To the extent that Authorized Participants exit the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">business or do not place creation or redemption orders for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund and no other Authorized Participant places orders, Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares are more likely to trade at a premium or discount to NAV </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and possibly face trading halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be susceptible to an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affect the Fund’s investments more than the market as a whole, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to the extent that the Fund’s investments are concentrated in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities or other assets of one or more issuers, countries or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Issuer Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The performance of the Fund depends on the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund has exposure. The value of securities or other assets may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">decline, or perform differently from the market as a whole, due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">changes in the financial condition or credit rating of the issuer or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Large-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies to adapt to changing market conditions and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competitive challenges. Large-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more mature and subject to more limited growth potential </span><span style="color:#000000;font-family:arial;font-size:8.55pt">compared with smaller-capitalization companies. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of large-capitalization companies could trail the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Management Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund generally does not attempt to take </span><span style="color:#000000;font-family:arial;font-size:8.55pt">defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declining markets. As the Fund will not fully replicate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, it is subject to the risk that the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment strategy of BFA may not produce the intended results. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">There is no guarantee that the Fund’s investment results will have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">a high degree of correlation to those of the Underlying Index or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Market Trading Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund faces numerous market trading </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks, including the potential lack of an active market for Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares (including through a trading halt), losses from trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">secondary markets, periods of high volatility, and disruptions in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the process of creating and redeeming Fund shares. Any of these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, among others, may lead to the Fund’s shares trading in </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">the secondary market at a premium or discount to NAV or to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares at a time when the market price is at a premium to NAV or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sell Fund shares at a time when the market price is at a discount </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to NAV, you may pay significantly more or receive significantly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less than the underlying value of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Mid-Capitalization Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Compared to large-capitalization</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less stable and more susceptible to adverse developments. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities of mid-capitalization companies may be more volatile </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and less liquid than those of large-capitalization companies. As a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">result, the Fund’s share price may be more volatile than that of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Operational and Technology Risks</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is directly and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including those related to human errors, processing errors, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">AI</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may result in losses for the Fund and its shareholders or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may impair the Fund’s operations. While the Fund’s service </span><span style="color:#000000;font-family:arial;font-size:8.55pt">providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information security and cybersecurity risk management policies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and procedures, their methods of risk management may differ </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from those of the Fund. Operational and technology risks for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">issuers in which the Fund invests could also result in material </span><span style="color:#000000;font-family:arial;font-size:8.55pt">adverse consequences for such issuers and may cause the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Securities Lending Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may engage in securities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lose money because the borrower of the loaned securities fails to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">return the securities in a timely manner or at all. The Fund could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">also lose money in the event of a decline in the value of collateral </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provided for loaned securities or a decline in the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments made with cash collateral. These events could also </span><span style="color:#000000;font-family:arial;font-size:8.55pt">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Tracking Error Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which is the divergence of the Fund’s performance from that of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Tracking error may occur due to a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, including differences between the securities and other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assets held in the Fund’s portfolio and those included in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; differences in the timing and methodologies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">used to value securities and other assets; transaction costs and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other expenses incurred by the Fund that the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the timing of the accrual or the valuation of dividends or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">interest received by the Fund or distributions paid to Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; tax gains or losses; differences between the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">amount and/or timing of withholding taxes on dividends reflected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color:#000000;font-family:arial;font-size:8.55pt">foreign withholding taxes; the requirements for the Fund to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">maintain pass-through tax treatment; portfolio transactions </span><span style="color:#000000;font-family:arial;font-size:8.55pt">carried out to minimize the distribution of capital gains to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; the acceptance of custom baskets; changes to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; and impacts to the Fund of complying with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">certain regulatory requirements or limits. Tracking error risk may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">be heightened during times of increased market volatility or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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 </span><span style="color:#000000;font-family:arial;font-size:8.55pt">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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:139.5pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:150.94pt;"> <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:7.60pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.64pt;"> <div style="line-height:11.50pt;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:7.60pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:11.50pt;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:7.60pt;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:150.94pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.54pt;"> <div style="display:flex;white-space:nowrap;width:29.54pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.05pt">7.07%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">June 30, 2025</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:251.99pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:9.50pt;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:150.94pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.54pt;"> <div style="display:flex;white-space:nowrap;width:29.54pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:3.84pt">21.65%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">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:150.94pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.54pt;"> <div style="display:flex;white-space:nowrap;width:29.54pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt">-25.55%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:56.41pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0707 2025-06-30 Best Quarter 0.2165 2020-06-30 Worst Quarter -0.2555 2020-03-31 Average Annual Total Returns(for the periods ended December 31, 2024) 2000-06-12 0.1785 0.1091 0.1097 0.1759 0.1064 0.1065 0.1074 0.0863 0.0901 0.2381 0.1386 0.1255 0.1830 0.1135 0.1143 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color:#000000;font-family:arial;font-size:8.55pt">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® U.S. TECHNOLOGY ETFTicker: IYWStock Exchange: NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The iShares U.S. Technology ETF (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) 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:8.55pt">technology sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">advisory agreement between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Trust</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">the tables and examples below.</span></div> Annual Fund Operating Expenses(ongoing expenses that you pay each year as apercentage of the value of your investments)1 0.0038 0 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 7% of the average value of its portfolio. 0.07 Principal Investment Strategies <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund seeks to track the investment results of the Russell </span><span style="color:#000000;font-family:arial;font-size:8.55pt">1000 Technology RIC 22.5/45 Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), which measures the performance of the technology </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sector of the U.S. equity market, as defined by FTSE Russell (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). The Underlying Index includes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">large- and mid-capitalization companies.  </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is a subset of the Russell 1000 Index, which </span><span style="color:#000000;font-family:arial;font-size:8.55pt">is a float-adjusted capitalization-weighted index of equity </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities issued by approximately the 1,000 largest issuers in the </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of the broad U.S. equity market, as defined by </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index uses a capping methodology to constrain at </span><span style="color:#000000;font-family:arial;font-size:8.55pt">quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">determined by Russell) to a maximum of 22.5%, and (ii) the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">aggregate weight of all issuers that individually exceed 4.5% of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index weight to a maximum of 45%. The weight of one or more </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities in the Underlying Index may exceed these constraints </span><span style="color:#000000;font-family:arial;font-size:8.55pt">due to fluctuations in market value, corporate actions, or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events that change the index composition between quarterly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">rebalance dates. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Substantially all of the Underlying Index is expected to be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">represented by securities of companies in the technology industry </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or sector. The components of the Underlying Index are likely to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">beat</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracks and does not seek temporary defensive positions when </span><span style="color:#000000;font-family:arial;font-size:8.55pt">markets decline or appear overvalued.</span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing may eliminate the chance that the Fund will substantially </span><span style="color:#000000;font-family:arial;font-size:8.55pt">outperform the Underlying Index but also may reduce some of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks of active management, such as poor security selection. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing seeks to achieve lower costs and better after-tax </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance by aiming to keep portfolio turnover low in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses a representative sampling indexing strategy to manage </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves investing in a representative sample of securities that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collectively has an investment profile similar to that of an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">applicable underlying index. The securities selected are expected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to have, in the aggregate, investment characteristics (based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors such as market capitalization and industry weightings), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">fundamental characteristics (such as return variability and yield) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and liquidity measures similar to those of an applicable underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index. The Fund may or may not hold all of the securities in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund generally will invest at least 80% of its assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">component securities of its Underlying Index and may invest up to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">20% of its assets in certain futures, options and swap contracts, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">cash and cash equivalents, including shares of money market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, but which BFA believes will help </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments associated with a derivative position will be treated </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as part of that position for the purposes of calculating the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of investments included in the Underlying Index. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund seeks to track the investment results of the Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may lend securities representing up to one-third of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is sponsored by Russell, which is</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">part of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">London Stock Exchange Group and is independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and BFA. The Index Provider determines the composition and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">relative weightings of the securities in the Underlying Index and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">publishes information regarding the market value of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund will concentrate its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments (</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular industry or group of industries to approximately the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:8.55pt">purposes of this limitation, securities of the U.S. government </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements collateralized by U.S. government securities are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">considered to be issued by members of any industry.</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:8.55pt;font-style:italic;font-weight:bold">Risk of Investing in the U.S</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in U.S. issuers subjects </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">economic risks that are specific to the U.S. Certain changes in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Technology Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Technology companies and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies that rely heavily on technological advances may have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">limited product lines, markets, financial resources, supply chains </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and personnel. These companies typically face intense </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competition, potentially rapid product obsolescence and changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in product cycles and customer preferences. They may face </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unexpected risks and costs associated with technological </span><span style="color:#000000;font-family:arial;font-size:8.55pt">developments, such as artificial intelligence and machine learning. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Technology companies also depend heavily on intellectual </span><span style="color:#000000;font-family:arial;font-size:8.55pt">property rights and may be adversely affected by the loss or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">impairment of those rights. Technology companies may face </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased government scrutiny and may be subject to adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">government or legal action.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Equity Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Equity securities are subject to changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in value, and their values may be more volatile than those of other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes. The value of a security may decline for a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">reasons that may directly relate to the issuer as well as due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">general industry or market conditions. Common stock is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capital structure. Common stock has the lowest priority, and the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Market Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund could lose money over short periods due </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to short-term market movements and over longer periods during </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more prolonged market downturns. Local, regional or global </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events such as war, acts of terrorism, pandemics or other public </span><span style="color:#000000;font-family:arial;font-size:8.55pt">health issues, recessions, the prospect or occurrence of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sovereign default or other financial crisis, or other events could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">have a significant impact on the Fund and its investments and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">could result in increased premiums or discounts to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Index-Related Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Index Provider may rely on various </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index, including information that may be based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assurances that the Index Provider’s methodology or sources of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information will provide an accurate assessment of included </span><span style="color:#000000;font-family:arial;font-size:8.55pt">components or will result in the Fund meeting its investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">objective. Errors in index data, index computations or the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">construction of the Underlying Index in accordance with its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">methodology may occur, and the Index Provider may not identify </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or correct them promptly or at all, which may have an adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">impact on the Fund and its shareholders. Unusual market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions or other unforeseen circumstances (such as natural </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disasters, political unrest or war) may impact the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or a third-party data provider and could cause the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to postpone a scheduled rebalance. This could cause the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The securities and other assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index or in the Fund’s portfolio may underperform in </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to financial markets generally, a particular financial </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">  An </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">registered with the SEC, which has a written agreement with the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund or one of its service providers that allows the Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant to place orders for the purchase and redemption of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">creation units (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Only an Authorized Participant </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may engage in creation or redemption transactions directly with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. There are a limited number of institutions that may act </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as Authorized Participants for the Fund, including on an agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">basis on behalf of other market participants. No Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant is obligated to engage in creation or redemption </span><span style="color:#000000;font-family:arial;font-size:8.55pt">transactions. To the extent that Authorized Participants exit the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">business or do not place creation or redemption orders for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund and no other Authorized Participant places orders, Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares are more likely to trade at a premium or discount to NAV </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and possibly face trading halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be susceptible to an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affect the Fund’s investments more than the market as a whole, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to the extent that the Fund’s investments are concentrated in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities or other assets of one or more issuers, countries or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Issuer Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The performance of the Fund depends on the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund has exposure. The value of securities or other assets may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">decline, or perform differently from the market as a whole, due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">changes in the financial condition or credit rating of the issuer or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Large-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies to adapt to changing market conditions and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competitive challenges. Large-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more mature and subject to more limited growth potential </span><span style="color:#000000;font-family:arial;font-size:8.55pt">compared with smaller-capitalization companies. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of large-capitalization companies could trail the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Management Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund generally does not attempt to take </span><span style="color:#000000;font-family:arial;font-size:8.55pt">defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declining markets. As the Fund will not fully replicate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, it is subject to the risk that the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment strategy of BFA may not produce the intended results. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">There is no guarantee that the Fund’s investment results will have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">a high degree of correlation to those of the Underlying Index or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Market Trading Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund faces numerous market trading </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks, including the potential lack of an active market for Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares (including through a trading halt), losses from trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">secondary markets, periods of high volatility, and disruptions in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the process of creating and redeeming Fund shares. Any of these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, among others, may lead to the Fund’s shares trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the secondary market at a premium or discount to NAV or to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares at a time when the market price is at a premium to NAV or </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">sell Fund shares at a time when the market price is at a discount </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to NAV, you may pay significantly more or receive significantly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less than the underlying value of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Non-Diversification Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is classified as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">non-diversified.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> This means that, compared with funds that are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">classified as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">diversified,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the Fund may invest a greater </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of its assets in securities or other instruments </span><span style="color:#000000;font-family:arial;font-size:8.55pt">representing a small number of issuers or counterparties and thus </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular issuers or counterparties. As a result, the Fund's </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance may depend to a greater extent on the performance </span><span style="color:#000000;font-family:arial;font-size:8.55pt">of a small number of issuers or counterparties, which may lead to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more volatility in the Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Operational and Technology Risks</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is directly and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including those related to human errors, processing errors, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">AI</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may result in losses for the Fund and its shareholders or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may impair the Fund’s operations. While the Fund’s service </span><span style="color:#000000;font-family:arial;font-size:8.55pt">providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information security and cybersecurity risk management policies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and procedures, their methods of risk management may differ </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from those of the Fund. Operational and technology risks for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">issuers in which the Fund invests could also result in material </span><span style="color:#000000;font-family:arial;font-size:8.55pt">adverse consequences for such issuers and may cause the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Securities Lending Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may engage in securities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lose money because the borrower of the loaned securities fails to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">return the securities in a timely manner or at all. The Fund could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">also lose money in the event of a decline in the value of collateral </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provided for loaned securities or a decline in the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments made with cash collateral. These events could also </span><span style="color:#000000;font-family:arial;font-size:8.55pt">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Tracking Error Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which is the divergence of the Fund’s performance from that of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Tracking error may occur due to a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, including differences between the securities and other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assets held in the Fund’s portfolio and those included in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; differences in the timing and methodologies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">used to value securities and other assets; transaction costs and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other expenses incurred by the Fund that the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the timing of the accrual or the valuation of dividends or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">interest received by the Fund or distributions paid to Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; tax gains or losses; differences between the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">amount and/or timing of withholding taxes on dividends reflected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color:#000000;font-family:arial;font-size:8.55pt">foreign withholding taxes; the requirements for the Fund to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">maintain pass-through tax treatment; portfolio transactions </span><span style="color:#000000;font-family:arial;font-size:8.55pt">carried out to minimize the distribution of capital gains to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; the acceptance of custom baskets; changes to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; and impacts to the Fund of complying with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">certain regulatory requirements or limits. Tracking error risk may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">be heightened during times of increased market volatility or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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 </span><span style="color:#000000;font-family:arial;font-size:8.55pt">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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:139.5pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:155.18pt;"> <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:7.60pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.64pt;"> <div style="line-height:11.50pt;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:7.60pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:52.18pt;"> <div style="line-height:11.50pt;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:7.60pt;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:155.18pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.54pt;"> <div style="display:flex;white-space:nowrap;width:29.54pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:6.88pt">8.84%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:52.18pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">June 30, 2025</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:9.50pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:9.50pt;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:155.18pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.54pt;"> <div style="display:flex;white-space:nowrap;width:29.54pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:4.13pt">32.14%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:52.18pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">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:155.18pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.54pt;"> <div style="display:flex;white-space:nowrap;width:29.54pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt">-22.28%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:52.18pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">June 30, 2022</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0884 2025-06-30 Best Quarter 0.3214 2020-06-30 Worst Quarter -0.2228 2022-06-30 Average Annual Total Returns (for the periods ended December 31, 2024)  2000-05-15 0.3021 0.2289 0.2070 0.3014 0.2275 0.2049 0.1793 0.1882 0.1788 0.2381 0.1386 0.1255 0.3074 0.2335 0.2120 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color:#000000;font-family:arial;font-size:8.55pt">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® U.S. TRANSPORTATION ETFTicker: IYTStock Exchange: Cboe BZX Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The iShares U.S. Transportation ETF (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) 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:8.55pt">transportation sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">advisory agreement between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Trust</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">the tables and examples below.</span></div> Annual Fund Operating Expenses(ongoing expenses that you pay each year as apercentage of the value of your investments)1 0.0038 0 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 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:8.55pt">The Fund seeks to track the investment results of the S&amp;P </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Transportation Select Industry FMC Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), which measures the performance of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies within the transportation sector of the U.S. equity </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market as determined by S&amp;P Dow Jones Indices LLC (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Provider</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">SPDJI</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). The Underlying Index may include large-, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">mid- and small-capitalization companies. Securities in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index are weighted based on the float-adjusted market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of their outstanding shares. The Underlying Index uses a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capping methodology to constrain at quarterly rebalance: (i) the </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">weight of any single issuer (as determined by SPDJI) to a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">maximum of 22.5%, and (ii) the aggregate weight of all issuers </span><span style="color:#000000;font-family:arial;font-size:8.55pt">that individually exceed 4.5% of the index weight to a maximum of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">45%. The weight of one or more securities in the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may exceed these constraints due to fluctuations in market value, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">corporate actions, or other events that change the index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">composition between quarterly rebalance dates.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">As of April 30, 2025, substantially all of the Underlying Index is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">represented by securities of companies in the industrials and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">transportation industries or sectors. The components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index are likely to change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">beat</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracks and does not seek temporary defensive positions when </span><span style="color:#000000;font-family:arial;font-size:8.55pt">markets decline or appear overvalued.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing may eliminate the chance that the Fund will substantially </span><span style="color:#000000;font-family:arial;font-size:8.55pt">outperform the Underlying Index but also may reduce some of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks of active management, such as poor security selection. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing seeks to achieve lower costs and better after-tax </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">performance by aiming to keep portfolio turnover low in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses a representative sampling indexing strategy to manage </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves investing in a representative sample of securities that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collectively has an investment profile similar to that of an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">applicable underlying index. The securities selected are expected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to have, in the aggregate, investment characteristics (based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors such as market capitalization and industry weightings), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">fundamental characteristics (such as return variability and yield) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and liquidity measures similar to those of an applicable underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index. The Fund may or may not hold all of the securities in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund generally will invest at least 80% of its assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">component securities of its Underlying Index and may invest up to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">20% of its assets in certain futures, options and swap contracts, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">cash and cash equivalents, including shares of money market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, but which BFA believes will help </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments associated with a derivative position will be treated </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as part of that position for the purposes of calculating the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of investments included in the Underlying Index. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund seeks to track the investment results of the Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may lend securities representing up to one-third of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is sponsored by SPDJI, which is</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">independent </span><span style="color:#000000;font-family:arial;font-size:8.55pt">of the Fund and BFA. The Index Provider determines the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">composition and relative weightings of the securities in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index and publishes information regarding the market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of the Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund will concentrate its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments (</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular industry or group of industries to approximately the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:8.55pt">purposes of this limitation, securities of the U.S. government </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements collateralized by U.S. government securities are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">considered to be issued by members of any industry.</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:8.55pt;font-style:italic;font-weight:bold">Risk of Investing in the U.S</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in U.S. issuers subjects </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">economic risks that are specific to the U.S. Certain changes in the </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Transportation Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Transportation companies may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">be adversely affected by changes in the economy, volatility in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">energy prices, labor relations, business interruptions, supply chain </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disruptions, trade disputes, technology developments, exchange </span><span style="color:#000000;font-family:arial;font-size:8.55pt">rates, insurance costs and government regulation. Securities of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">transportation companies are generally cyclical and may have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sharp price movements.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Equity Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Equity securities are subject to changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in value, and their values may be more volatile than those of other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes. The value of a security may decline for a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">reasons that may directly relate to the issuer as well as due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">general industry or market conditions. Common stock is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capital structure. Common stock has the lowest priority, and the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Market Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund could lose money over short periods due </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to short-term market movements and over longer periods during </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more prolonged market downturns. Local, regional or global </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events such as war, acts of terrorism, pandemics or other public </span><span style="color:#000000;font-family:arial;font-size:8.55pt">health issues, recessions, the prospect or occurrence of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sovereign default or other financial crisis, or other events could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">have a significant impact on the Fund and its investments and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">could result in increased premiums or discounts to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Index-Related Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Index Provider may rely on various </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index, including information that may be based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assurances that the Index Provider’s methodology or sources of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information will provide an accurate assessment of included </span><span style="color:#000000;font-family:arial;font-size:8.55pt">components or will result in the Fund meeting its investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">objective. Errors in index data, index computations or the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">construction of the Underlying Index in accordance with its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">methodology may occur, and the Index Provider may not identify </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or correct them promptly or at all, which may have an adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">impact on the Fund and its shareholders. Unusual market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions or other unforeseen circumstances (such as natural </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disasters, political unrest or war) may impact the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or a third-party data provider and could cause the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to postpone a scheduled rebalance. This could cause the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The securities and other assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to financial markets generally, a particular financial </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">  An </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">registered with the SEC, which has a written agreement with the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund or one of its service providers that allows the Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant to place orders for the purchase and redemption of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">creation units (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Only an Authorized Participant </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may engage in creation or redemption transactions directly with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. There are a limited number of institutions that may act </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as Authorized Participants for the Fund, including on an agency </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">basis on behalf of other market participants. No Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant is obligated to engage in creation or redemption </span><span style="color:#000000;font-family:arial;font-size:8.55pt">transactions. To the extent that Authorized Participants exit the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">business or do not place creation or redemption orders for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund and no other Authorized Participant places orders, Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares are more likely to trade at a premium or discount to NAV </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and possibly face trading halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be susceptible to an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affect the Fund’s investments more than the market as a whole, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to the extent that the Fund’s investments are concentrated in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities or other assets of one or more issuers, countries or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Industrial Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Industrial companies face a number </span><span style="color:#000000;font-family:arial;font-size:8.55pt">of risks, including supply chain and distribution disruptions, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">business interruptions, product obsolescence, third-party vendor </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks, cyber attacks, trade disputes, product recalls, liability </span><span style="color:#000000;font-family:arial;font-size:8.55pt">claims, scarcity of materials or parts, excess capacity, changes in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">consumer preferences, and volatility in commodity prices and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">currencies. The performance of such companies may also be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affected by technological developments, labor relations, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">legislative and regulatory changes, government spending policies, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and changes in domestic and international economies.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Issuer Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The performance of the Fund depends on the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund has exposure. The value of securities or other assets may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">decline, or perform differently from the market as a whole, due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">changes in the financial condition or credit rating of the issuer or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Large-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies to adapt to changing market conditions and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competitive challenges. Large-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more mature and subject to more limited growth potential </span><span style="color:#000000;font-family:arial;font-size:8.55pt">compared with smaller-capitalization companies. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of large-capitalization companies could trail the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Management Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund generally does not attempt to take </span><span style="color:#000000;font-family:arial;font-size:8.55pt">defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declining markets. As the Fund will not fully replicate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, it is subject to the risk that the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment strategy of BFA may not produce the intended results. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">There is no guarantee that the Fund’s investment results will have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">a high degree of correlation to those of the Underlying Index or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Market Trading Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund faces numerous market trading </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks, including the potential lack of an active market for Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares (including through a trading halt), losses from trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">secondary markets, periods of high volatility, and disruptions in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the process of creating and redeeming Fund shares. Any of these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, among others, may lead to the Fund’s shares trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the secondary market at a premium or discount to NAV or to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares at a time when the market price is at a premium to NAV or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sell Fund shares at a time when the market price is at a discount </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to NAV, you may pay significantly more or receive significantly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less than the underlying value of the Fund shares.</span></div> <div style="line-height:9.50pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Non-Diversification Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is classified as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">non-diversified.