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Important Notice Regarding Change in

Investment Policy

iShares Trust

Supplement dated October 1, 2026 to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information (the “SAI”) for the iShares Paris-Aligned Climate Optimized MSCI USA ETF (PABU) (the “Fund”)

The Board of Trustees has approved the following changes for the Fund that are expected to take effect on or around December 1, 2026:

1) The Fund’s investment objective will be modified as shown below:

Current Investment Objective New Investment Objective The iShares Paris-Aligned Climate Optimized MSCI USA ETF seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks that is designed to be compatible with the objectives of the Paris Agreement by, in aggregate, following a decarbonization trajectory, reducing exposure to climate-related transition and physical risks and increasing exposure to companies favorably positioned for the transition to a low-carbon economy.

The iShares Paris-Aligned Climate Optimized MSCI USA ETF seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks that is designed to be compatible with the objectives of the Paris Agreement by, in aggregate, following a decarbonization trajectory.

2) In the Principal Investment Strategies section of the Summary Prospectus and Prospectus, the first 14 paragraphs will be deleted in their entirety and replaced with the following:

The Fund seeks to track the investment results of the MSCI USA Climate Paris Aligned Benchmark Extended Select Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index Provider” or “MSCI”). The Underlying Index is a subset of the MSCI USA Index (the “Parent Index”). The Underlying Index is composed of U.S. large- and mid-capitalization stocks that are selected and weighted so that, in the aggregate, the portfolio is optimized versus the Parent Index to align with the objectives of the Paris Agreement by following a decarbonization trajectory.

The Underlying Index aims to meet the minimum standards for a “Paris-Aligned Benchmark” (“PAB”) under the European Union’s Low Carbon Benchmark Regulation. PABs are designed to align with the principal objective of the Paris Agreement, which is to limit global warming in this century to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius, above pre-industrial levels.

The Index Provider begins with the Parent Index and excludes the securities of issuers that it identifies as being involved in any of the business activities summarized below, based primarily on ownership or revenue thresholds:

Š Producing tobacco.

Š Involvement with controversial weapons (e.g., cluster bombs, landmines, depleted uranium, chemical or biological weapons) or their components.

Š Companies that have any tie to nuclear weapons and are located in a country that has not signed the Treaty on the Non-Proliferation of Nuclear Weapons (i.e., India, Israel, Pakistan and South Sudan).

Š Producers and retailers of civilian firearms or ammunitions.

Š Involvement in certain thermal coal mining or sales activities, a wide range of oil- and gas-related activities (e.g., equipment, production, transportation), and power generation based on thermal coal, liquid fuel or natural gas.

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The Index Provider also excludes companies that it determines are involved in ongoing and “very severe” controversies related to the environmental, social or governance (“ESG”) impact of the company’s actions, products or operations. To evaluate ESG controversies, the Index Provider monitors across five categories of ESG impact – environment, human rights and communities, labor rights and supply chain, customers and governance – and 28 sub-categories.

The Index Provider also excludes companies that are directly involved in ongoing severe or very severe environmental controversies; companies that have settled most but not all stakeholder concerns related to their direct involvement in very severe environmental controversies; and companies that are indirectly involved in very severe environmental controversies, each as determined by the Index Provider. Environmental controversies can relate to, among other things, toxic emissions and waste, water stress, biodiversity and supply chain management, The Index Provider excludes companies that are not assessed by the Index Provider regarding ESG controversies or environmental harm.

The Index Provider then uses an optimization process that applies sustainability-related and other constraints to determine constituent weights. In order to meet the minimum standards for PABs, the Index Provider targets the following index-level constraints at each semi-annual rebalancing:

Š At least a 50.5% reduction in greenhouse gas (“GHG”) intensity compared with the Parent Index, taking into account issuers’ Scope 1, 2 and 3 emissions (i.e., direct emissions from sources that an issuer owns or controls and indirect emissions from the purchase of energy and a company’s value chain);

Š At least a 7% year-over-year reduction in the GHG intensity (or decarbonization rate) of the Underlying Index itself since December 1, 2022, with a 2% buffer; and

Š A level of exposure to sectors with a high impact on climate change (i.e., those sectors that are key to the low carbon transition) that is not less than the exposure in the Parent Index.

In addition, the Underlying Index constrains the weight of individual constituents, including capping a constituent’s weight at the lesser of five times its weight in the Parent Index and the constituent’s weight in the Parent Index plus 2%. The sector weights of the Underlying Index may not deviate more than +/- 5% from those of the Parent Index (except for the energy sector).

As of August 31, 2026, the Underlying Index had approximately 90 constituents, and a significant portion of the Underlying Index was represented by securities of companies in the technology industry or sector. The components of the Underlying Index are likely to change over time.

The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying Index, or other reasons as determined by BFA.

In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in components of the Underlying Index. Investments in derivatives and other investments will be counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80% investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.

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In addition, the Fund generally will invest at least 90% of its assets in the components of the Underlying Index.

3) In the More Information about the Funds section of the Prospectus, the section titled “Additional Index Information – iShares Paris-Aligned Climate Optimized MSCI USA ETF” will be deleted in its entirety.

4) In the Fund’s SAI, the section titled “MSCI USA Climate Paris Aligned Benchmark Extended Select Index” will be deleted in its entirety and replaced with the following:

MSCI USA Climate Paris Aligned Benchmark Extended Select Index

Index Description. The MSCI USA Climate Paris Aligned Benchmark Extended Select Index is an optimized equity index designed to reflect the performance characteristics of a subset of U.S. large- and mid-capitalization equity securities within the MSCI USA Index. The components of the Underlying Index are selected and weighted so that, in the aggregate, the portfolio is optimized versus the MSCI USA Index to align with the objectives of the Paris Agreement by following a decarbonization trajectory. The Underlying Index aims to meet the minimum standards for a “Paris-Aligned Benchmark” (“PAB”) under the European Union’s Low Carbon Benchmark Regulation.

Index Methodology. The Index Provider begins with the MSCI USA Index and excludes the securities of issuers that it identifies as being involved in any of the business activities summarized below, based primarily on ownership or revenue thresholds:

Š Producing tobacco.

Š Producing cluster bombs, landmines, depleted uranium, chemical or biological weapons, blinding laser weapons, non-detectable fragments or incendiary weapons; producing key components of cluster bombs, landmines, depleted uranium weapons, or chemical or biological weapons; owning 20% or more (50% for financial companies) of a weapons or components producer; or being 50% or more owned by a company involved in weapons or components production.

Š For only those companies located in a country that has not signed the Treaty on the Non-Proliferation of Nuclear Weapons (i.e., India, Israel, Pakistan, South Sudan), manufacturing of the following, regardless of whether intended for exclusive use in nuclear weapons: nuclear warheads, whole nuclear missiles, nuclear weapon delivery systems or components, or providing auxiliary services related to nuclear weapons.

Š Producing firearms or small arms ammunitions for civilian markets or deriving 5% or more revenue, or $20 million or more revenue, from the production or distribution (wholesale or retail) of such firearms or ammunition.

Š Deriving 1% or more revenue from thermal coal mining or sales to external parties, but excluding all revenue from metallurgical coal, coal mined for internal power generation, intra-company sales of mined thermal coal and coal trading.

Š Deriving 10% or more revenue from oil-related activities, including distribution, equipment, production, transportation or refining.

Š Deriving 50% or more revenue from gas-related activities, including distribution, processing, pipelines, production, transportation and exploration.

Š Deriving 50% or more revenue from power generation based on thermal coal, liquid fuel or natural gas. The Index Provider also excludes companies that it determines are involved in ongoing and “very severe” controversies related to the environmental, social or governance (“ESG”) impact of the company’s actions, products or operations. To evaluate ESG controversies, the Index Provider monitors across five categories of ESG impact – environment, human rights and communities, labor rights and supply chain, customers and governance – and 28 sub-categories.

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involved in very severe environmental controversies, each as determined by the Index Provider. Environmental controversies can relate to, among other things, toxic emissions and waste, water stress, biodiversity and supply chain management

The Index Provider excludes companies that are not assessed by the Index Provider regarding ESG controversies or environmental harm.

Š At least a 50.5% reduction in greenhouse gas (“GHG”) intensity compared with the MSCI USA Index, taking into account issuers’ Scope 1, 2 and 3 emissions (i.e., direct emissions from sources that an issuer owns or controls and indirect emissions from the purchase of energy and a company’s value chain);

Š At least a 7% year-over-year reduction in the GHG intensity (or decarbonization rate) of the Underlying Index itself since December 1, 2022, with a 2% buffer; and

Š A level of exposure to sectors with a high impact on climate change (i.e., those sectors that are key to the low carbon transition) that is not less than the exposure in the MSCI USA Index.

At each semi-annual index rebalancing, the Index Provider applies constituent-level constraints that aim to ensure diversification, replicability and investability, including the following:

Š The minimum weight for a constituent is the greater of (a) 0.25 times the constituent’s weight in the MSCI USA Index and (b) the constituent’s weight in the MSCI USA Index minus 2%;

Š The maximum weight for a constituent is the lesser of (a) five times its weight in the MSCI USA Index and (b) its weight in the MSCI USA Index plus 2%;

Š The sector weights of the Underlying Index do not deviate more than +/- 5% from those of the MSCI USA Index (except for the energy sector); and

Š The one-way turnover of the Underlying Index is capped at 5%.

The Underlying Index is rebalanced as of the close of the last business day of May and November, coinciding with the May and November Semi-Annual Index Review of the MSCI Global Investable Market Indexes.

Calculation Methodology . The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock, without any adjustment for taxes or withholding.

If you have any questions, please call 1-800-iShares (1-800-474-2737).

iShares ® is a registered trademark of BlackRock Fund Advisors and its affiliates. IS-A-PABU-1026

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Page 5

iShares ®

iShares Trust Supplement dated June 1, 2026 to the currently effective Summary Prospectus, Prospectus, and Statement of Additional Information (“SAI”) for the iShares Climate Conscious & Transition MSCI USA ETF (USCL) (the “Fund”)

Effective immediately, MSCI Inc. (the “Index Provider”) has implemented methodology updates to the MSCI Climate Action range of standard indexes, which includes the MSCI USA Extended Climate Action Index (the Fund’s “Underlying Index”).

Accordingly, the following changes to the Fund are effective immediately:

Changes to the Fund’s Summary Prospectus and Prospectus

The first fifteen paragraphs of the section entitled “Principal Investment Strategies” of the Fund’s Summary Prospectus and Prospectus are deleted in their entirety and replaced with the following:

The Fund seeks to track the investment results of the MSCI USA Extended Climate Action Index (the “Underlying Index”), which was developed by MSCI Inc. (the “Index Provider” or “MSCI”). The Underlying Index is composed of U.S. large- and mid-capitalization companies based on their positioning, relative to their sector peers, with respect to the transition to a low-carbon economy, as determined by MSCI. The Index Provider uses data provided by MSCI Solutions LLC and other sources to assess companies for eligibility for inclusion in the Underlying Index and to rank and select securities based primarily on current emissions intensity, emissions reduction targets, green business revenue, and/or carbon risk management.

The Underlying Index seeks to reflect the overall sector composition of the MSCI USA Index (the “Parent Index”) by targeting similar sector representation from each Global Industry Classification Standard (“GICS”) sector in the Parent Index. The Parent Index is a float-adjusted, market capitalization weighted index designed to measure the performance of the large- and mid-capitalization companies in the U.S. market, irrespective of their climate impact. As a result, the Underlying Index will include constituents from a broad range of sectors in the U.S. market, including sectors that have more climate impact than other sectors.

