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iShares Trust Supplement dated October 5, 2026 to the currently effective Summary Prospectus, Prospectus, and Statement of Additional Information (the “SAI”) for the iShares MSCI EAFE Growth ETF (EFG), iShares MSCI EAFE Value ETF (EFV), iShares MSCI USA Momentum Factor ETF (MTUM), iShares MSCI USA Quality Factor ETF (QUAL) and iShares U.S. Aerospace & Defense ETF (ITA) (each, a “Fund”)

The Board of Trustees of iShares Trust has authorized a forward stock split for each Fund at the ratio set out below. The Creation Unit size for each Fund will remain unchanged, as set out below.

Fund Name Ticker Forward Split Ratio

Shares Per Creation Unit iShares MSCI EAFE Growth ETF EFG 3:1 400,000

iShares MSCI EAFE Value ETF EFV 2:1 400,000

iShares MSCI USA Momentum Factor ETF MTUM 4:1 50,000

iShares MSCI USA Quality Factor ETF QUAL 4:1 50,000

iShares U.S. Aerospace & Defense ETF ITA 3:1 50,000

The record date for the forward stock split will be November 3, 2026 and the stock split will be payable after the close of trading on November 4, 2026, the payable date. Shares of each Fund will begin trading on a split-adjusted basis on November 5, 2026, the ex-date.

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-FS-1026

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

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iShares Trust Supplement dated August 4, 2026 to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information (the “SAI”) for the iShares MSCI USA Value Factor ETF (VLUE) (the “Fund”)

The following changes to the Fund’s Prospectus, Summary Prospectus and SAI will take effect on September 1, 2026:

1) The second paragraph of the “Principal Investment Strategies” section of the Prospectus and Summary Prospectus is deleted in its entirety and replaced with the following:

To construct the Underlying Index, the Index Provider calculates a “value score” for each security in the Parent Index using three variables: price-to-book value, price-to-forward earnings and enterprise value-to-cash flow from operations. MSCI assigns weights by multiplying a component’s value score by its market capitalization. Weights in the Underlying Index are next normalized so that sectors in the Underlying Index represent the same weight as in the Parent Index. On a month-end basis, the Index Provider applies a 25% cap to the weight of any single issuer. If an issuer’s weight on the monitoring date is greater than 25%, it will be reduced to 20%, with the excess weight redistributed proportionately among the other index constituents, effective the following trading day.

MSCI uses an algorithm to determine the number of components in the Underlying Index based on the number of constituents in the Parent Index. The number of components is evaluated semi-annually.

2) In the “MSCI Indexes” section of the SAI, the following is added to the Index Description for the MSCI USA Enhanced Value Index:

On a month-end basis, the Index Provider applies a 25% ca p to the weight of any single issuer. If an issuer’s weight on the monitoring date is greater than 25% , it will be reduced to 20%, with the excess weight redistributed proportionately among the other inde x constituents, effective the following trading day.

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-VLUE-0826

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

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iShares ®

iShares Trust and iShares, Inc. Supplement dated May 26, 2026 to the currently effective Summary Prospectus, Prospectus, and Statement of Additional Information (the “SAI”) for the iShares MSCI USA Value Factor ETF (VLUE) and the iShares ESG Aware MSCI EM ETF (ESGE) (each a “Fund”)

Each 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 a 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 sections entitled “Principal Investment Strategies” of the Summary Prospectus and Prospectus of each 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 sections entitled “Summary of Principal Risks” in the Summary Prospectus and Prospectus of each 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 tables under the section entitled “Additional Information About the Funds’ Risks” in the Prospectus of each Fund, Non-Diversification Risk is added as a row for the iShares MSCI USA Value Factor ETF and checked as a Principal Risk for each Fund.

4. The following is added after Momentum Securities Risk in the section entitled “Additional Information About the Funds’ Risks” in the Prospectus of the iShares MSCI USA Value Factor ETF:

Non-Diversification Risk. A Fund that is classified as “non-diversified” may invest a greater percentage of its assets in securities or other instruments representing a small number of issuers or counterparties, compared with funds that are classified as “diversified.” A non-diversified Fund thus may be more susceptible to the risks associated with these particular issuers or counterparties. The gains and losses on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a diversified Fund, and a non-diversified Fund’s NAV may be more volatile.