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> This means that, compared with funds that are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">classified as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">diversified,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the Fund may invest a greater </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of its assets in securities or other instruments </span><span style="color:#000000;font-family:arial;font-size:8.55pt">representing a small number of issuers or counterparties and thus </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular issuers or counterparties. As a result, the Fund's </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance may depend to a greater extent on the performance </span><span style="color:#000000;font-family:arial;font-size:8.55pt">of a small number of issuers or counterparties, which may lead to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more volatility in the Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Operational and Technology Risks</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is directly and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including those related to human errors, processing errors, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">AI</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may result in losses for the Fund and its shareholders or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may impair the Fund’s operations. While the Fund’s service </span><span style="color:#000000;font-family:arial;font-size:8.55pt">providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information security and cybersecurity risk management policies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and procedures, their methods of risk management may differ </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from those of the Fund. Operational and technology risks for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">issuers in which the Fund invests could also result in material </span><span style="color:#000000;font-family:arial;font-size:8.55pt">adverse consequences for such issuers and may cause the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Securities Lending Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may engage in securities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lose money because the borrower of the loaned securities fails to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">return the securities in a timely manner or at all. The Fund could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">also lose money in the event of a decline in the value of collateral </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provided for loaned securities or a decline in the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments made with cash collateral. These events could also </span><span style="color:#000000;font-family:arial;font-size:8.55pt">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Small-Capitalization Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Compared to mid- and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">large-capitalization companies, small-capitalization companies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be less stable and more susceptible to adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">developments. The securities of small-capitalization companies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be more volatile and less liquid than those of mid- and large-capitalization</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> companies. As a result, the Fund’s share price may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">be more volatile than that of a fund with a greater investment in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">large- or mid-capitalization stocks.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Tracking Error Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:9.50pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which is the divergence of the Fund’s performance from that of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Tracking error may occur due to a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, including differences between the securities and other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assets held in the Fund’s portfolio and those included in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; differences in the timing and methodologies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">used to value securities and other assets; transaction costs and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other expenses incurred by the Fund that the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the timing of the accrual or the valuation of dividends or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">interest received by the Fund or distributions paid to Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; tax gains or losses; differences between the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">amount and/or timing of withholding taxes on dividends reflected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color:#000000;font-family:arial;font-size:8.55pt">foreign withholding taxes; the requirements for the Fund to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">maintain pass-through tax treatment; portfolio transactions </span><span style="color:#000000;font-family:arial;font-size:8.55pt">carried out to minimize the distribution of capital gains to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; the acceptance of custom baskets; changes to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; and impacts to the Fund of complying with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">certain regulatory requirements or limits. Tracking error risk may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">be heightened during times of increased market volatility or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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 </span><span style="color:#000000;font-family:arial;font-size:8.55pt">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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:139.5pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:133.53pt;"> <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:7.60pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.64pt;"> <div style="line-height:11.50pt;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:7.60pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:73.82pt;"> <div style="line-height:11.50pt;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:7.60pt;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:133.53pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.54pt;"> <div style="display:flex;white-space:nowrap;width:29.54pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:7.05pt">2.07%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:73.82pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">June 30, 2025</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:251.99pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:9.50pt;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:133.53pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.54pt;"> <div style="display:flex;white-space:nowrap;width:29.54pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:3.01pt">22.51%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:73.82pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">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:133.53pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:29.54pt;"> <div style="display:flex;white-space:nowrap;width:29.54pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt">-28.83%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:73.82pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.0207 2025-06-30 Best Quarter 0.2251 2020-09-30 Worst Quarter -0.2883 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2003-10-06 0.0412 0.0794 0.0635 0.0386 0.0764 0.0606 0.0263 0.0621 0.0505 0.2387 0.1378 0.1248 0.0452 0.0891 0.0700 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color:#000000;font-family:arial;font-size:8.55pt">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. iSHARES® U.S. UTILITIES ETFTicker: IDUStock Exchange: NYSE Arca Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The iShares U.S. Utilities ETF (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) seeks to track the investment results of an index composed of U.S. equities in the utilities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sector.</span></div> Fees and Expenses <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">advisory agreement between iShares Trust (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Trust</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) and BlackRock Fund Advisors (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Investment Advisory Agreement</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in </span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">the tables and examples below.</span></div> Annual Fund Operating Expenses(ongoing expenses that you pay each year as apercentage of the value of your investments)1 0.0038 0 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 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:8.55pt">The Fund seeks to track the investment results of the Russell </span><span style="color:#000000;font-family:arial;font-size:8.55pt">1000 Utilities RIC 22.5/45 Capped Index (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which measures the performance of the utilities sector of the U.S. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">equity market, as defined by FTSE Russell (the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index Provider</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). The Underlying Index includes large- and mid-capitalization</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> companies.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is a subset of the Russell 1000 Index, which </span><span style="color:#000000;font-family:arial;font-size:8.55pt">is a float-adjusted capitalization-weighted index of equity </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities issued by approximately the 1,000 largest issuers in the </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell 3000 Index. The Russell 3000 Index measures the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of the broad U.S. equity market, as defined by </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Russell.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index uses a capping methodology to constrain at </span><span style="color:#000000;font-family:arial;font-size:8.55pt">quarterly rebalance: (i) the weight of any single issuer (as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">determined by Russell) to a maximum of 22.5%, and (ii) the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">aggregate weight of all issuers that individually exceed 4.5% of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index weight to a maximum of 45%. The weight of one or more </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities in the Underlying Index may exceed these constraints </span><span style="color:#000000;font-family:arial;font-size:8.55pt">due to fluctuations in market value, corporate actions, or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events that change the index composition between quarterly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">rebalance dates. </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Substantially all of the Underlying Index is expected to be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">represented by securities of companies in the utilities industry or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sector. The components of the Underlying Index are likely to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">change over time.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses an indexing approach to try to achieve the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment objective. The Fund does not try to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">beat</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the index it </span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracks and does not seek temporary defensive positions when </span><span style="color:#000000;font-family:arial;font-size:8.55pt">markets decline or appear overvalued.</span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing may eliminate the chance that the Fund will substantially </span><span style="color:#000000;font-family:arial;font-size:8.55pt">outperform the Underlying Index but also may reduce some of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks of active management, such as poor security selection. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Indexing seeks to achieve lower costs and better after-tax </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance by aiming to keep portfolio turnover low in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to actively managed investment companies.