In constructing the Underlying Index, the Index Provider begins with the constituent universe of the Parent Index and applies several types of exclusionary screens.

The business involvement screens exclude securities of companies involved in the business of tobacco, controversial weapons or nuclear weapons (certain companies in countries that are not signatories of the Treaty on the Non-Proliferation of Nuclear Weapons), producers of civilian firearms and ammunition, thermal coal mining and sales associated with thermal coal mining, or oil sands extraction. Certain exclusions (e.g., controversial and nuclear weapons) are categorical, and others are based on revenue or percentage of revenue thresholds.

The Index Provider also excludes companies that it determines are directly involved in ongoing, “very severe” environmental, social or governance (“ESG”) controversies, defined as an instance or ongoing situation in which company operations and/or products allegedly are directly implicated in having a negative ESG impact, including alleged violations of laws, regulations, or accepted international norms (e.g., human rights violations or toxic emissions and waste). To evaluate ESG controversies, the Index Provider monitors across five categories of ESG impact – environment, human rights and communities, labor rights and supply chain, customers and governance – and 28 sub-categories. The Index Provider also excludes companies that are not assessed by the Index Provider regarding ESG controversies.

Page 6

SBTi does not monitor whether companies modify their targets or make progress toward the targets. “Emissions intensity” is defined by the Index Provider as Scope 1+2+3 global greenhouse gas (“GHG”) emissions as a percentage of the issuer’s enterprise value and cash. “Total potential carbon emissions” are the sum of the potential carbon emissions of the fossil fuel reserves, excluding metallurgical coal reserves, owned by an issuer, and are calculated only for companies that the Index Provider considers most likely to use their fossil fuel reserves for energy applications (i.e., burned or combusted to produce power or heat). Issuers without data on their emissions intensity are excluded from the Underlying Index.

For non-index constituents, the Index Provider excludes issuers that do not have approved science-based targets (“SBTs”) and are in the worst quartile of their GICS sector within the Parent Index based on their management of climate change risks (e.g., product carbon footprint and carbon emissions) (“carbon risk management”). For existing index constituents, the Index Provider excludes issuers that do not have approved SBTs and are in the worst decile of their GICS sector within the Parent Index based on their carbon risk management, as determined by the Index Provider.

An issuer is credited with a two-quartile improvement in its GHG Intensity Score if the issuer either (i) has approved SBTs for emissions reduction or (ii) is assessed by the Index Provider as having a “credible track record” of reduced emissions. Approved SBTs are targets that have been determined by SBTi to align with certain criteria set by SBTi based on climate science.

For the remaining eligible securities, the GHG Intensity Score is improved by one quartile for any issuer that is within the best quartile, on a sector-relative basis within the Parent Index, for either (i) carbon risk management or (ii) “green business revenue,” each as determined by the Index Provider. An issuer must have at least 5% green business revenue to receive the improvement to its GHG Intensity Score. “Green business revenue” is defined as the cumulative revenue percentage that a company derives from alternative energy, energy efficiency, sustainable water, green building, pollution prevention and sustainable agriculture.

After the above quartile score improvements are applied, each security is assigned the resulting “Tilt Score”. This tilting approach, as determined by the Index Provider, increases exposure to companies assessed as best positioned for the climate transition within their respective GICS sector.

All eligible securities of each GICS sector are included in the index. The weights of the index constituents are determined by multiplying the Tilt Score with the Parent Index weight of the eligible security. The weights are then renormalized to 100%. Sector weights are limited to +/- 5% the weight of that sector in the Parent Index, and individual issuer weights are capped at +2% of its Parent Index weight.

The Underlying Index is reconstituted and rebalanced in May and November. The business involvement and firearms exclusionary screens are reviewed quarterly. The ESG controversy screen is reviewed monthly. Existing constituents that meet the exclusion criteria are deleted from the Underlying Index, and the weights of the remaining constituents are renormalized to 100%.

As of June 1, 2026, a significant portion of the Underlying Index is represented by securities of companies in the Information Technology, Communication Services, and Consumer Discretionary sectors. As of June 1, 2026, the Underlying Index had approximately 400 components. The components of the Underlying Index are likely to change over time.

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Changes to the Fund’s Prospectus

The section entitled “Additional Index Information – iShares Climate Conscious & Transition MSCI USA ETF” of the Fund’s Prospectus is deleted in its entirety and replaced with the following:

The Index Provider excludes the securities of issuers that it identifies as being involved in any of the business activities summarized below (“business involvement screens”):

Š Companies that are classified as a “producer” of tobacco and companies that derive 5% or more aggregate revenue from the production, distribution, retail, supply, and licensing of tobacco-related products.

Š Companies with any tie to controversial weapons, which are defined by the Index Provider as cluster munitions, landmines, biological and chemical weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons and non-detectable fragments.

Š Companies deriving 1% or more revenue (reported or estimated) from the mining of thermal coal (including lignite, bituminous, anthracite and steam coal) and its sale to external parties. It excludes revenue from metallurgical coal, coal mined for internal power generation, intra-company sales of mined thermal coal, and revenue from coal trading (reported or estimated).

Š Companies that own oil sands reserves, disclose evidence of deriving revenue from oil sands extraction and derive 5% or more revenue from such extraction. Companies that derive revenue from non-extraction activities (e.g., exploration, surveying, processing, refining) or intra-company sales are not excluded. Additionally, companies that own oil sands reserves with no associated revenue are not excluded.

Š Companies that are located in countries who are not signatories of The Treaty on the Non-Proliferation of Nuclear Weapons and fall within the following categories: companies that manufacture nuclear warheads and/or whole nuclear missiles, including assembly and integration of warhead and missile body; companies with contracts to operate/manage government-owned facilities that manufacture nuclear warheads and missiles or their components; companies that manufacture components that were developed or are significantly modified for exclusive use in nuclear weapons; companies that manufacture or assemble delivery platforms that were developed or significantly modified for the exclusive delivery of nuclear weapons; companies that provide auxiliary services related to nuclear weapons, such as repairing and maintaining nuclear weapons, providing overhaul and upgrade services, stockpiling and stewardship, R&D work, testing and simulations; companies with contracts to operate/manage government-owned facilities that conduct R&D, testing, simulations, and other essential sciences on nuclear weapons; companies that manufacture components that were not developed or not significantly modified for exclusive use in nuclear weapons but that can be used in nuclear weapons; companies that manufacture or assemble delivery platforms that were not developed or not significantly modified for the exclusive delivery of nuclear weapons but that have the capability to deliver nuclear weapons; and companies that manufacture components for nuclear-exclusive delivery platforms.

Š All companies classified as “Producer” of firearms and small arms ammunitions for civilian markets. It does not cover companies that cater to the military, government, and law enforcement markets.

Changes to the Fund’s SAI

The section entitled “The MSCI Indexes – MSCI USA Extended Climate Action Index” of the Construction and Maintenance of the Underlying Index section in the SAI for the Fund is deleted in its entirety and replaced with the following:

MSCI USA Extended Climate Action Index

Number of Components: approximately 400

Index Description. The MSCI USA Extended Climate Action Index is composed of U.S. large- and mid-capitalization companies based on their positioning, relative to their sector peers, with respect to the transition to a low-carbon economy, as determined by MSCI. The Index Provider uses data provided by MSCI Solutions LLC and other sources to assess companies for eligibility for inclusion in the Underlying

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Index and to rank and select securities based primarily on current emissions intensity, emissions reduction targets, green business revenue, and/or carbon risk management.

The Underlying Index seeks to reflect the overall sector composition of the MSCI USA Index (the “parent index”) by targeting similar sector representation from each Global Industry Classification Standard (“GICS”) sector in the parent index. The parent index is a float-adjusted market capitalization weighted index designed to measure the performance of the large- and mid-capitalization companies in the U.S. market, irrespective of their climate impact. As a result, the Underlying Index will include constituents from a broad range of sectors in the U.S. market, including sectors that have more climate impact than other sectors.

Index Methodology. The Index Provider begins with the constituent universe of the parent index and applies several types of exclusionary screens, as described below.

The Index Provider excludes the securities of issuers that it identifies as being involved in any of the business activities summarized below (“business involvement screens”):

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emissions and waste). To evaluate ESG controversies, the Index Provider monitors across five categories of ESG impact – environment, human rights and communities, labor rights and supply chain, customers and governance – and 28 sub-categories. The Index Provider also excludes companies that are not assessed by the Index Provider regarding ESG controversies.

Another screen excludes issuers that have higher “emissions intensity” than the High Emission Threshold or higher “total potential carbon emissions” than the High Potential Emission Threshold, meaning issuers in the highest 5% of emitters on the MSCI ACWI Index for the two emissions metrics, as determined by the Index Provider. However, these highest 5% of emitters are not excluded by this screen if they have emissions reduction targets that have been approved by the Science-Based Targets initiative (“SBTi”). SBTi does not monitor whether companies modify their targets or make progress toward the targets. “Emissions intensity” is defined by the Index Provider as Scope 1+2+3 global greenhouse gas (“GHG”) emissions (i.e., direct emissions from sources that an issuer owns or controls and indirect emissions from the purchase of energy and a company’s value chain) as a percentage of the issuer’s enterprise value and cash. “Total potential carbon emissions” are the sum of the potential carbon emissions of the fossil fuel reserves, excluding metallurgical coal reserves, owned by an issuer, and are calculated only for companies that the Index Provider considers most likely to use their fossil fuel reserves for energy applications (i.e., burned or combusted to produce power or heat). Issuers without data on their emissions intensity are excluded from the Underlying Index.

For non-index constituents, the Index Provider excludes issuers that do not have approved science-based targets (“SBTs”) and are in the worst quartile of their GICS sector within the parent index based on their management of climate change risks (e.g., product carbon footprint and carbon emissions) (“carbon risk management”). For existing index constituents, the Index Provider excludes issuers that do not have approved SBTs and are in the worst decile of their GICS sector, as determined by the Index Provider.

Eligible securities are then evaluated according to a framework that assigns an initial “GHG Intensity Score,” which corresponds to the issuer’s sector-relative quartile position within the parent index based on its Scope 1+2+3 GHG intensity. The score may be improved with a one-quartile or two-quartile adjustment based on an issuer’s emissions reduction targets, emissions track record, green revenue or carbon risk management, each as described further below. The final GHG Intensity Score, after any adjustment, is used for ranking and selecting securities for inclusion in the Underlying Index.

All eligible securities of each GICS sector are included in the index. The weights of the index constituents is determined by multiplying the Tilt Score with the Parent Index weight of the eligible security. The weights are then renormalized to 100%. Sector weights are limited to +/- 5% the weight of that sector in the Parent Index, and individual issuer weights are capped at +2% of its Parent Index weight.

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If you have any questions, please call 1-800-iShares (1-800-474-2737).

iShares ® is a registered trademark of BlackRock Fund Advisors and its affiliates. IS-SUPP-USCL-0626

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

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iShares ®

iShares Trust Supplement dated April 20, 2026 to the currently effective Summary Prospectus, Prospectus, and Statement of Additional Information (the “SAI”) for the iShares ESG Aware MSCI USA ETF (ESGU) (the “Fund”)

The Fund is updating its investment policy to indicate that it intends to be “diversified,” as defined under the Investment Company Act of 1940, as amended (the “1940 Act”), in approximately the same proportion as its Underlying Index is diversified. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in the relative market capitalization or index weighting of the constituents of its Underlying Index.