5. For the iShares ESG Aware MSCI EM ETF, in the section entitled “Diversification Status” of the SAI of the Fund:

a. an asterisk (*) is added after the Fund’s name in the diversification status table and the name of the Fund is added in alphabetical order to the funds listed in the corresponding footnote.

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b. 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:

Š However, while the iShares Core MSCI Emerging Markets ETF, iShares ESG Aware MSCI EM ETF, iShares MSCI BIC ETF and iShares MSCI Emerging Markets 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.

6. For the iShares MSCI USA Value Factor ETF in the section entitled “Diversification Status” of the SAI of the Fund:

a. an asterisk (*) is added after the Fund’s name in the diversification status table and the name of the Fund is added in alphabetical order to the funds listed in the corresponding footnote.

Š However, while the iShares MSCI USA Quality Factor ETF and iShares MSCI USA Value Factor 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-SUPP-NAL-0526

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

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iShares ®

iShares Trust Supplement dated March 18, 2026 to the currently effective Summary Prospectus, Prospectus, and Statement of Additional Information (the “SAI”) for the iShares MSCI USA Quality Factor ETF (QUAL) (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 on March 31, 2026:

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:

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 inst ruments 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 ma y depend to a greater extent on the performance of a small number of issuers or counterparties, whi ch may lead to more volatility in the Fund’s NAV.

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

4. The following is added after Momentum Securities Risk in the section entitled “Additional Information About the Funds’ Risks” in the Prospectus of the Fund:

5. The following is added as the new last sentence of the first paragraph following the diversification status table of the section entitled “Diversification Status” of the SAI of the Fund:

Š However, while the iShares MSCI USA Quality Factor ETF is classified as “diversified,” under applicable no-action relief from the SEC staff, 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 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-QUAL-0326

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

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NOVEMBER 28, 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 ESG Optimized MSCI USA Min Vol Factor ETF ..................

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iShares MSCI USA Min Vol Factor ETF .....................................

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iShares MSCI USA Momentum Factor ETF ................................

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iShares MSCI USA Quality Factor ETF ......................................

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iShares MSCI USA Size Factor ETF ..........................................

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iShares MSCI USA Small-Cap Min Vol Factor ETF .......................

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iShares MSCI USA Value Factor ETF ........................................

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iShares U.S. Equity Factor ETF ...............................................

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iShares U.S. Small-Cap Equity Factor ETF .................................

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

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

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

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

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

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

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

Index Providers and Disclaimers .................................................

Table of Contents

Fund Summaries

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iSHARES ® ESG OPTIMIZED MSCI USA MIN VOL

FACTOR ETF

Ticker: ESMV Stock Exchange: Nasdaq

Investment Objective

The iShares ESG Optimized MSCI USA Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization equities that, in aggregate, have lower volatility characteristics, reduced carbon exposure and improved environmental, social and governance quality characteristics relative to the parent index.

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 0.18% None 0.00% 0.18%

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 $18 $58 $101 $230

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 24% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index Provider” or “MSCI”). The Underlying Index is designed to measure the performance of large- and mid-capitalization U.S. equity securities that, in the aggregate, reflect the performance of a minimum volatility strategy and, relative to the MSCI USA Index (“Parent Index”), have higher favorable environmental, social, and

governance (“ESG”) characteristics (as defined by the Index Provider) and lower carbon exposure.

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 climate change-related activity such as the production of thermal coal 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 involved in very severe 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 also excludes companies that are not assessed by the Index Provider regarding severe business controversies or their

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management of ESG risks and opportunities (“ESG Score,” in each case determined by the Index Provider).

For ESG scoring, 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 rating 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 the carbon exposure of a security in terms of the issuer’s greenhouse gas emissions and its potential carbon emissions from fossil fuel reserves.