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">BFA uses a representative sampling indexing strategy to manage </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Representative sampling</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is an indexing strategy that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves investing in a representative sample of securities that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collectively has an investment profile similar to that of an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">applicable underlying index. The securities selected are expected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to have, in the aggregate, investment characteristics (based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors such as market capitalization and industry weightings), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">fundamental characteristics (such as return variability and yield) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and liquidity measures similar to those of an applicable underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">index. The Fund may or may not hold all of the securities in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund generally will invest at least 80% of its assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">component securities of its Underlying Index and may invest up to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">20% of its assets in certain futures, options and swap contracts, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">cash and cash equivalents, including shares of money market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">funds advised by BFA or its affiliates, as well as in securities not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, but which BFA believes will help </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund track the Underlying Index. Cash and cash equivalent </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments associated with a derivative position will be treated </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as part of that position for the purposes of calculating the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of investments included in the Underlying Index. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund seeks to track the investment results of the Underlying </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Index before fees and expenses of the Fund.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may lend securities representing up to one-third of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">value of the Fund's total assets (including the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">collateral received).</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The Underlying Index is sponsored by Russell, which is</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">part of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">London Stock Exchange Group and is independent of the Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and BFA. The Index Provider determines the composition and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">relative weightings of the securities in the Underlying Index and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">publishes information regarding the market value of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index.</span></div><div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">Industry Concentration Policy.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund will concentrate its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments (</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic">i.e.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">, hold 25% or more of its total assets) in a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular industry or group of industries to approximately the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">same extent that the Underlying Index is concentrated. For </span><span style="color:#000000;font-family:arial;font-size:8.55pt">purposes of this limitation, securities of the U.S. government </span><span style="color:#000000;font-family:arial;font-size:8.55pt">(including its agencies and instrumentalities) and repurchase </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements collateralized by U.S. government securities are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">considered to be issued by members of any industry.</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:8.55pt;font-style:italic;font-weight:bold">Risk of Investing in the U.S</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in U.S. issuers subjects </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund to legal, regulatory, political, currency, security, and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">economic risks that are specific to the U.S. Certain changes in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">U.S., such as a weakening of the U.S. economy or a decline in its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Utility Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The utilities sector is generally subject to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">significant government regulation and oversight, including </span><span style="color:#000000;font-family:arial;font-size:8.55pt">restrictions on rates as well as environmental and other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">regulations. Utility companies also may face risks related to, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">among other things, natural disasters, cyber or other attacks, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capital project funding, energy price volatility and increased </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competition.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Equity Securities Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Equity securities are subject to changes </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in value, and their values may be more volatile than those of other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes. The value of a security may decline for a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">reasons that may directly relate to the issuer as well as due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">general industry or market conditions. Common stock is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">subordinated to preferred securities and debt in a company’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">capital structure. Common stock has the lowest priority, and the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">greatest risk, with respect to dividends and any liquidation </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Market Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund could lose money over short periods due </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to short-term market movements and over longer periods during </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more prolonged market downturns. Local, regional or global </span><span style="color:#000000;font-family:arial;font-size:8.55pt">events such as war, acts of terrorism, pandemics or other public </span><span style="color:#000000;font-family:arial;font-size:8.55pt">health issues, recessions, the prospect or occurrence of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sovereign default or other financial crisis, or other events could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">have a significant impact on the Fund and its investments and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">could result in increased premiums or discounts to the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Index-Related Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Index Provider may rely on various </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sources of information to assess the criteria of components of the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index, including information that may be based on </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assumptions and estimates. Neither the Fund nor BFA can offer </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assurances that the Index Provider’s methodology or sources of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information will provide an accurate assessment of included </span><span style="color:#000000;font-family:arial;font-size:8.55pt">components or will result in the Fund meeting its investment </span><span style="color:#000000;font-family:arial;font-size:8.55pt">objective. Errors in index data, index computations or the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">construction of the Underlying Index in accordance with its </span><span style="color:#000000;font-family:arial;font-size:8.55pt">methodology may occur, and the Index Provider may not identify </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or correct them promptly or at all, which may have an adverse </span><span style="color:#000000;font-family:arial;font-size:8.55pt">impact on the Fund and its shareholders. Unusual market </span><span style="color:#000000;font-family:arial;font-size:8.55pt">conditions or other unforeseen circumstances (such as natural </span><span style="color:#000000;font-family:arial;font-size:8.55pt">disasters, political unrest or war) may impact the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">or a third-party data provider and could cause the Index Provider </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to postpone a scheduled rebalance. This could cause the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Asset Class Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The securities and other assets in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index or in the Fund’s portfolio may underperform in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">comparison to financial markets generally, a particular financial </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market, another index, or other asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Authorized Participant Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">  An </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> is a member or participant of a clearing agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">registered with the SEC, which has a written agreement with the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund or one of its service providers that allows the Authorized </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant to place orders for the purchase and redemption of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">creation units (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">Creation Units</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Only an Authorized Participant </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may engage in creation or redemption transactions directly with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Fund. There are a limited number of institutions that may act </span><span style="color:#000000;font-family:arial;font-size:8.55pt">as Authorized Participants for the Fund, including on an agency </span><span style="color:#000000;font-family:arial;font-size:8.55pt">basis on behalf of other market participants. No Authorized </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Participant is obligated to engage in creation or redemption </span><span style="color:#000000;font-family:arial;font-size:8.55pt">transactions. To the extent that Authorized Participants exit the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">business or do not place creation or redemption orders for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund and no other Authorized Participant places orders, Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares are more likely to trade at a premium or discount to NAV </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and possibly face trading halts or delisting.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Concentration Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be susceptible to an </span><span style="color:#000000;font-family:arial;font-size:8.55pt">increased risk of loss, including losses due to adverse events that </span><span style="color:#000000;font-family:arial;font-size:8.55pt">affect the Fund’s investments more than the market as a whole, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to the extent that the Fund’s investments are concentrated in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities or other assets of one or more issuers, countries or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other geographic units, markets, industries, project types, or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">asset classes.