Accordingly, the following changes are effective immediately:

1. The following is added after the Industry Concentration Policy at the end of the section entitled “Principal Investment Strategies” of the Summary Prospectus and Prospectus of the Fund:

Diversification Policy. The Fund intends to be diversified in approximately the same proportion as the Underlying Index is diversified. The Fund may become “non-diversified,” as defined under the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. Shareholder approval will not be sought if the Fund becomes “non-diversified” due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Underlying Index. The Fund discloses its portfolio holdings and weightings at www.iShares.com.

2. The following is added to the section entitled “Summary of Principal Risks” in the Summary Prospectus and Prospectus of the Fund:

Non-Diversification Risk. To the extent the Fund is non-diversified, the Fund may invest a large percentage of its assets in securities or other instruments representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these particular issuers or counterparties. As a result, the Fund’s performance may depend to a greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.

3. In the table under the section entitled “Additional Information About the Funds’ Risks” in the Prospectus of the Fund, Non-Diversification Risk is checked as a Principal Risk of the Fund.

4. In the diversification status table of the section entitled “Diversification Status” of the SAI of the Fund, an asterisk (*) is added after the Fund’s name.

5. The last sentence of the first paragraph following the diversification status table of the section entitled “Diversification Status” of the SAI of the Fund is deleted in its entirety and replaced with the following as described below:

Š However, while the iShares ESG Aware MSCI USA ETF and iShares MSCI Japan Value ETF are classified as “diversified,” under applicable no-action relief from the SEC staff, the funds may become non-diversified, as defined under the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its Underlying Index, and such a change does not require shareholder approval.

If you have any questions, please call 1-800-iShares (1-800-474-2737).

iShares ® is a registered trademark of BlackRock Fund Advisors and its affiliates. IS-A-ESGU-0426

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

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iShares ®

iShares Trust Supplement dated February 18, 2026 to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information (the “SAI”) for the iShares ESG Aware MSCI USA Value ETF (EVUS) (the “Fund”)

Change in the Fund’s “Summary of Principal Risks”

The section of the Fund’s Summary Prospectus and Prospectus entitled “Summary of Principal Risks” is amended to delete the paragraph entitled “Non-Diversification Risk”.

Change in the Fund’s “Additional Information About the Funds’ Risks”

In the table starting on page 6 of the Prospectus, the column for the Fund is amended to remove the checkmark ( ✓ ) in the row for “Non-Diversification Risk”.

Change in the Fund’s “Investment Strategies and Risks”

In the section of the Fund’s SAI entitled, “Investment Strategies and Risks,” the “Diversification Status” sub-section starting on page 3 is amended to move the Fund from the “Non-Diversified Funds” column to the “Diversified Funds” column.

If you have any questions, please call 1-800-iShares (1-800-474-2737).

iShares ® is a registered trademark of BlackRock Fund Advisors and its affiliates. IS-A-EVUS-0226

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Page 14

DECEMBER 30, 2025

Prospectus

iShares Trust

The Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

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iShares Climate Conscious & Transition MSCI USA ETF ................

S-1

iShares ESG Advanced MSCI USA ETF .....................................

S-8

iShares ESG Aware MSCI USA ETF ..........................................

S-14

iShares ESG Aware MSCI USA Growth ETF ...............................

S-20

iShares ESG Aware MSCI USA Small-Cap ETF ............................

S-26

iShares ESG Aware MSCI USA Value ETF ..................................

S-32

iShares ESG MSCI USA Leaders ETF .......................................

S-38

iShares Paris-Aligned Climate Optimized MSCI USA ETF ...............

S-44

More Information About the Funds ..............................................

Additional Information About the Funds’ Risks ................................

Portfolio Holdings Information ....................................................

Management of the Funds .........................................................

Shareholder Information ...........................................................

Distribution ...........................................................................

Financial Highlights .................................................................

Index Provider and Disclaimers ...................................................

Table of Contents

Fund Summaries

Page 17

iSHARES ® CLIMATE CONSCIOUS & TRANSITION MSCI USA ETF

Ticker: USCL Stock Exchange: Nasdaq

Investment Objective

The iShares Climate Conscious & Transition MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization companies based on their positioning, relative to their sector peers, with respect to the transition to a low carbon economy, as determined by the Index Provider, based primarily on current emissions intensity, emissions reduction targets, green business revenue, and/or climate risk management.

Fees and Expenses

The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (ongoing expenses that you pay each year as a 1 percentage of the value of your investments) 1

Management Fees

Distribution and Service (12b-1) Fees Other Expenses

Total Annual Fund Operating Expenses 0.08% None 0.00% 0.08%

1 Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. 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:

1 Year 3 Years 5 Years 10 Years $8 $26 $45 $103

Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 12% of the average value of its portfolio.

Principal Investment Strategies

MSCI Solutions LLC and other sources to assess companies for eligibility for inclusion in the Underlying Index and to rank and select securities based primarily on current emissions intensity, emissions reduction targets, green revenue, and/or climate risk management.

The Underlying Index seeks to reflect the overall sector composition of the MSCI USA Index (the “Parent Index”) by including approximately 50% of the companies from each Global Industry Classification Standard (“GICS”) sector in the Parent Index. The Parent Index is a float-adjusted market capitalization weighted index designed to measure the performance of the large- and mid-capitalization companies in the U.S. market, irrespective of their climate impact. As a result, the Underlying Index will include constituents from a broad range of sectors in the U.S. market, including sectors that have more climate impact than other sectors.

In constructing the Underlying Index, the Index Provider begins with the constituent universe of the Parent Index and applies several types of exclusionary screens.

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The business involvement screens exclude securities of companies involved in the business of tobacco, controversial or nuclear weapons, thermal coal mining or sales or oil sands extraction. Certain exclusions ( e.g., controversial and nuclear weapons) are categorical, and others are based on revenue or percentage of revenue thresholds.

The Index Provider also excludes companies that it determines are directly involved in ongoing, “very severe” environmental, social or governance (“ESG”) controversies, defined as an instance or ongoing situation in which company operations and/or products allegedly are directly implicated in having a negative ESG impact, including alleged violations of laws, regulations, or accepted international norms ( e.g., human rights violations or toxic emissions and waste). To evaluate ESG controversies, the Index Provider monitors across five categories of ESG impact – environment, human rights and communities, labor rights and supply chain, customers and governance – and 28 sub-categories. The Index Provider also excludes companies that are not assessed by the Index Provider regarding ESG controversies.

Another screen excludes issuers that have high “emissions intensity” or high “total potential carbon emissions,” meaning that the issuer is in the worst 5% of the MSCI ACWI Index for the emissions metric, as determined by the Index Provider. However, high emitters are not excluded by this screen if they have emissions reduction targets that have been approved by the Science-Based Targets initiative (“SBTi”). SBTi does not monitor whether companies modify their targets or make progress toward the targets. “Emissions intensity” is defined by the Index Provider as Scope 1+2+3 global greenhouse gas (“GHG”) emissions as a percentage of the issuer’s enterprise value and cash. “Total potential carbon emissions” are the sum of the potential carbon emissions of the fossil fuel reserves, excluding metallurgical coal reserves, owned by an issuer, and are calculated only for companies that the Index Provider considers most likely to use their fossil fuel reserves for energy applications ( i.e., burned or combusted to produce power or heat). Issuers without data on their emissions intensity are excluded from the Underlying Index.

Also excluded are issuers in the worst quartile of their GICS sector within the Parent Index based on their management of one or more climate change risks and opportunities ( e.g., carbon emissions, product carbon footprint, climate change vulnerability, biodiversity and land use, and opportunities in clean tech, green building and renewable energy) (“climate risk management”), as determined by the Index Provider.

An issuer is credited with a two-quartile improvement in its GHG Intensity Score if the issuer either (i) has approved science-based targets (“SBTs”) for emissions reduction or (ii) is assessed by the Index Provider as having a “credible track record” of reduced emissions. Approved SBTs are targets that have been determined by SBTi to align with certain criteria set by SBTi based on climate science.

The criteria for a credible track record of emissions reduction include, among other things, having an average yearly emissions reduction of at least 2% over the past four years (three year-over year changes) and being ranked in the best quartile of all sector peers in the Parent Index with an average 2% or greater yearly emissions reduction over the past four years (three year-over-year changes).

For the remaining eligible securities, the GHG Intensity Score is improved by one quartile for any issuer that is within the best quartile, on a sector-relative basis within the Parent Index, for either (i) climate risk management or (ii) “green revenue,” each as determined by the Index Provider. An issuer must have at least 5% green revenue to receive the improvement to its GHG Intensity Score. “Green revenue” is defined as the cumulative revenue percentage that a company derives from alternative energy, energy efficiency, sustainable water, green building, pollution prevention and sustainable agriculture.

Eligible securities of each GICS sector are sorted in ascending order of their final GHG Intensity Score (after any improvement) and descending order of float-adjusted market capitalization. For each sector, securities are selected from the top until the total number of selected securities (by count) is approximately 50% of the number of securities in that sector in the Parent Index. Any securities selected in this step that are producers of civilian firearms or ammunition, as determined by the Index Provider, are removed from the Underlying Index.

The Parent Index weights of the remaining selected securities are renormalized to 100%. Sector weights are limited to +/- 5% the weight of that sector in the Parent Index, and individual issuer weights are capped at 5% of the Underlying Index.

As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the consumer goods and services and technology industries or sectors. As of August 31, 2025, the Underlying Index had 273 components. The components of the Underlying Index are likely to change over time.

BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.

Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.

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that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index.

The Fund generally will invest at least 90% of its assets in the component securities of the Underlying Index and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.

The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).

The Underlying Index is sponsored by MSCI, which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.

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.

Summary of Principal Risks

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. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.

Risk of Investing in the U.S . Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.

whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or constraints at all times.

Equity Securities Risk . Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.

Market Risk . The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.

Index-Related Risk. The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected composition.

Asset Class Risk. The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in comparison to financial markets generally, a particular financial market, another index, or other asset classes.

Authorized Participant Concentration Risk. An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the

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Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

Concentration Risk. The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes.

Consumer Goods and Services Companies Risk. Consumer goods and services companies face risks related to changes in consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage to brand or reputation, economic slowdown and labor shortages, among other things.

Issuer Risk . The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty.

Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall performance of the broader securities markets.

Management Risk . The Fund generally does not attempt to take defensive positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.

shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund shares.

Non-Diversification Risk . The Fund is classified as “non diversified.” This means that, compared with funds that are classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these particular issuers or counterparties. As a result, the Fund’s performance may depend to a greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.

Operational and Technology Risks . The Fund is directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.

Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.

Technology Companies Risk . 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.

Thematic Investing Risk. The Fund relies on the Index Provider to identify securities that reflect the relevant themes and sub themes for inclusion in the Underlying Index. There is no guarantee that the Underlying Index or the Fund will reflect the intended theme and sub-theme exposures. The Fund’s performance may suffer if such securities are not correctly identified, if a theme or sub-theme develops in an unexpected manner, or if securities in the Underlying Index do not benefit from the development of a theme or sub-theme. The Fund’s

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performance may also be impacted if securities that are not related to the theme or sub-theme are included in the Underlying Index.

interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.

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Performance Information

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 index and the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).