The Index Provider further refines the Underlying Index through an optimization process that aims to achieve (1) the lowest volatility in light of certain replicability and investability constraints as defined by the Index Provider; (2) at least a 20% improvement in its weighted-average, industry-adjusted ESG Score relative to the Parent Index at each rebalancing; and (3) a reduction in carbon exposure as represented by at least a 30% reduction, relative to the Parent Index at each rebalancing, in (a) carbon emissions relative to the overall size of a company and (b) potential carbon emissions from fossil fuel reserves used for potential energy production per dollar of market capitalization. The weight of any single security is capped at the lower of 1.5% and 20 times the weight of the security in the Parent Index. The Underlying Index is reconstituted quarterly. At each reconstitution, one-way turnover is capped at 5%.

As of July 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.

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.

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 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.

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.

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

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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.

Low Volatility Risk . A low volatility strategy may underperform the broader market during periods of strong, rising or speculative stock prices. In addition, there is a risk that the Fund may experience more than minimum volatility. Securities in the Fund’s portfolio may be subject to price volatility, and their prices may not be less volatile (and could be more volatile) than the market as a whole, which could adversely affect the Fund’s NAV.

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.

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.

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.

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

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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.

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.

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.

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.

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.

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. Until the Fund reaches greater scale, it may experience higher tracking error than is typical for similar index ETFs.

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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

20%

10%

-10%

-20%

2 0 22 2 0 2 3 2 0 2 4

-11.28%

12.10% 13.21%

Return (%) Period Ended Calendar Year-to-Date Return 6.03% September 30, 2025 During the periods shown in the chart: Best Quarter 10.75% December 31, 2022 Worst Quarter -9.98% June 30, 2022

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

One Year

Since Fund Inception (Inception Date: 11/2/2021) Return Before Taxes 13.21% 5.12% Return After Taxes on Distributions 12.75% 4.68% Return After Taxes on Distributions and Sale of Fund Shares 8.14% 3.90% MSCI USA Index (Returns do not reflect deductions for fees, expenses or taxes) 25.08% 8.93% MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index (Returns do not reflect deductions for fees, expenses or taxes) 13.41% 5.08%

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, Matt Waldron, Peter Sietsema 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, Mr. Waldron, Mr. Sietsema and Mr. White have been Portfolio Managers of the Fund since 2021, 2025, 2025 and 2025, respectively..

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 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 ® MSCI USA MIN VOL FACTOR ETF

Ticker: USMV Stock Exchange: Cboe BZX

Investment Objective

The iShares MSCI USA Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market.

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 Minimum Volatility (USD) Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index Provider” or “MSCI”) to measure the performance of large- and mid-capitalization equity securities listed on stock exchanges in the U.S. that, in the aggregate, have lower volatility relative to the large- and mid-cap U.S. equity market. In constructing the Underlying Index, MSCI uses a rules-based methodology to select securities from the MSCI USA Index (the “Parent Index”), which is a capitalization

weighted index, and to determine the weightings of such securities. In order to determine weightings of securities within the Underlying Index, MSCI seeks to optimize the Parent Index such that the resulting portfolio exhibits the lowest absolute volatility, as measured by MSCI, while applying constraints based on turnover, minimum and maximum weightings of index constituents, sectors and countries, as well as factor constraints (for example, liquidity and financial leverage) as measured by MSCI. The Underlying Index is reconstituted quarterly. At each reconstitution, one-way turnover is capped at 5%.

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

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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 generally will invest at least 80% of its assets in the component securities of its Underlying Index and may invest up to 20% 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).

Summary of Principal Risks

risk is difficult to predict and may change over time. You should review each risk factor carefully.

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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.

a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.

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.

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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

40% 30% 20% 10% 0% -10% -20%

2 0 1 5 2 0 1 6 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

5.50% 10.50%

18.97%

1.36%

27.77%

5.60%

20.79%

-9.35%

10.21% 15.83%

Return (%) Period Ended Calendar Year-to-Date Return 8.28% September 30, 2025 During the periods shown in the chart: Best Quarter 12.86% June 30, 2020 Worst Quarter -17.20% March 31, 2020

Average Annual Total Returns (for the periods ended December 31, 2024) One Year Five Years Ten Years (Inception Date: 10/18/2011) Return Before Taxes 15.83% 8.10% 10.24% Return After Taxes on Distributions 15.36% 7.65% 9.73% Return After Taxes on Distributions and Sale of Fund Shares 9.69% 6.31% 8.30% MSCI USA Index (Returns do not reflect deductions for fees, expenses or taxes) 25.08% 14.56% 13.08% MSCI USA Minimum Volatility Index (Returns do not reflect deductions for fees, expenses or taxes) 15.99% 8.16% 10.36%

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Management

Investment Adviser. BlackRock Fund Advisors.