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Dividend-Paying Stock Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Investing in dividend-paying stocks </span><span style="color:#000000;font-family:arial;font-size:8.55pt">involves the risk that such stocks may fall out of favor with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investors and underperform other types of stocks or the broader </span><span style="color:#000000;font-family:arial;font-size:8.55pt">market. Companies that issue dividend-paying stocks are not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">required to pay or continue paying dividends on such stocks. It is </span><span style="color:#000000;font-family:arial;font-size:8.55pt">possible that issuers of the stocks held by the Fund will not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declare dividends in the future or will reduce or eliminate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">payment of dividends (including reducing or eliminating </span><span style="color:#000000;font-family:arial;font-size:8.55pt">anticipated accelerations or increases in the payment of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">dividends), which may adversely affect the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Issuer Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The performance of the Fund depends on the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of individual securities or other assets to which the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Fund has exposure. The value of securities or other assets may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">decline, or perform differently from the market as a whole, due to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">changes in the financial condition or credit rating of the issuer or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">counterparty.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Large-Capitalization Companies Risk.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Large-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies may be less able than smaller-capitalization </span><span style="color:#000000;font-family:arial;font-size:8.55pt">companies to adapt to changing market conditions and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">competitive challenges. Large-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more mature and subject to more limited growth potential </span><span style="color:#000000;font-family:arial;font-size:8.55pt">compared with smaller-capitalization companies. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance of large-capitalization companies could trail the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">overall performance of the broader securities markets.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Management Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund generally does not attempt to take </span><span style="color:#000000;font-family:arial;font-size:8.55pt">defensive positions under any market conditions, including </span><span style="color:#000000;font-family:arial;font-size:8.55pt">declining markets. As the Fund will not fully replicate the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index and may hold securities or other assets not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">included in the Underlying Index, it is subject to the risk that the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investment strategy of BFA may not produce the intended results. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">There is no guarantee that the Fund’s investment results will have </span><span style="color:#000000;font-family:arial;font-size:8.55pt">a high degree of correlation to those of the Underlying Index or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">that the Fund will achieve its investment objective.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Market Trading Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund faces numerous market trading </span><span style="color:#000000;font-family:arial;font-size:8.55pt">risks, including the potential lack of an active market for Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares (including through a trading halt), losses from trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">secondary markets, periods of high volatility, and disruptions in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the process of creating and redeeming Fund shares. Any of these </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, among others, may lead to the Fund’s shares trading in </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the secondary market at a premium or discount to NAV or to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">intraday value of the Fund’s portfolio holdings. If you buy Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shares at a time when the market price is at a premium to NAV or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">sell Fund shares at a time when the market price is at a discount </span><span style="color:#000000;font-family:arial;font-size:8.55pt">to NAV, you may pay significantly more or receive significantly </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less than the underlying value of the Fund shares.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Mid-Capitalization Companies Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> Compared to large-capitalization</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> companies, mid-capitalization companies may be </span><span style="color:#000000;font-family:arial;font-size:8.55pt">less stable and more susceptible to adverse developments. The </span><span style="color:#000000;font-family:arial;font-size:8.55pt">securities of mid-capitalization companies may be more volatile </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and less liquid than those of large-capitalization companies. As a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">result, the Fund’s share price may be more volatile than that of a </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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:8.55pt;font-style:italic;font-weight:bold">Non-Diversification Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is classified as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">non-diversified.</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> This means that, compared with funds that are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">classified as </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">diversified,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> the Fund may invest a greater </span><span style="color:#000000;font-family:arial;font-size:8.55pt">percentage of its assets in securities or other instruments </span><span style="color:#000000;font-family:arial;font-size:8.55pt">representing a small number of issuers or counterparties and thus </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be more susceptible to the risks associated with these </span><span style="color:#000000;font-family:arial;font-size:8.55pt">particular issuers or counterparties. As a result, the Fund's </span><span style="color:#000000;font-family:arial;font-size:8.55pt">performance may depend to a greater extent on the performance </span><span style="color:#000000;font-family:arial;font-size:8.55pt">of a small number of issuers or counterparties, which may lead to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">more volatility in the Fund’s NAV.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Operational and Technology Risks</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund is directly and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">indirectly susceptible to operational and technology risks, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">including those related to human errors, processing errors, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">communication errors, systems failures, cybersecurity incidents, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and the use of artificial intelligence and machine learning (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">AI</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">), </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which may result in losses for the Fund and its shareholders or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may impair the Fund’s operations. While the Fund’s service </span><span style="color:#000000;font-family:arial;font-size:8.55pt">providers are required to have appropriate operational, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">information security and cybersecurity risk management policies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and procedures, their methods of risk management may differ </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from those of the Fund. Operational and technology risks for the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">issuers in which the Fund invests could also result in material </span><span style="color:#000000;font-family:arial;font-size:8.55pt">adverse consequences for such issuers and may cause the Fund’s </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments in such issuers to lose value.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Securities Lending Risk. </span><span style="color:#000000;font-family:arial;font-size:8.55pt">The Fund may engage in securities </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lending. Securities lending involves the risk that the Fund may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">lose money because the borrower of the loaned securities fails to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">return the securities in a timely manner or at all. The Fund could </span><span style="color:#000000;font-family:arial;font-size:8.55pt">also lose money in the event of a decline in the value of collateral </span><span style="color:#000000;font-family:arial;font-size:8.55pt">provided for loaned securities or a decline in the value of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">investments made with cash collateral. These events could also </span><span style="color:#000000;font-family:arial;font-size:8.55pt">trigger adverse tax consequences for the Fund.</span></div> <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt;font-style:italic;font-weight:bold">Tracking Error Risk</span><span style="color:#000000;font-family:arial;font-size:8.55pt;font-weight:bold">.</span><span style="color:#000000;font-family:arial;font-size:8.55pt"> The Fund may be subject to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">tracking error,</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">which is the divergence of the Fund’s performance from that of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Tracking error may occur due to a number of </span><span style="color:#000000;font-family:arial;font-size:8.55pt">factors, including differences between the securities and other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">assets held in the Fund’s portfolio and those included in the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; differences in the timing and methodologies </span><span style="color:#000000;font-family:arial;font-size:8.55pt">used to value securities and other assets; transaction costs and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">other expenses incurred by the Fund that the Underlying Index </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not incur; the Fund’s holding of uninvested cash; differences </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the timing of the accrual or the valuation of dividends or </span><span style="color:#000000;font-family:arial;font-size:8.55pt">interest received by the Fund or distributions paid to Fund </span><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; tax gains or losses; differences between the </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">amount and/or timing of withholding taxes on dividends reflected </span><span style="color:#000000;font-family:arial;font-size:8.55pt">in the Underlying Index from the Fund’s obligation, if any, for </span><span style="color:#000000;font-family:arial;font-size:8.55pt">foreign withholding taxes; the requirements for the Fund to </span><span style="color:#000000;font-family:arial;font-size:8.55pt">maintain pass-through tax treatment; portfolio transactions </span><span style="color:#000000;font-family:arial;font-size:8.55pt">carried out to minimize the distribution of capital gains to </span></div><div style="line-height:10.45pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:8.55pt">shareholders; the acceptance of custom baskets; changes to the </span><span style="color:#000000;font-family:arial;font-size:8.55pt">Underlying Index; and impacts to the Fund of complying with </span><span style="color:#000000;font-family:arial;font-size:8.55pt">certain regulatory requirements or limits. Tracking error risk may </span><span style="color:#000000;font-family:arial;font-size:8.55pt">be heightened during times of increased market volatility or other </span><span style="color:#000000;font-family:arial;font-size:8.55pt">unusual market conditions.</span></div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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 </span><span style="color:#000000;font-family:arial;font-size:8.55pt">over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index</span><span style="color:#000000;font-family:arial;font-size:8.55pt;line-height:10.45pt"> </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and </span><span style="color:#000000;font-family:arial;font-size:8.55pt">the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any </span><span style="color:#000000;font-family:arial;font-size:8.55pt">agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) </span><span style="color:#000000;font-family:arial;font-size:8.55pt">does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).