Calendar Year-by-Year Returns

40%

30%

20%

10%

2 0 2 4

27.02%

Return (%) Period Ended Calendar Year-to-Date Return 12.21% September 30, 2025 During the periods shown in the chart: Best Quarter 11.37% March 31, 2024 Worst Quarter -2.25% September 30, 2023

Average Annual Total Returns (for the periods ended December 31, 2024)

One Year

Since Fund Inception (Inception Date: 6/6/2023) Return Before Taxes 27.02% 25.85% Return After Taxes on Distributions 26.64% 25.43% Return After Taxes on Distributions and Sale of Fund Shares 16.23% 19.93% MSCI USA Index (Returns do not reflect deductions for fees, expenses or taxes) 25.08% 24.59% MSCI USA Extended Climate Action Index (Returns do not reflect deductions for fees, expenses or taxes) 27.13% 25.99%

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.

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Management

Investment Adviser. BlackRock Fund Advisors.

Portfolio Managers. Jennifer Hsui, Peter Sietsema, Matt Waldron and Steven White (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Ms. Hsui has been a Portfolio Manager of the Fund since 2023. Mr. Sietsema, Mr. Waldron and Mr. White have been Portfolio Managers of the Fund since 2025.

Purchase and Sale of Fund Shares

The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).

Tax Information

The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement such as a 401(k) plan or an individual retirement account (“IRA”), in which case, your distributions generally will be taxed when withdrawn.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other related companies may pay the intermediary for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems or other services related to the sale or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

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iSHARES ® ESG ADVANCED MSCI USA ETF

Ticker: USXF Stock Exchange: Nasdaq

Investment Objective

The iShares ESG Advanced MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid capitalization U.S. companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities.

Fees and Expenses

Management Fees

Distribution and Service (12b-1) Fees

Other Expenses

Total Annual Fund Operating Expenses 0.10% None 0.00% 0.10%

1 Year 3 Years 5 Years 10 Years $10 $32 $56 $128

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI USA Choice ESG Screened Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index Provider” or “MSCI”). The Underlying Index is a free float-adjusted market capitalization-weighted index that is designed to reflect the equity performance of large- and mid-capitalization U.S. companies with favorable environmental, social and governance (“ESG”) ratings (as determined by MSCI Solutions LLC (“MSCI Solutions”)) while applying extensive screens, including removing fossil fuel exposure. MSCI begins with the MSCI USA Index (the “Parent

Index”) and selects companies with favorable ESG ratings while excluding securities of companies involved in adult entertainment, alcohol, gambling, tobacco, genetic engineering, controversial weapons, nuclear weapons, civilian firearms, conventional weapons, palm oil, private prisons, predatory lending, and nuclear power based on revenue or percentage of revenue thresholds for certain categories ( e.g., $500 million or 50%) and categorical exclusions for others ( e.g., nuclear weapons).

MSCI Solutions rates the ESG characteristics of companies on a scale of “CCC” (lowest) to “AAA” (highest). MSCI Solutions determines the ESG ratings by evaluating the company’s risks and opportunities and using a sector-specific ESG Key Issues (“Key Issues”) ( e.g. , carbon emissions) selection and weighting model. Each company is scored on a scale of 0 to 10, with 10 being the most desirable, for each applicable Key Issue before being assigned an ESG rating based on average Key Issue score. ESG ratings are calculated in comparison to a company’s sector peers, and securities in one sector may have a lower average ESG rating than securities in another sector. Only securities of companies with an ESG rating of “BBB” or higher are eligible for inclusion in the Underlying Index.

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MSCI screens companies with involvement in fossil fuels by excluding any company in the energy sector as per GICS methodology and all companies with an industry tie to fossil fuels such as thermal coal, oil and gas—in particular, reserve ownership, related revenues and power generation. Companies that meet the fossil fuel involvement screen but that derive more than 50% of revenues from alternative energy and do not have an industry tie to thermal coal or oil sands or have fossil fuel reserves used most likely for energy applications, as determined by the Index Provider, will be added back. Additionally, MSCI excludes companies involved in very serious business controversies. MSCI Solutions defines a controversy as an instance or ongoing situation in which company operations and/or products allegedly have a negative environmental, social and/or governance impact. Each controversy case is assessed for the severity of its impact on society.

The Underlying Index includes large- and mid-capitalization companies and may change over time. As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the financials and technology industries or sectors. The components of the Underlying Index are likely to change over time. The Underlying Index is reviewed quarterly to coincide with the semi-annual and quarterly review of the Parent Index.

BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments that collectively has an investment profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index.

The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).

Summary of Principal Risks

ESG Risk. To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or constraints at all times.

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general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.

Authorized Participant Concentration Risk. An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

Financial Companies Risk . Financial services companies are subject to extensive governmental regulation and intervention, which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating downgrades, adverse public perception, exposure concentration and counterparty risk.

Market Trading Risk . The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund shares.

Mid-Capitalization Companies Risk . Compared to large capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile than that of a fund with a greater investment in large-capitalization stocks.

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may be more susceptible to the risks associated with these particular issuers or counterparties. As a result, the Fund’s performance may depend to a greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.

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.

Tracking Error Risk . The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.

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Performance Information

Calendar Year-by-Year Returns

60% 40% 20% 0% -20% -40%

2 0 21 2 0 22 2 0 2 3 2 0 2 4

27.11%

-21.11%

31.60% 26.15%

Return (%) Period Ended Calendar Year-to-Date Return 16.26% September 30, 2025 During the period shown in the chart: Best Quarter 15.39% December 31, 2023 Worst Quarter -16.38% June 30, 2022

Average Annual Total Returns (for the periods ended December 31, 2024)

One Year

Since Fund Inception (Inception Date: 6/16/2020) Return Before Taxes 26.15% 17.23% Return After Taxes on Distributions 25.83% 16.89% Return After Taxes on Distributions and Sale of Fund Shares 15.68% 13.81% MSCI USA Index (Returns do not reflect deductions for fees, expenses or taxes) 25.08% 16.57% MSCI USA Choice ESG Screened Index (Returns do not reflect deductions for fees, expenses or taxes) 26.29% 17.41%

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Management

Investment Adviser. BlackRock Fund Advisors.

Portfolio Managers. Jennifer Hsui, Peter Sietsema, Matt Waldron and Steven White (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Ms. Hsui has been a Portfolio Manager of the Fund since 2020. Mr. Sietsema, Mr. Waldron and Mr. White have been Portfolio Managers of the Fund since 2025.

Purchase and Sale of Fund Shares

The Fund is an exchange-traded fund (commonly referred to as an “ETF”). Individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).

Tax Information

The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will be taxed when withdrawn.

Payments to Broker-Dealers and Other Financial Intermediaries

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iSHARES ® ESG AWARE MSCI USA ETF

Ticker: ESGU Stock Exchange: Nasdaq

Investment Objective

The iShares ESG Aware MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. companies that have positive environmental, social and governance characteristics as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index.

Fees and Expenses

Management Fees

Distribution and Service (12b-1) Fees

Other Expenses

Total Annual Fund Operating Expenses 0.15% None 0.00% 0.15%

1 Year 3 Years 5 Years 10 Years $15 $48 $85 $192

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI USA Extended ESG Focus Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index Provider” or “MSCI”). The Underlying Index is an optimized equity index that is designed to reflect the equity performance of U.S. companies that have favorable environmental, social and governance (“ESG”) characteristics (as determined by the Index Provider), while exhibiting risk and return characteristics similar to those of the MSCI USA Index (the “Parent Index”). The Index Provider begins with the Parent Index and excludes securities of companies

involved in the business of tobacco, companies involved with controversial weapons, producers and retailers of civilian firearms, and companies included in certain fossil fuels-related activity such as the production of thermal coal, thermal coal based power generation and extraction of oil sands based on revenue or percentage of revenue thresholds for certain categories ( e.g., $20 million or 5%) and categorical exclusions for others ( e.g., controversial weapons). The Index Provider also excludes companies that are directly involved in very severe, ongoing business controversies (in each case as determined by the Index Provider), and then follows a quantitative process that is designed to determine optimal weights for securities to maximize exposure to securities of companies with higher ESG ratings, subject to maintaining risk and return characteristics similar to the Parent Index. At each quarterly review, the Underlying Index must have an ESG score of at least 10% better than that of the Parent Index, as determined by MSCI.

For each industry, the Index Provider identifies key ESG issues that can lead to unexpected costs for companies in the medium to long-term. The Index Provider then calculates the size of each company’s exposure to each key issue based on the company’s business segment and geographic risk and analyzes the extent to

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which companies have developed robust strategies and programs to manage ESG risks and opportunities. Using a sector-specific key issue weighting model, companies are rated and ranked in comparison to their industry peers.

The Underlying Index includes large- and mid-capitalization companies and may change over time. As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the consumer goods and services and technology industries or sectors. The components of the Underlying Index are likely to change over time.

The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).

(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.

Summary of Principal Risks

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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.

in the timing of the accrual or the valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.

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Performance Information

Calendar Year-by-Year Returns

45% 30% 15% 0% -15% -30%

2 0 17 2 0 1 8 2 0 1 9 2 0 2 0 2 0 21 2 0 22 2 0 2 3 2 0 2 4

21.25%

-4.14%

32.20% 22.49% 26.78%

-20.22%

25.72% 24.33%

Return (%) Period Ended Calendar Year-to-Date Return 13.97% September 30, 2025 During the periods shown in the chart: Best Quarter 21.91% June 30, 2020 Worst Quarter -18.89% March 31, 2020

Average Annual Total Returns (for the periods ended December 31, 2024)

One Year Five Years

Since Fund Inception (Inception Date: 12/1/2016) Return Before Taxes 24.33% 14.13% 14.76% Return After Taxes on Distributions 23.96% 13.75% 14.34% Return After Taxes on Distributions and Sale of Fund Shares 14.64% 11.28% 12.15% MSCI USA Index (Returns do not reflect deductions for fees, expenses or taxes) 25.08% 14.56% 15.00% MSCI USA Extended ESG Focus Index (Spliced) 1 (Returns do not reflect deductions for fees, expenses or taxes) 24.54% 14.29% 14.96%

1 The MSCI USA Extended ESG Focus Index (Spliced) reflects the performance of the MSCI USA ESG Focus Index through May 31, 2018 and the MSCI USA Extended ESG Focus Index thereafter, which reflect the times when each index was the Underlying Index of the Fund. 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.

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Management

Investment Adviser. BlackRock Fund Advisors.

Portfolio Managers. Jennifer Hsui, Peter Sietsema, Matt Waldron and Steven White (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Ms. Hsui has been a Portfolio Manager of the Fund since 2016. Mr. Sietsema, Mr. Waldron and Mr. White have been Portfolio Managers of the Fund since 2025.

Purchase and Sale of Fund Shares

Tax Information

The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will be taxed when withdrawn.

Payments to Broker-Dealers and Other Financial Intermediaries

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iSHARES ® ESG AWARE MSCI USA GROWTH ETF

Ticker: EGUS Stock Exchange: Cboe BZX

Investment Objective

The iShares ESG Aware MSCI USA Growth ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization equities that exhibit growth characteristics as well as positive environmental, social and governance characteristics, as identified by the index provider, and risk and return characteristics similar to those of the parent index.

Fees and Expenses

Management Fees

Distribution and Service (12b-1) Fees Other Expenses

Total Annual Fund Operating Expenses 0.18% None 0.00% 0.18%

1 Year 3 Years 5 Years 10 Years $18 $58 $101 $230

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI USA Growth Extended ESG Focus Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index Provider” or “MSCI”).