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 ® MSCI USA

MOMENTUM FACTOR ETF

Ticker: MTUM Stock Exchange: Cboe BZX

Investment Objective

The iShares MSCI USA Momentum Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks exhibiting relatively higher price momentum.

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 Momentum SR Variant Index (the “Underlying Index”), which consists of stocks exhibiting relatively higher momentum characteristics than the traditional market capitalization-weighted parent index, the MSCI USA Index (the “Parent Index”), as determined by MSCI Inc. (the “Index Provider” or “MSCI”). The Parent Index includes U.S. large- and mid-capitalization stocks, as defined by MSCI. The Underlying Index is designed to measure the performance of an equity momentum strategy by emphasizing

stocks with high price momentum, while maintaining reasonably high trading liquidity, investment capacity and moderate index turnover, each as determined by the Index Provider.

MSCI uses an algorithm to determine the components in the Underlying Index based on the number of constituents in the Parent Index. A risk-adjusted price momentum metric, defined by MSCI as the excess return over the risk-free rate ( i.e. , the 3 Month Treasury Bill Rate) divided by the annualized standard deviation of weekly returns over the past three years, is calculated for each security in the Parent Index over 6- and 12month time periods. The 6- and 12-month risk-adjusted price momentum calculations are then standardized at +/- 3 standard deviations and translated into an average momentum score. MSCI selects the 125 securities with the highest positive momentum scores for inclusion in the Underlying Index. The weight of each Underlying Index constituent is determined by multiplying the security’s momentum score by its market capitalization weight in the Parent Index. Additionally, a capping methodology is applied so that each individual issuer is capped at 5% weight at reconstitution.

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The Index Provider also takes into account certain diversification rules. At reconstitution, if the aggregate weight of stocks representing more than 4.5% weight is greater than 22.5% of the Underlying Index weight, the Underlying Index is rebalanced such that the aggregate weight of stocks greater than 4.5% does not exceed 22.5% of the Underlying Index weight. Between reconstitution dates, if the aggregate weight of stocks representing more than 5% weight is greater than 25% of the Underlying Index weight, the Underlying Index is rebalanced such that the aggregate weight of stocks greater than 4.5% does not exceed 22.5% of the Underlying Index weight.

The Underlying Index is reconstituted quarterly. To determine the constituent changes at each quarterly reconstitution, the Index Provider applies an iterative algorithm to cap the one-way turnover per reconstitution at 30%. As of July 31, 2025, there were 125 securities in the Underlying Index.

As of July 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the consumer goods and services, financials 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).

Summary of Principal Risks

Momentum Securities Risk . Securities that previously exhibited greater momentum characteristics than other securities may not continue to experience positive momentum, and such a change could occur quickly. Momentum securities may experience more volatility than the market as a whole, and their returns may be less than the returns of other styles of investing or the overall stock market. The Fund may experience significant losses if momentum stops, reverses or otherwise behaves differently than predicted.

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have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.

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.

High Portfolio Turnover Risk. High portfolio turnover is considered by the Fund to mean turnover of greater than 100% annually. Portfolio turnover ( i.e ., the sale of securities or other assets and reinvestment in other securities or assets) generally involves transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other costs. In addition, the sale of securities by the Fund may result in the realization of taxable capital gains, including short-term capital gains. Higher portfolio turnover may cause the Fund to incur additional transaction costs, which have the effect of reducing the Fund’s investment return, and may result in different tax consequences for shareholders compared to a fund with lower portfolio turnover.

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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.