</span></div> The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market 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:139.5pt;width:252pt"> <tr style="height:20pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Bottom;width:133.53pt;"> <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:7.60pt;font-weight:bold"> </span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.64pt;"> <div style="line-height:11.50pt;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:7.60pt;font-weight:bold">Return (%)</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:73.82pt;"> <div style="line-height:11.50pt;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:7.60pt;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:133.53pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:28.54pt;"> <div style="display:flex;white-space:nowrap;width:28.54pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:2.22pt">10.06%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:4pt;vertical-align:Bottom;width:73.82pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">June 30, 2025</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:251.99pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;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:9.50pt;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:133.53pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Best Quarter</span></div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:28.54pt;"> <div style="display:flex;white-space:nowrap;width:28.54pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:2.43pt">16.79%</span></div> </div> </div> </td> <td style="background-color:azure;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:73.82pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">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:133.53pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-right:3pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt;margin-left:8.0pt">Worst Quarter</span></div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;white-space:nowrap;width:44.64pt;"> <div style="line-height:9.50pt;margin-left:3pt;margin-right:3pt;text-align:right;width:38.64pt;"> <div style="display:flex;margin:auto;width:28.54pt;"> <div style="display:flex;white-space:nowrap;width:28.54pt;"><span style="color:#000000;font-family:arial;font-size:7.60pt">-14.22%</span></div> </div> </div> </td> <td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:73.82pt;"> <div style="line-height:9.50pt;text-align:left;"> <div style="margin-left:3pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial;font-size:7.60pt">March 31, 2020</span></div> </div> </td> </tr> </table> Calendar Year-to-Date Return 0.1006 2025-06-30 Best Quarter 0.1679 2024-09-30 Worst Quarter -0.1422 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2024)  2000-06-12 0.2324 0.0626 0.0806 0.2255 0.0559 0.0731 0.1421 0.0479 0.0637 0.2381 0.1386 0.1255 0.2373 0.0667 0.0850 <div style="margin-top:7pt;"><span style="color:#000000;font-family:arial;font-size:8.55pt">After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not </span><span style="color:#000000;font-family:arial;font-size:8.55pt">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, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, </span><span style="color:#000000;font-family:arial;font-size:8.55pt">such as 401(k) plans or individual retirement accounts (</span><span style="color:#000000;font-family:arial;font-size:8.55pt">“</span><span style="color:#000000;font-family:arial;font-size:8.55pt">IRAs</span><span style="color:#000000;font-family:arial;font-size:8.55pt">”</span><span style="color:#000000;font-family:arial;font-size:8.55pt">). Fund returns after taxes on distributions and sales of Fund shares are </span><span style="color:#000000;font-family:arial;font-size:8.55pt">calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses </span><span style="color:#000000;font-family:arial;font-size:8.55pt">from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns </span><span style="color:#000000;font-family:arial;font-size:8.55pt">before taxes and/or returns after taxes on distributions.</span></div> After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions. 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 amount rounded to 0.00%. On February 10, 2025, the name of the Fund's Underlying Index changed from the S&P Global Clean Energy Index to the S&P Global Clean Energy Transition Index. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Index returns through June 23, 2019 reflect the performance of the Dow Jones U.S. Financials Index, which, effective as of June 24, 2019, was replaced by the Dow Jones U.S. Financials Capped Index as the Underlying Index of the Fund. Index returns from June 24, 2019 through September 19, 2021 reflect the performance of the Dow Jones U.S. Financials Capped Index. Index returns beginning on September 20, 2021 reflect the performance of the Russell 1000 Financials 40 Act 15/22.5 Daily Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Financials Capped Index as 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 amount rounded to 0.00%. The amount rounded to 0.00%. Index returns through September 19, 2021 reflect the performance of the Dow Jones U.S. Health Care Index. Index returns beginning on September 20, 2021 reflect the performance of the Russell 1000 Health Care RIC 22.5/45 Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Health Care Index as 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 amount rounded to 0.00%. Index returns through September 19, 2021 reflect the performance of the Dow Jones U.S. Industrials Index. Index returns beginning on September 20, 2021 reflect the performance of the Russell 1000 Industrials 40 Act 15/22.5 Daily Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Industrials Index as 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 amount rounded to 0.00%. Index returns through June 23, 2019 reflect the performance of the Dow Jones U.S. Technology Index, which, effective as of June 24, 2019, was replaced by the Dow Jones U.S. Technology Capped Index as the Underlying Index of the Fund. Index returns from June 24, 2019 through September 19, 2021 reflect the performance of the Dow Jones U.S. Technology Capped Index. Index returns beginning on September 20, 2021 reflect the performance of the Russell 1000 Technology RIC 22.5/45 Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Technology Capped Index as 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 amount rounded to 0.00%. Index returns through July 18, 2021 reflect the performance of the Dow Jones Transportation Average Index. Index returns beginning on July 19, 2021 reflect the performance of the S&P Transportation Select Industry FMC Capped Index, which, effective as of July 19, 2021, replaced the Dow Jones Transportation Average Index as 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 amount rounded to 0.00%. Index returns through September 19, 2021 reflect the performance of the Dow Jones U.S. Utilities Index. Index returns beginning on September 20, 2021 reflect the performance of the Russell 1000 Utilities RIC 22.5/45 Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Utilities Index as 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. The amount rounded to 0.00%. 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 amount rounded to 0.00%. 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 amount rounded to 0.00%. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The amount rounded to 0.00%. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The amount rounded to 0.00%. The amount rounded to 0.00%. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The amount rounded to 0.00%. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The amount rounded to 0.00%. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The amount rounded to 0.00%. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The amount rounded to 0.00%. Index returns through May 31, 2018 reflect the performance of the MSCI USA ESG Select Index. Index returns beginning on June 1, 2018 reflect the performance of the MSCI USA Extended ESG Select Index, which, effective as of June 1, 2018, replaced the MSCI USA ESG Select Index as 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 amount rounded to 0.00%. Index returns through March 21, 2021 reflect the performance of the Morningstar US Large Growth Index. Index returns beginning on March 22, 2021 reflect the performance of the Morningstar US Large-Mid Cap Broad Growth Index, which, effective as of March 22, 2021, replaced the Morningstar US Large Growth Index as 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 amount rounded to 0.00%. Index returns through March 21, 2021 reflect the performance of the Morningstar US Mid Core Index. Index returns beginning on March 22, 2021 reflect the performance of the Morningstar US Mid Cap Index, which, effective as of March 22, 2021, replaced the Morningstar US Mid Core Index as 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 amount rounded to 0.00%. Index returns through March 21, 2021 reflect the performance of the Morningstar US Mid Growth Index. Index returns beginning on March 22, 2021 reflect the performance of the Morningstar US Mid Cap Broad Growth Index, which, effective as of March 22, 2021, replaced the Morningstar US Mid Growth Index as 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 amount rounded to 0.00%. Index returns through March 21, 2021 reflect the performance of the Morningstar US Mid Value Index. Index returns beginning on March 22, 2021 reflect the performance of the Morningstar US Mid Cap Broad Value Index, which, effective as of March 22, 2021, replaced the Morningstar US Mid Value Index as 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 amount rounded to 0.00%. Index returns through March 21, 2021 reflect the performance of the Morningstar US Small Core Index. Index returns beginning on March 22, 2021 reflect the performance of the Morningstar US Small Cap Extended Index, which, effective as of March 22, 2021, replaced the Morningstar US Small Core Index as 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 amount rounded to 0.00%. 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. Index returns through March 21, 2021 reflect the performance of the Morningstar US Small Growth Index. Index returns beginning on March 22, 2021 reflect the performance of the Morningstar US Small Cap Broad Growth Extended Index, which, effective as of March 22, 2021, replaced the Morningstar US Small Growth Index as 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 amount rounded to 0.00%. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Index returns through March 21, 2021 reflect the performance of the Morningstar US Small Value Index, which, effective as of March 22, 2021 was replaced by the Morningstar US Small Cap Broad Value Extended Index as the Underlying Index of the Fund. Index returns beginning on March 22, 2021 reflect the performance of the Morningstar US Small Cap Broad Value Extended Index. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The amount rounded to 0.00%. The amount rounded to 0.00%. Index returns through March 21, 2021 reflect the performance of the Morningstar US Large Core Index. Index returns beginning on March 22, 2021 reflect the performance of the Morningstar US Large-Mid Cap Index, which, effective as of March 22, 2021, replaced the Morningstar US Large Core Index as 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 amount rounded to 0.00%. Index returns through March 21, 2021 reflect the performance of the Morningstar US Large Value Index. Index returns beginning on March 22, 2021 reflect the performance of the Morningstar US Large-Mid Cap Broad Value Index, which, effective as of March 22, 2021, replaced the Morningstar US Large Value Index as 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 amount rounded to 0.00%. The FTSE Nareit Equity REITs 40 Act Capped Index 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. The amount rounded to 0.00%. Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. The amount rounded to 0.00%. Index returns through September 19, 2021 reflect the performance of the Dow Jones U.S. Basic Materials Index. Index returns beginning on September 20, 2021 reflect the performance of the Russell 1000 Basic Materials RIC 22.5/45 Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Basic Materials Index as 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 amount rounded to 0.00%. Index returns through June 23, 2019 reflect the performance of the Dow Jones U.S. Consumer Services Index, which, effective as of June 24, 2019, was replaced by the Dow Jones U.S. Consumer Services Capped Index as the Underlying Index of the Fund. Index returns from June 24, 2019 through September 19, 2021 reflect the performance of the Dow Jones U.S. Consumer Services Capped Index. Index returns beginning on September 20, 2021 reflect the performance of the Russell 1000 Consumer Discretionary 40 Act 15/22.5 Daily Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Consumer Services Capped Index as 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 amount rounded to 0.00%. Index returns through September 19, 2021 reflect the performance of the Dow Jones U.S. Consumer Goods Index. Index returns beginning on September 20, 2021 reflect the performance of the Russell 1000 Consumer Staples RIC 22.5/45 Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Consumer Goods Index as 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 amount rounded to 0.00%. Index returns through September 19, 2021 reflect the performance of the Dow Jones U.S. Oil & Gas Index. Index returns beginning on September 20, 2021 reflect the performance of the Russell 1000 Energy RIC 22.5/45 Capped Index, which, effective as of September 20, 2021, replaced the Dow Jones U.S. Oil & Gas Index as 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 amount rounded to 0.00%.