The Underlying Index is an optimized equity index designed to reflect the equity performance of U.S. companies that exhibit growth characteristics as well as positive environmental, social and governance (“ESG”) characteristics, as determined by the

Index Provider, and risk and return characteristics similar to those of the MSCI USA Growth Index (the “Parent Index”).

The Parent Index includes U.S. large- and mid-capitalization stocks that generally represent approximately 50% of the free float-adjusted market capitalization of the MSCI USA Index and that are identified by MSCI as exhibiting overall growth style characteristics. MSCI uses five variables to identify growth style securities: long-term forward earnings per share (“EPS”) growth rate, short-term forward EPS growth rate, current internal growth rate, long-term historical EPS growth trend and long-term historical sales per share growth trend.

MSCI uses a specialized framework to determine the extent to which a security is assigned to the value or growth style. It is possible for a single security to have representation in both value and growth style indexes; however, no more than 100% of a security’s float-adjusted market capitalization is included within the combined style framework.

To construct the Underlying Index, the Index Provider begins with the Parent Index and excludes securities of companies involved in

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the business of tobacco, companies involved with controversial weapons, producers and retailers of civilian firearms, and companies included in certain climate change-related activity such as the production of thermal coal, thermal coal-based power generation and extraction of oil sands, based on revenue or percentage of revenue thresholds for certain categories ( e.g ., $20 million or 5%) and categorical exclusions for others ( e.g ., controversial weapons).

The Index Provider also excludes companies that are directly involved in very severe, ongoing business controversies, defined as an instance or ongoing situation in which company operations and/or products allegedly have a negative ESG impact, including alleged violations of laws, regulations, or accepted international norms ( e.g ., human rights violations or toxic emissions and waste). In each case, severe business controversies are determined by the Index Provider based on an MSCI ESG Controversy Score. The Index Provider excludes companies that are not assessed by the Index Provider regarding severe business controversies.

All index constituents are scored by the Index Provider on their management of ESG risks and opportunities (“ESG Score”). The Index Provider identifies, for each industry, key ESG issues that may generate unanticipated costs for a given company or industry (as determined by the Index Provider). The Index Provider has identified 35 key ESG issues across the following 10 themes: climate change, natural capital, pollution and waste, environmental opportunities, human capital, product liability, stakeholder opposition, social opportunities, corporate governance and corporate behavior. The Index Provider then calculates the size of each company’s exposure to each key issue based on the company’s business segment and geographic risk and analyzes the extent to which the company has developed robust strategies and programs to manage ESG risks and opportunities. Using a sector-specific weighting model, companies are rated and ranked in comparison to their industry peers. A higher ESG Score indicates that a company exhibits more favorable ESG characteristics and greater resilience to long-term, material ESG risks specific to that industry.

The Index Provider then follows a quantitative process that is designed to determine optimal weights for securities to maximize exposure to securities of companies with higher ESG ratings, subject to maintaining risk and return characteristics similar to the Parent Index. The Underlying Index is rebalanced quarterly. At each quarterly review, the Underlying Index must have an ESG score of at least 10% better than that of the Parent Index, as determined by MSCI.

As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the technology industry or sector. As of August 31, 2025, the Underlying Index had 105 components. The components of the Underlying Index are likely to change over time.

Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection.

Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.

The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).

Summary of Principal Risks

Risk of Investing in the U.S . Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and

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economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.

Growth Securities Risk . Growth securities are those issued by companies whose earnings growth potential appears to be greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The prices of growth securities may be more volatile than those of other types of investments and can decline rapidly and significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of the Fund.

objective. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected composition.

Assets Under Management (AUM) Risk . From time to time, an Authorized Participant (as defined below in Authorized Participant Concentration Risk) k), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at such levels, which could negatively impact the Fund.

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compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall performance of the broader securities markets.

Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to

return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.

Small Fund Risk. When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by the listing exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.

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Performance Information

Calendar Year-by-Year Returns

40%

30%

20%

10%

2 0 2 4

32.89%

Return (%) Period Ended Calendar Year-to-Date Return 16.00% September 30, 2025 During the periods shown in the chart: Best Quarter 14.21% December 31, 2023 Worst Quarter -3.09% September 30, 2023

Average Annual Total Returns (for the periods ended December 31, 2024)

One Year

Since Fund Inception (Inception Date: 1/31/2023) Return Before Taxes 32.89% 34.61% Return After Taxes on Distributions 32.80% 34.50% Return After Taxes on Distributions and Sale of Fund Shares 19.52% 27.14% MSCI USA Index (Returns do not reflect deductions for fees, expenses or taxes) 25.08% 23.20% MSCI USA Growth Extended ESG Focus Index (Returns do not reflect deductions for fees, expenses or taxes) 33.21% 34.82%

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Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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iSHARES ® ESG AWARE MSCI USA SMALL-CAP ETF

Ticker: ESML Stock Exchange: Cboe BZX

Investment Objective

The iShares ESG Aware MSCI USA Small-Cap ETF (the “Fund”) seeks to track the investment results of an optimized index designed to produce investment results comparable to a capitalization weighted index of small-capitalization U.S. companies, while reflecting a higher allocation to those companies with favorable environmental, social and governance (“ESG”) profiles (as determined by the index provider).

Fees and Expenses

Management Fees

Distribution and Service (12b-1) Fees Other Expenses

Total Annual Fund Operating Expenses 0.17% None 0.00% 0.17%

1 Year 3 Years 5 Years 10 Years $17 $55 $96 $217

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI USA Small Cap Extended ESG Focus Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index Provider” or “MSCI”). The Underlying Index is an optimized equity index that is designed to produce investment results comparable to the MSCI USA Small Cap Index (the “Parent Index”), while reflecting a higher allocation than that of the Parent Index to companies with favorable ESG profiles (as determined by MSCI). The Parent Index

represents the small-capitalization segment of the U.S. equity market (as determined by MSCI).

In constructing the Underlying Index, the Index Provider begins with the Parent Index and excludes securities of companies involved in the business of tobacco, companies involved with controversial weapons, producers and retailers of civilian firearms, and companies involved in certain fossil fuels-related activity such as the production of thermal coal, thermal coal based power generation and extraction of oil sands based on revenue or percentage of revenue thresholds for certain categories ( e.g., $20 million or 5%) and categorical exclusions for others ( e.g., controversial weapons). The Index Provider also excludes companies that are directly involved in very severe, ongoing business controversies (in each case as determined by the Index Provider), and then follows a quantitative process that is designed to determine optimal weights for securities in the Underlying Index to maximize exposure to companies with higher ESG ratings, subject to maintaining risk and return characteristics similar to those of the Parent Index. At each quarterly review, the

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Underlying Index must have an ESG score of at least 10% better than that of the Parent Index, as determined by MSCI.

For each industry, the Index Provider identifies key ESG issues that can lead to substantial costs or opportunities for companies ( e.g. , climate change, resource scarcity, demographic shifts). The Index Provider then rates each company’s exposure to each key issue based on the company’s business segment and geographic risk and analyzes the extent to which companies have developed robust strategies and programs to manage ESG risks and opportunities. The Index Provider scores companies based on both their risk exposure and risk management. The Index Provider assesses management practices, management performance (through demonstrated track record and other quantitative performance indicators), governance structures, and/or implications in controversies, which all may be taken as a proxy for overall management quality. Controversies, including, among other things, issues involving anti-competitive practices, toxic emissions and waste, and health and safety, occurring within the last three years lead to a deduction from the overall management score on each issue. Using a sector-specific key issue weighting model, companies are rated and ranked in comparison to their industry peers. Key issues and weights are generally reviewed annually.

As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the consumer goods and services, financials and industrials industries or sectors. The components of the Underlying Index are likely to change over time.

as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.

The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).

The Underlying Index and Parent Index are sponsored by MSCI, which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and Parent Index and publishes information regarding the market value of the Underlying Index and Parent Index.

Summary of Principal Risks

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the Underlying Index as a whole, may not meet the relevant ESG objectives or constraints at all times.

Small-Capitalization Companies Risk . Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization companies may be more volatile and less liquid than those of mid- and large capitalization companies. As a result, the Fund’s share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.

as Authorized Participants for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

Industrial Companies Risk. Industrial companies face a number of risks, including supply chain and distribution disruptions, business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The performance of such companies may also be affected by technological developments, labor relations, legislative and regulatory changes, government spending policies, and changes in domestic and international economies.

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Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to

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Performance Information

Calendar Year-by-Year Returns

45% 30% 15% 0% -15% -30%

2 0 1 9 2 0 2 0 2 0 21 2 0 22 2 0 2 3 2 0 2 4

28.53% 19.77% 19.31%

-17.22%

17.31% 11.86%

Return (%) Period Ended Calendar Year-to-Date Return 8.17% September 30, 2025 During the periods shown in the chart: Best Quarter 29.31% December 31, 2020 Worst Quarter -30.78% March 31, 2020

Average Annual Total Returns (for the periods ended December 31, 2024)

One Year Five Years

Since Fund Inception (Inception Date: 4/10/2018) Return Before Taxes 11.86% 9.19% 9.10% Return After Taxes on Distributions 11.50% 8.82% 8.73% Return After Taxes on Distributions and Sale of Fund Shares 7.22% 7.18% 7.19% MSCI USA Index (Returns do not reflect deductions for fees, expenses or taxes) 25.08% 14.56% 14.46% MSCI USA Small Cap Extended ESG Focus Index (Returns do not reflect deductions for fees, expenses or taxes) 12.08% 9.31% 9.23%

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Management

Investment Adviser. BlackRock Fund Advisors.

Portfolio Managers. Jennifer Hsui, Peter Sietsema, Matt Waldron and Steven White (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Ms. Hsui has been a Portfolio Manager of the Fund since 2018. Mr. Sietsema, Mr. Waldron and Mr. White have been Portfolio Managers of the Fund since 2025.

Purchase and Sale of Fund Shares

Tax Information

The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will be taxed when withdrawn.

Payments to Broker-Dealers and Other Financial Intermediaries

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iSHARES ® ESG AWARE MSCI USA VALUE ETF

Ticker: EVUS Stock Exchange: Cboe BZX

Investment Objective

The iShares ESG Aware MSCI USA Value ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization equities that exhibit value characteristics as well as positive environmental, social and governance characteristics, as identified by the index provider, and risk and return characteristics similar to those of the parent index.

Fees and Expenses

Management Fees

Distribution and Service (12b-1) Fees Other Expenses

Total Annual Fund Operating Expenses 0.18% None 0.00% 0.18%

1 Year 3 Years 5 Years 10 Years $18 $58 $101 $230

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI USA Value Extended ESG Focus Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index Provider” or “MSCI”).

The Underlying Index is an optimized equity index designed to reflect the equity performance of U.S. companies that exhibit value characteristics as well as positive environmental, social and governance (“ESG”) characteristics, as determined by the Index

Provider, and risk and return characteristics similar to those of the MSCI USA Value Index (the “Parent Index”).

The Parent Index includes U.S. large- and mid-capitalization stocks that generally represent approximately 50% of the free float-adjusted market capitalization of the MSCI USA Index and that are identified by MSCI as exhibiting overall value style characteristics. MSCI uses three variables to identify value style securities: book value-to-price ratio, 12-month forward earnings to-price ratio and dividend yield.

To construct the Underlying Index, the Index Provider begins with the Parent Index and excludes securities of companies involved in the business of tobacco, companies involved with controversial weapons, producers and retailers of civilian firearms, and

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companies included in certain climate change-related activity such as the production of thermal coal, thermal coal-based power generation and extraction of oil sands, based on revenue or percentage of revenue thresholds for certain categories ( e.g. , $20 million or 5%) and categorical exclusions for others ( e.g ., controversial weapons).