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

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

2 0 1 5 2 0 1 6 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

9.12% 4.89%

37.60%

-1.77%

27.57% 29.69% 13.45%

-18.23%

9.10%

32.88%

Return (%) Period Ended Calendar Year-to-Date Return 24.85% September 30, 2025 During the periods shown in the chart: Best Quarter 23.55% June 30, 2020 Worst Quarter -18.70% June 30, 2022

Average Annual Total Returns (for the periods ended December 31, 2024) One Year Five Years Ten Years (Inception Date: 4/16/2013) Return Before Taxes 32.88% 11.77% 13.16% Return After Taxes on Distributions 32.63% 11.46% 12.83% Return After Taxes on Distributions and Sale of Fund Shares 19.62% 9.32% 10.95% MSCI USA Index (Returns do not reflect deductions for fees, expenses or taxes) 25.08% 14.56% 13.08% MSCI USA Momentum SR Variant Index (Spliced) 1 (Returns do not reflect deductions for fees, expenses or taxes) 33.16% 11.95% 13.37%

1 The MSCI USA Momentum SR Variant Index (Spliced) reflects the performance of the MSCI USA Momentum Index through November 22, 2020 and the MSCI USA Momentum SR Variant 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.

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 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 ® MSCI USA QUALITY FACTOR ETF

Ticker: QUAL Stock Exchange: Cboe BZX

Investment Objective

The iShares MSCI USA Quality Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid capitalization stocks with quality characteristics as identified through certain fundamental metrics.

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 Sector Neutral Quality Index (the “Underlying Index”), which is based on a traditional market capitalization-weighted parent index, the MSCI USA Index (the “Parent Index”). The Parent Index includes U.S. large- and mid-capitalization stocks, as defined by MSCI Inc. (the “Index Provider” or “MSCI”). The Underlying Index seeks to measure the performance of securities in the Parent Index that exhibit higher quality characteristics relative to their

peers within the corresponding Global Industry Classification Standard (GICS ® ) sector.

To construct the Underlying Index, the Index Provider determines the quality score of each security in the Parent Index based on three fundamental variables: high return on equity, low earnings variability and low leverage. The Index Provider selects a certain number of securities with the highest quality scores for the Underlying Index. Each component is weighted based on its quality score multiplied by its weight in the Parent Index. Weights in the Underlying Index are next normalized so that sectors in the Underlying Index represent the same weight as in the Parent Index. Additionally, each individual issuer is capped at 5%. The Underlying Index is rebalanced on a semi-annual basis.

As of July 31, 2025, there were 125 securities in the Underlying Index. As of July 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.

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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

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.

Quality Securities Risk . Securities that previously exhibited greater quality characteristics than other securities may not continue to be quality securities. Many factors can impact a security’s quality and performance, and such factors and their impact may be difficult to predict. The returns of quality securities may be less than the returns of other styles of investing or the overall stock market.

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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.

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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 1 5 2 0 1 6 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

5.56% 9.18%

22.26%

-5.77%

34.14% 16.97% 26.90%

-20.39%

30.83% 22.23%

Return (%) Period Ended Calendar Year-to-Date Return 9.98% September 30, 2025 During the periods shown in the chart: Best Quarter 18.90% June 30, 2020 Worst Quarter -19.40% March 31, 2020

Average Annual Total Returns (for the periods ended December 31, 2024) One Year Five Years Ten Years (Inception Date: 7/16/2013) Return Before Taxes 22.23% 13.57% 12.90% Return After Taxes on Distributions 21.93% 13.20% 12.47% Return After Taxes on Distributions and Sale of Fund Shares 13.37% 10.81% 10.67% MSCI USA Index (Returns do not reflect deductions for fees, expenses or taxes) 25.08% 14.56% 13.08% MSCI USA Sector Neutral Quality Index (Spliced) 1 (Returns do not reflect deductions for fees, expenses or taxes) 22.42% 13.78% 13.09%

1 The MSCI USA Sector Neutral Quality Index (Spliced) reflects the performance of the MSCI USA Quality Index through August 31, 2015 and the MSCI USA Sector Neutral Quality 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.

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 ® MSCI USA SIZE FACTOR ETF

Ticker: SIZE Stock Exchange: NYSE Arca

Investment Objective

The iShares MSCI USA Size Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid capitalization stocks with relatively smaller average market capitalization.

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 Low Size Index (the “Underlying Index”), which is based on a traditional market capitalization-weighted parent index, the MSCI USA Index (the “Parent Index”). The Parent Index includes U.S. large- and mid-capitalization stocks, as defined by MSCI Inc. (the “Index Provider” or “MSCI”). The Underlying Index seeks to achieve a low size exposure, where “low size” refers to a relatively smaller capitalization within the market capitalization range of the Parent Index.

The Underlying Index is constructed by applying a mathematical formula at each rebalancing that reweights the components of the Parent Index, such that the representation of smaller capitalization companies is increased relative to larger capitalization companies.

In addition, at each rebalancing, the Index Provider calculates a “constraint factor” for each component.The constraint factor is the ratio of the component’s weight in the Underlying Index to that component’s weight in the Parent Index. The constraint factor is held constant between each rebalancing, except in the case of corporate events (as defined by the Index Provider). Changes in the relative weight of an individual component in the Parent Index due to market appreciation/depreciation result in that component increasing/decreasing in weight in the Underlying Index to hold the constraint factor for that component constant between each rebalancing. The Underlying Index is rebalanced semi-annually.

As of July 31, 2025, there are 544 component securities in the Underlying Index. As of July 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the consumer goods and services, financials, industrials and

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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).

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.

Low Size Securities Risk . Low size companies, ( i.e ., smaller capitalized companies within the Fund’s capitalization range) may be less stable and more susceptible to adverse developments. Low size securities may be more volatile and less liquid than securities on the larger end of the Fund’s capitalization range. As a result, the Fund’s share price may be more volatile than that of a fund with a greater investment in the securities of relatively larger-capitalized companies.

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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.

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

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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.

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

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

2 0 1 5 2 0 1 6 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

0.37%

13.32% 18.88%

-6.51%

29.06% 16.30%

25.04%

-15.84%

17.84% 14.07%

Return (%) Period Ended Calendar Year-to-Date Return 9.81% September 30, 2025 During the periods shown in the chart: Best Quarter 23.21% June 30, 2020 Worst Quarter -26.25% March 31, 2020

Average Annual Total Returns (for the periods ended December 31, 2024) One Year Five Years Ten Years (Inception Date: 4/16/2013) Return Before Taxes 14.07% 10.47% 10.38% Return After Taxes on Distributions 13.64% 10.04% 9.91% Return After Taxes on Distributions and Sale of Fund Shares 8.61% 8.23% 8.42% MSCI USA Index (Returns do not reflect deductions for fees, expenses or taxes) 25.08% 14.56% 13.08% MSCI USA Low Size Index (Spliced) 1 (Returns do not reflect deductions for fees, expenses or taxes) 14.25% 10.60% 10.52%

1 The MSCI USA Low Size Index (Spliced) reflects the performance of the MSCI USA Risk Weighted Index through December 2, 2018 and the MSCI USA Low Size 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.

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 ® MSCI USA SMALL-CAP

MIN VOL FACTOR ETF

Ticker: SMMV Stock Exchange: Cboe BZX

Investment Objective

The iShares MSCI USA Small-Cap Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of small capitalization U.S. equities that, in the aggregate, have lower volatility characteristics relative to the small-capitalization U.S. equity market.

Fees and Expenses

Management Fees

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

Total Annual Fund Operating Expenses 0.20% None 0.00% 0.20%

1 Year 3 Years 5 Years 10 Years $20 $64 $113 $255

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI USA Small Cap Minimum Volatility (USD) Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index Provider” or “MSCI”) to measure the performance of small capitalization U.S. equities that in the aggregate are expected to have lower volatility characteristics relative to the small capitalization U.S. equity market. In constructing the Underlying

Index, MSCI uses a rules-based methodology to select securities from the MSCI USA Small Cap Index (the “Parent Index”), which is a capitalization-weighted index that represents approximately 14% of the free float-adjusted market capitalization in the U.S., and to determine the weightings of such securities in the Underlying Index. MSCI seeks to optimize the Parent Index such that the resulting portfolio exhibits the lowest absolute volatility, as measured by MSCI, while applying constraints based on turnover, established minimum and maximum weightings of index constituents and sectors, as well as factor constraints (for example, liquidity and financial leverage) as measured by MSCI. The Underlying Index is reconstituted quarterly. At each reconstitution, one-way turnover is capped at 5%.