As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the financials industry or sector. As of August 31, 2025, the Underlying Index had 233 components. The components of the Underlying Index are likely to change over time.

performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.

The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).

Summary of Principal Risks

Risk of Investing in the U.S . Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the

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U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.

Value Securities Risk . Value securities are those issued by companies that may be perceived as undervalued. Such securities may decline in price or fail to appreciate for long periods of time, and they may never realize their full potential value. Value securities may underperform growth securities and other types of assets as well as the overall stock market. Value securities may go in and out of favor over time, which could affect the performance of the Fund.

or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected composition.

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changes in the financial condition or credit rating of the issuer or counterparty.

of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.

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Performance Information

Calendar Year-by-Year Returns

20%

15%

10%

2 0 2 4

14.26%

Return (%) Period Ended Calendar Year-to-Date Return 10.76% September 30, 2025 During the periods shown in the chart: Best Quarter 10.39% September 30, 2024 Worst Quarter -3.31% September 30, 2023

Average Annual Total Returns (for the periods ended December 31, 2024)

One Year

Since Fund Inception (Inception Date: 1/31/2023) Return Before Taxes 14.26% 9.38% Return After Taxes on Distributions 13.71% 8.76% Return After Taxes on Distributions and Sale of Fund Shares 8.81% 7.15% MSCI USA Index (Returns do not reflect deductions for fees, expenses or taxes) 25.08% 23.20% MSCI USA Value Extended ESG Focus Index (Returns do not reflect deductions for fees, expenses or taxes) 14.51% 9.60%

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Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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iSHARES ® ESG MSCI USA LEADERS ETF

Ticker: SUSL Stock Exchange: Nasdaq

Investment Objective

The iShares ESG MSCI USA Leaders ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid capitalization stocks of companies with high environmental, social, and governance performance relative to their sector peers as determined by the index provider.

Fees and Expenses

Management Fees

Distribution and Service (12b-1) Fees

Other Expenses

Total Annual Fund Operating Expenses 0.10% None 0.00% 0.10%

1 Year 3 Years 5 Years 10 Years $10 $32 $56 $128

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI USA Extended ESG Leaders Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index Provider” or “MSCI”). The Underlying Index is a free float-adjusted market capitalization weighted index that is designed to reflect the equity performance of U.S. companies that have favorable environmental, social and governance (“ESG”) characteristics (as determined by the Index Provider). The Index Provider begins with the MSCI USA Index (the “Parent Index”) and excludes securities of companies involved in the business of tobacco, alcohol, gambling, nuclear power and

weapons, palm oil, arctic oil and gas, thermal coal and unconventional oil and gas businesses ( e.g. , thermal coal extraction and generation or oil sands extraction), companies involved with conventional and controversial weapons, producers and major retailers of civilian firearms, as well as companies involved in very severe business controversies. The Index Provider defines a controversy as an instance or ongoing situation in which company operations and/or products allegedly have a negative environmental, social and/or governance impact. Each controversy case is assessed for the severity of its impact on society. The Index Provider generally classifies companies as “involved” in a particular business based on revenue or percentage of revenue thresholds ( e.g., $1 billion or 50%) for certain products and activities in an excluded industry. The securities of certain companies may be excluded regardless of revenue measures ( e.g., all companies involved in the manufacturing of nuclear weapons are excluded).

The Index Provider will select securities of mid- and large capitalization companies with the highest ESG ratings from each sector of the Parent Index. MSCI rates the ESG characteristics of companies on a scale of “CCC” (lowest) to “AAA” (highest). The Index Provider determines ESG ratings by evaluating a company’s

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risks and opportunities in relation to ESG Key Issues ( e.g., carbon emissions). Each company is scored on a scale of 0 to 10, with 10 being the highest, for each Key Issue before being assigned an ESG rating based on average Key Issue score. Only the securities of companies with an MSCI ESG rating of “BB” or higher are eligible for inclusion in the Underlying Index. Additionally, MSCI excludes companies involved in very severe business controversies by assessing the possible negative environmental, social, and/or governance impact of a company’s operations or products on a scale from zero to ten, with zero being the most severe controversy rating (the “MSCI Controversies Score”). For new constituents, only securities of companies with a MSCI Controversies Score of three or higher are eligible for inclusion in the Underlying Index. Current constituents must have a MSCI Controversies Score of at least one.

Following these eligibility screens, companies are then ranked based on ESG rating, which is adjusted based on a company’s sector membership (as described below) and free float-adjusted market capitalization. The top constituents in each sector based on this ranking mechanism are selected until the Underlying Index achieves approximately 50% sector coverage by cumulative free float-adjusted market capitalization. Sectors of the Parent Index are determined according to the Global Industry Classification Standard. In order to evaluate a security’s ESG rating for a given sector, the Index Provider identifies key ESG issues that can lead to unexpected costs for companies in the medium- to long-term. The Index Provider then calculates the size of each company’s exposure to each key issue based on the company’s business segment and geographic risk and analyzes the extent to which companies have developed robust strategies and programs to manage ESG risks and opportunities. Using a sector-specific key issue weighting model, companies are rated and ranked in comparison to their industry peers. Because ESG ratings are calculated in comparison to a company’s sector peers, securities in one sector may have a lower average ESG rating than securities in another sector. As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the technology industry or sector. The components of the Underlying Index are likely to change over time.

Changes to the components of the Underlying Index are implemented annually at the end of May. Such changes update the eligible universe of securities included in the Underlying Index and reflect further rebalances necessary to target 50% free float adjusted market capitalization of each sector of the Parent Index. As of August 31, 2025, the Underlying Index includes approximately 273 component securities.

BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that

involves investing in a representative sample of securities or other instruments that collectively has an investment profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index.

The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).

Summary of Principal Risks

ESG Risk. To the extent that the Underlying Index uses criteria related to the ESG characteristics of issuers, this may limit the

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types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds whose underlying index does not use ESG criteria. The Underlying Index’s use of ESG criteria may result in the Fund investing in, or allocating greater weight to, securities or market sectors that underperform the market as a whole or underperform other funds that use ESG criteria. In addition, the use of representative sampling may result in divergence of the Fund’s overall ESG characteristics or ESG risk from those of the Underlying Index. The Index Provider may evaluate security-level ESG data and, if applicable, ESG objectives or constraints that are relevant to the Underlying Index only at index reviews or rebalances. Securities included in the Underlying Index may cease to meet the relevant ESG criteria but may nevertheless remain in the Underlying Index and the Fund until the next review or rebalance by the Index Provider. As a result, certain securities in the Underlying Index, or the Underlying Index as a whole, may not meet the relevant ESG objectives or constraints at all times.

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Technology Companies Risk . 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.

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Performance Information

Calendar Year-by-Year Returns

45% 30% 15% 0% -15% -30%

2 0 2 0 2 0 21 2 0 22 2 0 2 3 2 0 2 4

18.76%

31.59%

-20.28%

29.07% 23.46%

Return (%) Period Ended Calendar Year-to-Date Return 14.72% September 30, 2025 During the periods shown in the chart: Best Quarter 20.34% June 30, 2020 Worst Quarter -18.43% March 31, 2020

Average Annual Total Returns (for the periods ended December 31, 2024)

One Year Five Years

Since Fund Inception (Inception Date: 5/7/2019) Return Before Taxes 23.46% 14.70% 15.58% Return After Taxes on Distributions 23.13% 14.32% 15.18% Return After Taxes on Distributions and Sale of Fund Shares 14.11% 11.75% 12.58% MSCI USA Index (Returns do not reflect deductions for fees, expenses or taxes) 25.08% 14.56% 15.34% MSCI USA Extended ESG Leaders Index (Returns do not reflect deductions for fees, expenses or taxes) 23.60% 14.80% 15.70%

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Management

Investment Adviser. BlackRock Fund Advisors.

Portfolio Managers. Jennifer Hsui, Peter Sietsema, Matt Waldron and Steven White (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Ms. Hsui has been a Portfolio Manager of the Fund since 2019. Mr. Sietsema, Mr. Waldron and Mr. White have been Portfolio Managers of the Fund since 2025.

Purchase and Sale of Fund Shares

Tax Information

The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will be taxed when withdrawn.

Payments to Broker-Dealers and Other Financial Intermediaries

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iSHARES ® PARIS-ALIGNED CLIMATE OPTIMIZED MSCI USA ETF

Ticker: PABU Stock Exchange: Nasdaq

Investment Objective

The iShares Paris-Aligned Climate Optimized MSCI USA ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks that is designed to be compatible with the objectives of the Paris Agreement by, in aggregate, following a decarbonization trajectory, reducing exposure to climate-related transition and physical risks and increasing exposure to companies favorably positioned for the transition to a low-carbon economy.

Fees and Expenses

Management Fees

Distribution and Service (12b-1) Fees Other Expenses

Total Annual Fund Operating Expenses 0.10% None 0.00% 0.10%

1 Year 3 Years 5 Years 10 Years $10 $32 $56 $128

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI USA Climate Paris Aligned Benchmark Extended Select Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index Provider” or “MSCI”). The Underlying Index is composed of U.S. large- and mid-capitalization stocks that are selected and weighted so that, in the aggregate, the portfolio is compatible with the objectives of the Paris Agreement by following a

decarbonization trajectory, reducing exposure to climate-related transition and physical risks and increasing exposure to companies favorably positioned for the transition to a low-carbon economy. The Underlying Index aims to exceed the minimum standards for a “Paris-Aligned Benchmark” (“PAB”) under the European Union’s Low Carbon Benchmark Regulation. PABs are designed to align with the principal objective of the Paris Agreement, which is to limit global warming in this century to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius, above pre-industrial levels.

The Index Provider begins with the MSCI USA Index (the “Parent Index”) and excludes securities of the following issuers:

• Companies involved in the business of tobacco;

• Companies involved with controversial or nuclear weapons;

• Producers and retailers of civilian firearms; and

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• Companies involved in certain climate change-related activity such as thermal coal mining or sales, a wide range of oil- and gas related activities, certain types of power generation and the extraction of oil sands.

Certain of these exclusions (e.g., controversial and nuclear weapons) are categorical, and others are based on ownership or revenue thresholds.

Companies that are involved in ongoing “severe” or “very severe” environmental controversies, as determined by the Index Provider, are also excluded. Environmental controversies can relate to, among other things, toxic emissions and waste, water stress, biodiversity and supply chain management.

The Index Provider excludes companies that are not assessed by the Index Provider regarding ESG controversies or environmental harm.

The Index Provider then uses an optimization process that applies certain sustainability-related constraints to refine and determine weights of the resulting portfolio, specifically addressing objectives related to transition and physical risks and transition opportunities, as well as minimum and maximum weightings relative to the Parent Index, as summarized below. In order to exceed the minimum standards for PABs, the Index Provider targets the following index-level constraints at each semi-annual rebalancing:

• At least a 50% reduction in greenhouse gas (“GHG”) intensity compared with the Parent Index, taking into account issuers’ Scope 1, 2 and 3 emissions (i.e., direct emissions from sources that an issuer owns or controls and indirect emissions from the purchase of energy and a company’s value chain);

• At least a 10% year-over-year reduction in the GHG intensity (or decarbonization rate) of the Underlying Index itself; and

• A level of exposure to sectors with a high impact on climate change (i.e., those sectors that are key to the low carbon transition) that is not less than the exposure in the Parent Index, to ensure that such sectors are not underweighted in the Underlying Index.

Additional sustainability-related constraints that are applied to the Underlying Index include, relative to the Parent Index:

• A reduction in overall potential carbon intensity;

• Lower overall exposure to physical risk arising from extreme weather events;

• Increased overall exposure to “green revenue” (i.e., from alternative energy, energy efficiency, sustainable water, green building, pollution prevention and sustainable agriculture);

• Increased overall exposure to companies setting credible emissions targets;

• Lower overall exposure to companies facing risks related to the low carbon transition; and

• Greater overall exposure to companies that may have transition related opportunities.

In addition, an index constituent’s weight must be at least 0.01% and is restricted to the lower of +/- 2% or 20 times its weight in the Parent Index. The sector weights of the Underlying Index may not deviate more than +/- 5% from those of the Parent Index (except for the energy sector).

As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the technology industry or sector. The components of the Underlying Index are likely to change over time.

The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).

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Summary of Principal Risks

health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.

Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller-capitalization

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companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall performance of the broader securities markets.

issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.

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Performance Information

Calendar Year-by-Year Returns

40%

30%

20%

10%

2 0 2 3 2 0 2 4

29.79% 24.49%

Return (%) Period Ended Calendar Year-to-Date Return 11.38% September 30, 2025 During the period shown in the chart: Best Quarter 12.82% December 31, 2023 Worst Quarter -4.34% September 30, 2023

Average Annual Total Returns (for the periods ended December 31, 2024)

One Year

Since Fund Inception (Inception Date: 2/8/2022) Return Before Taxes 24.49% 10.39% Return After Taxes on Distributions 24.15% 10.05% Return After Taxes on Distributions and Sale of Fund Shares 14.68% 7.99% MSCI USA Index (Returns do not reflect deductions for fees, expenses or taxes) 25.08% 11.07% MSCI USA Climate Paris Aligned Benchmark Extended Select Index (Returns do not reflect deductions for fees, expenses or taxes) 24.62% 10.47%

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Management

Investment Adviser. BlackRock Fund Advisors.

Portfolio Managers. Jennifer Hsui, Peter Sietsema, Matt Waldron and Steven White (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Ms. Hsui has been a Portfolio Manager of the Fund since 2022. Mr. Sietsema, Mr. Waldron and Mr. White have been Portfolio Managers of the Fund since 2025.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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More Information About the Funds

This Prospectus contains important information about investing in the Funds listed below. Please read this Prospectus carefully before you make any investment decisions. Additional information regarding the Funds as well as other funds that are series of iShares Trust, iShares U.S. ETF Trust or iShares, Inc. (each, a “Fund”) is available at www.iShares.com.

Each Fund’s investment objective and its Underlying Index may be changed without shareholder approval.

Fund Underlying Index Investment Objective iShares Climate Conscious & Transition MSCI USA ETF

MSCI USA Extended Climate Action Index

The iShares Climate Conscious & Transition MSCI USA ETF seeks to track the investment results of an index composed of U.S. large and mid-capitalization companies based on their positioning, relative to their sector peers, with respect to the transition to a low-carbon economy, as determined by the Index Provider, based primarily on current emissions intensity, emissions reduction targets, green business revenue, and/or climate risk management. iShares ESG Advanced MSCI USA ETF

MSCI USA Choice ESG Screened Index

The iShares ESG Advanced MSCI USA ETF seeks to track the investment results of an index composed of large- and mid capitalization U.S. companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities. iShares ESG Aware MSCI USA ETF

MSCI USA Extended ESG Focus Index

The iShares ESG Aware MSCI USA ETF seeks to track the investment results of an index composed of U.S. companies that have positive environmental, social and governance characteristics as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index. iShares ESG Aware MSCI USA Growth ETF

MSCI USA Growth Extended ESG Focus Index

The iShares ESG Aware MSCI USA Growth ETF seeks to track the investment results of an index composed of U.S. large- and mid capitalization equities that exhibit growth characteristics as well as positive environmental, social and governance characteristics, as identified by the index provider, and risk and return characteristics similar to those of the parent index. iShares ESG Aware MSCI USA Small-Cap ETF

MSCI USA Small Cap Extended ESG Focus Index

The iShares ESG Aware MSCI USA Small-Cap ETF seeks to track the investment results of an optimized index designed to produce investment results comparable to a capitalization weighted index of small-capitalization U.S. companies, while reflecting a higher allocation to those companies with favorable environmental, social and governance (“ESG”) profiles (as determined by the index provider). iShares ESG Aware MSCI USA Value ETF

MSCI USA Value Extended ESG Focus Index

The iShares ESG Aware MSCI USA Value ETF seeks to track the investment results of an index composed of U.S. large- and mid capitalization equities that exhibit value characteristics as well as positive environmental, social and governance characteristics, as identified by the index provider, and risk and return characteristics similar to those of the parent index. iShares ESG MSCI USA Leaders ETF

MSCI USA Extended ESG Leaders Index

The iShares ESG MSCI USA Leaders ETF seeks to track the investment results of an index composed of U.S. large- and mid capitalization stocks of companies with high environmental, social, and governance performance relative to their sector peers as determined by the index provider. iShares Paris-Aligned Climate Optimized MSCI USA ETF 1

MSCI USA Climate Paris Aligned Benchmark Extended Select Index

The iShares Paris-Aligned Climate Optimized MSCI USA ETF seeks to track the investment results of an index composed of U.S. large and mid-capitalization stocks that is designed to be compatible with the objectives of the Paris Agreement by, in aggregate, following a decarbonization trajectory, reducing exposure to climate-related transition and physical risks and increasing exposure to companies favorably positioned for the transition to a low-carbon economy.

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1 On June 2, 2025, the name of the Fund changed from the iShares Paris-Aligned Climate MSCI USA ETF to the iShares Paris-Aligned Climate Optimized MSCI USA ETF. ETFs are funds that trade like other publicly traded securities. Shares of each Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. The market price for a share of a Fund may be different from the Fund’s most recent NAV.

Each Fund invests in a particular segment of the markets for securities and other instruments (as applicable) and is designed to be used as part of broader asset allocation strategies. Accordingly, an investment in a Fund should not constitute a complete investment program. An investment in a Fund is not a bank deposit, and it is not insured or guaranteed by the Federal Deposit Insurance Corporation, any other government agency, BFA or any of BFA’s affiliates.

Index Funds

A share of a Fund represents an ownership interest in an underlying portfolio of securities and other instruments (as applicable) that is intended to track the Fund’s Underlying Index. An index is a financial calculation, based on a grouping of financial instruments, and is not an investment product, while each Fund is an actual investment portfolio. The performance of a Fund and that of its Underlying Index may vary for a number of reasons, including transaction costs, asset or currency valuations, corporate actions, timing variances and differences between the composition of a Fund’s portfolio and that of the Underlying Index resulting from the Fund’s use of representative sampling or from legal restrictions (such as diversification requirements) that apply to the Fund but not to its Underlying Index.

From time to time, the provider of the Underlying Index (“Index Provider”) may make changes to the index methodology or other adjustments to a Fund’s Underlying Index. Unless otherwise determined by BFA, any such change will be reflected in the calculation of the Underlying Index’s performance on a going-forward basis after the effective date of such change. Therefore, the performance of the Underlying Index that is shown for periods prior to the effective date of any such change generally will not be recalculated or restated to reflect the change.

BFA uses a representative sampling indexing strategy to manage the Funds. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments that collectively has an investment profile similar to that of an applicable underlying index. Because the Funds use representative sampling, they can be expected to have a larger tracking error than if they used a replication indexing strategy. “Replication” is an indexing strategy in which a fund invests in substantially all of the components of its underlying index in approximately the same proportions as in the underlying index.

Additional Index Information – iShares Climate Conscious & Transition MSCI USA ETF

The Fund seeks to track the investment results of the Underlying Index, which was developed by the Index Provider. The Underlying Index is composed of U.S. large- and mid-capitalization companies based on their positioning, relative to their sector peers, with respect to the transition to a low-carbon economy, as determined by MSCI. The Index Provider uses data provided by MSCI Solutions LLC and other sources to assess companies for eligibility for inclusion in the Underlying Index and to rank and select securities based primarily on current emissions intensity, emissions reduction targets, green revenue, and/or climate risk management.

The Underlying Index seeks to reflect the overall sector composition of the Parent Index by including approximately 50% of the companies from each GICS sector in the Parent Index. The Parent Index is a float-adjusted market capitalization weighted index designed to measure the performance of the large- and mid-capitalization companies in the U.S. market, irrespective of their climate impact. As a result, the Underlying Index will include constituents from a broad range of sectors in the U.S. market, including sectors that have more climate impact than other sectors.

In constructing the Underlying Index, the Index Provider begins with the constituent universe of the Parent Index and applies several types of exclusionary screens, as described below.

The Index Provider excludes the securities of issuers that it identifies as being involved in any of the business activities summarized below (“business involvement screens”): Companies that are classified as a “producer” of tobacco and companies that derive 5% or more aggregate revenue from the production, distribution, retail, supply, and licensing of tobacco-related products. Companies with any tie to controversial weapons, which are defined by the Index Provider as cluster munitions, landmines, biological and chemical weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons and non- detectable fragments. Companies deriving 1% or more revenue (reported or estimated) from the mining of thermal coal (including lignite, bituminous, anthracite and steam coal) and its sale to external parties. It excludes revenue from metallurgical coal, coal mined for internal power generation, intra-company sales of mined thermal coal and revenue from coal trading (reported or estimated). Companies that own oil sands reserves, disclose evidence of deriving revenue from oil sands extraction and derive 5% or more revenue from such extraction. Companies that derive revenue from non-extraction activities ( e.g. , exploration, surveying, processing, refining) or intra-company sales are not excluded. Additionally, companies that own oil sands reserves with no associated revenue are not excluded. Companies that manufacture nuclear warheads and/or whole nuclear missiles, including assembly and integration of warhead and missile body; companies with contracts to operate/manage government-owned facilities that manufacture nuclear warheads and missiles or their components; companies that manufacture components that were developed or are significantly modified for exclusive

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use in nuclear weapons; companies that manufacture or assemble delivery platforms that were developed or significantly modified for the exclusive delivery of nuclear weapons; companies that provide auxiliary services related to nuclear weapons, such as repairing and maintaining nuclear weapons, providing overhaul and upgrade services, stockpiling and stewardship, R&D work, testing and simulations; companies with contracts to operate/manage government-owned facilities that conduct R&D, testing, simulations, and other essential sciences on nuclear weapons; companies that manufacture components that were not developed or not significantly modified for exclusive use in nuclear weapons but that can be used in nuclear weapons; companies that manufacture or assemble delivery platforms that were not developed or not significantly modified for the exclusive delivery of nuclear weapons but that have the capability to deliver nuclear weapons; and companies that manufacture components for nuclear-exclusive delivery platforms.

The Index Provider also excludes companies that it determines are directly involved in ongoing, “very severe” ESG controversies, defined as an instance or ongoing situation in which company operations and/or products allegedly are directly implicated in having a negative ESG impact, including alleged violations of laws, regulations, or accepted international norms ( e.g. , human rights violations or toxic emissions and waste). To evaluate ESG controversies, the Index Provider monitors across five categories of ESG impact – environment, human rights and communities, labor rights and supply chain, customers and governance – and 28 sub-categories. The Index Provider also excludes companies that are not assessed by the Index Provider regarding ESG controversies.

Another screen excludes issuers that have high “emissions intensity” or high “total potential carbon emissions,” meaning that the issuer is in the worst 5% of the MSCI ACWI Index for the emissions metric, as determined by the Index Provider. However, high emitters are not excluded by this screen if they have emissions reduction targets that have been approved by SBTi. SBTi does not monitor whether companies modify their targets or make progress toward the targets. “Emissions intensity” is defined by the Index Provider as Scope 1+2+3 GHG emissions ( i.e. , direct emissions from sources that an issuer owns or controls and indirect emissions from the purchase of energy and a company’s value chain) as a percentage of the issuer’s enterprise value and cash. “Total potential carbon emissions” are the sum of the potential carbon emissions of the fossil fuel reserves, excluding metallurgical coal reserves, owned by an issuer, and are calculated only for companies that the Index Provider considers most likely to use their fossil fuel reserves for energy applications ( i.e. , burned or combusted to produce power or heat). Issuers without data on their emissions intensity are excluded from the Underlying Index.

The Index Provider also excludes issuers that are in the worst quartile of their GICS sector within the Parent Index based on their management of climate change risks and opportunities (“climate risk management”). The Index Provider assesses issuers according to their management of one or more of the following factors, to which it assigns security-specific weights: carbon emissions, product carbon footprint, climate change vulnerability, biodiversity and land use, and opportunities in clean tech, green building and renewable energy.

Eligible securities are then evaluated according to a framework that assigns an initial “GHG Intensity Score,” which corresponds to the issuer’s sector-relative quartile position within the Parent Index based on its Scope 1+2+3 GHG intensity. The score may be improved with a one-quartile or two-quartile adjustment based on an issuer’s emissions reduction targets, emissions track record, green revenue or climate risk management, each as described further below. The final GHG Intensity Score, after any adjustment, is used for ranking and selecting securities for inclusion in the Underlying Index.

To be considered to have a credible track record of emissions reduction, an issuer must meet the following criteria: (i) have published emissions data; (ii) have a published (not approved or validated) emissions reduction target; (iii) over the past four years, have an average yearly emissions reduction of at least 2%; and (iv) be ranked in the best quartile of all sector peers in the Parent Index with an average 2% or greater yearly emissions reduction over the past four years. An issuer’s average yearly emissions change is calculated as a geometric average of the last three year-over-year changes. Issuers with less than four years of emissions data are not evaluated on the credible track record metric.

For the remaining eligible securities, the GHG Intensity Score is improved by one quartile for any issuer that is within the best quartile, on a sector-relative basis within the Parent Index, for either (i) climate risk management or (ii) “green revenue,” each as determined by the Index Provider. An issuer must have at least 5% green revenue to receive the improvement to its GHG Intensity Score. “Green revenue” is defined as the cumulative revenue percentage that a company derives from alternative energy, energy efficiency, sustainable water, green building, pollution prevention and sustainable agriculture.

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Additional Index Information – iShares Paris-Aligned Climate Optimized MSCI USA ETF

The Fund seeks to track the investment results of the Underlying Index, which has been developed by the Index Provider. The Underlying Index is composed of U.S. large- and mid-capitalization stocks that are selected and weighted so that, in the aggregate, the portfolio is compatible with the objectives of the Paris Agreement by following a decarbonization trajectory, reducing exposure to climate-related transition and physical risks and increasing exposure to companies favorably positioned for the transition to a low-carbon economy.

The Underlying Index aims to exceed the minimum standards for a PAB under the European Union’s (“EU’s”) Low Carbon Benchmark Regulation. PABs are designed to align with the principal objective of the Paris Agreement, which is to limit global warming in this century to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius, above pre-industrial levels. Providers of PABs must use the 1.5 degrees Celsius scenario (with no or limited overshoot, i.e. , a temporary rise above 1.5 degrees Celsius) as the reference temperature scenario to design the index methodology.

The Index Provider begins with the Parent Index and excludes the securities of issuers that it identifies as being involved in any of the business activities summarized below: Producing tobacco; deriving 5% or more aggregate revenue from the production, distribution, retail and supply of tobacco-related products; or owning at least 20% of, or being at least 50% owned by, a tobacco company. Producing cluster bombs, landmines, depleted uranium, chemical or biological weapons, blinding laser weapons, non-detectable fragments or incendiary weapons; producing key components of cluster bombs, landmines, depleted uranium weapons, or chemical or biological weapons; owning 20% or more (50% for financial companies) of a weapons or components producer; or being 50% or more owned by a company involved in weapons or components production. Manufacturing of the following, regardless of whether intended for exclusive use in nuclear weapons: nuclear warheads, whole nuclear missiles, nuclear weapon delivery systems or components, or providing auxiliary services related to nuclear weapons. Producing firearms or small arms ammunitions for civilian markets or deriving 5% or more revenue, or $20 million or more revenue, from the production or distribution (wholesale or retail) of such firearms or ammunition. Deriving 1% or more revenue from thermal coal mining or sales to external parties, but excluding all revenue from metallurgical coal, coal mined for internal power generation, intra-company sales of mined thermal coal and coal trading. Deriving 10% or more revenue from oil- or gas-related activities, including distribution, equipment, production, transportation or refining, but excluding biofuel production, sales and trading. Deriving 50% or more revenue from power generation based on thermal coal, liquid fuel or natural gas. Deriving 5% or more revenue from oil sands extraction.

The Index Provider also excludes companies that it determines are involved in ongoing and “very severe” controversies related to the ESG impact of the company’s actions, products or operations. The Index Provider defines a controversy as an instance or ongoing situation in which company operations and/or products allegedly have a negative ESG impact, including alleged violations of laws, regulations or accepted international norms. To evaluate ESG controversies, the Index Provider monitors across five categories of ESG impact environment, human rights and communities, labor rights and supply chain, customers and governance – and 28 sub-categories.

The Index Provider excludes companies that are not assessed by the Index Provider regarding ESG controversies or environmental harm.

The Index Provider then refines the set of remaining securities by applying a number of sustainability-related constraints. In order to exceed the minimum standards for PABs, the Index Provider targets the following index-level constraints at each semi-annual rebalancing: At least a 50% reduction in GHG intensity compared with the Parent Index, taking into account issuers’ Scope 1, 2 and 3 emissions ( i.e. , direct emissions from sources that an issuer owns or controls and indirect emissions from the purchase of energy and a company’s value chain); At least a 10% year-over-year reduction in the GHG intensity (or decarbonization rate) of the Underlying Index itself; and A level of exposure to sectors with a high impact on climate change ( i.e. , those sectors that are key to the low carbon transition) that is not less than the exposure in the Parent Index, to ensure that such sectors are not underweighted in the Underlying Index.

In addition, each of the following index-level constraints related to sustainability is applied in constructing the Underlying Index and at each semi-annual rebalancing:

Page 70

At least a 20% increase, relative to the Parent Index, in the aggregate weight of companies that publish emissions reduction targets, that publish their annual emissions levels and that have reduced their GHG intensity by at least 7% over each of the last three years. At least a 50% reduction, relative to the Parent Index, in overall weighted average potential carbon intensity, generally assessed based on emissions that could be generated if the proven and probable fossil fuel reserves owned by the companies in the portfolio were burned. For newly added index constituents where data is not yet available, the Index Provider uses zero fossil fuel reserves. At least a 50% reduction, relative to the Parent Index, in overall exposure to physical risk arising from extreme weather events. At least a 10% increase, relative to the Parent Index, in the aggregate “low carbon transition” (“LCT”) score, which at the constituent level measures a company’s exposure to and management of risks and opportunities related to the low carbon transition. The target increase would result in a lower overall exposure to companies facing transition-related risks and/or a higher overall exposure to companies that may have transition-related opportunities. At least a 100% increase, relative to the Parent Index, in overall exposure to “green revenue,” defined as the cumulative revenue from alternative energy, energy efficiency, sustainable water, green building, pollution prevention and sustainable agriculture. A ratio of weighted average green revenue to weighted average “brown revenue” that is at least four times that of the Parent Index, with “brown revenue” defined as revenue from the mining of thermal coal or its sale to external parties; the extraction, production or refining of conventional and unconventional oil and gas; and power generation based on thermal coal, liquid fuel or natural gas.

At each semi-annual index rebalancing, the Index Provider applies constituent-level constraints that aim to ensure replicability and investability, including the following: An index constituent’s weight is restricted to the lower of +/- 2% or 20 times the constituent’s weight in the Parent Index; An index constituent’s minimum weight is 0.01%; The sector weights of the Underlying Index do not deviate more than +/- 5% from those of the Parent Index (except for the energy sector); and The one-way turnover of the Underlying Index is capped at 5%.

Page 71

Additional Information About the Funds’ Risks

Each Fund is subject to various risks, any of which may adversely affect the Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. Each Fund discloses its portfolio holdings daily at www.iShares.com. You could lose all or part of your investment in a Fund, which could underperform other investments. The table below identifies the principal and other (non-principal) risks that apply to each Fund. A Fund that invests in an underlying fund (“Underlying Fund”) also may be indirectly exposed to these risks through such investment. A description of each risk is provided after the table.

iShares Climate Conscious & Transition MSCI USA ETF

iShares ESG Advanced MSCI USA ETF

iShares ESG Aware MSCI USA ETF

iShares ESG Aware MSCI USA Growth ETF

iShares ESG Aware MSCI USA Small-Cap ETF

iShares ESG Aware MSCI USA Value ETF

Principal Risk | • Other Risk

Asset Class Risk Assets Under Management (AUM) Risk Authorized Participant Concentration Risk Close-Out Risk for Qualified Financial Contracts ••••••

Communications Companies Risk • •• • Concentration Risk Consumer Goods and Services Companies Risk • • •

Energy Companies Risk • Equity Securities Risk ESG Risk Financial Companies Risk • •• Geographic and Security Risks •••••• Growth Securities Risk Healthcare Companies Risk •••••• Illiquid Investments Risk •••••• Index-Related Risk Industrial Companies Risk •••• • Issuer Risk Large-Capitalization Companies Risk Large Shareholder and Large Scale Redemption Risk ••••••

Management Risk Market Risk Market Trading Risk Mid-Capitalization Companies Risk • ••

Non-Diversification Risk Operational and Technology Risks Ownership Limitations Risk •••••• Real Estate Companies Risk • Risk of Investing in the U.S. Securities Lending Risk

Page 72

iShares Climate Conscious & Transition MSCI USA ETF

iShares ESG Advanced MSCI USA ETF

iShares ESG Aware MSCI USA ETF

iShares ESG Aware MSCI USA Growth ETF

iShares ESG Aware MSCI USA Small-Cap ETF

iShares ESG Aware MSCI USA Value ETF

Principal Risk | • Other Risk

Small-Capitalization Companies Risk Small Fund Risk Technology Companies Risk •• Thematic Investing Risk Tracking Error Risk Value Securities Risk

iShares ESG MSCI USA Leaders ETF

iShares Paris Aligned Climate Optimized MSCI USA ETF

Principal Risk | • Other Risk

Asset Class Risk Assets Under Management (AUM) Risk Authorized Participant Concentration Risk Close-Out Risk for Qualified Financial Contracts •• Communications Companies Risk •• Concentration Risk Consumer Goods and Services Companies Risk •• Energy Companies Risk Equity Securities Risk ESG Risk Financial Companies Risk •• Geographic and Security Risks ••

Truncated: This annotation is too large to fit. View the raw JSON.

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   ...