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

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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

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.

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.

Healthcare Companies Risk . The profitability of healthcare companies may be adversely affected by extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and product liability claims, among other factors.

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.

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Performance Information

Calendar Year-by-Year Returns

30% 20% 10% 0% -10% -20%

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

13.95%

1.48%

24.50%

-3.05%

16.72%

-9.88%

4.97%

18.35%

Return (%) Period Ended Calendar Year-to-Date Return 5.38% September 30, 2025 During the periods shown in the chart: Best Quarter 16.56% December 31, 2020 Worst Quarter -26.84% March 31, 2020

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

One Year Five Years

Since Fund Inception (Inception Date: 09/07/2016) Return Before Taxes 18.35% 4.84% 8.01% Return After Taxes on Distributions 17.76% 4.40% 7.49% Return After Taxes on Distributions and Sale of Fund Shares 11.12% 3.67% 6.29% MSCI USA Index (Returns do not reflect deductions for fees, expenses or taxes) 25.08% 14.56% 14.62% MSCI USA Small Cap Minimum Volatility Index (Returns do not reflect deductions for fees, expenses or taxes) 18.62% 4.99% 8.20%

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Management

Investment Adviser. BlackRock Fund Advisors.

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 ® MSCI USA VALUE

FACTOR ETF

Ticker: VLUE Stock Exchange: Cboe BZX

Investment Objective

The iShares MSCI USA Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid capitalization stocks with value characteristics and relatively lower valuations.

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 Enhanced Value Index (the “Underlying Index”), which is based on a traditional market capitalization-weighted parent index, the MSCI USA Index (the “Parent Index”). The Parent Index includes U.S. large- and mid-capitalization stocks, as defined by MSCI Inc. (the “Index Provider” or “MSCI”). The Underlying Index is designed to measure the performance of securities in the Parent Index that

exhibit higher value characteristics relative to their peers within the corresponding Global Industry Classification Standard (GICS ® ) sector. To construct the Underlying Index, the Index Provider calculates a “value score” for each security in the Parent Index using three variables: price-to-book value, price-to-forward earnings and enterprise value-to-cash flow from operations. MSCI assigns weights by multiplying a component’s value score by its market capitalization. Weights in the Underlying Index are next normalized so that sectors in the Underlying Index represent the same weight as in the Parent Index. MSCI uses an algorithm to determine the number of components in the Underlying Index based on the number of constituents in the Parent Index. The number of components is evaluated semi-annually.

As of July 31, 2025, there were 149 securities in the Underlying Index. As of July 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.

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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

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.

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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.

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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Performance Information

Calendar Year-by-Year Returns

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

2 0 1 5 2 0 1 6 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

-3.54%

15.68% 21.97%

-11.18%

27.46%

-0.32%

28.98%

-14.14%

14.26% 7.21%

Return (%) Period Ended Calendar Year-to-Date Return 20.70% September 30, 2025 During the periods shown in the chart: Best Quarter 18.50% December 31, 2020 Worst Quarter -29.20% March 31, 2020

Average Annual Total Returns (for the periods ended December 31, 2024) One Year Five Years Ten Years (Inception Date: 4/16/2013) Return Before Taxes 7.21% 6.22% 7.62% Return After Taxes on Distributions 6.52% 5.52% 6.95% Return After Taxes on Distributions and Sale of Fund Shares 4.75% 4.77% 6.04% MSCI USA Index (Returns do not reflect deductions for fees, expenses or taxes) 25.08% 14.56% 13.08% MSCI USA Enhanced Value Index (Spliced) 1 (Returns do not reflect deductions for fees, expenses or taxes) 7.35% 6.37% 7.78%

1 The MSCI USA Enhanced Value Index (Spliced) reflects the performance of the MSCI USA Value Weighted Index through August 31, 2015 and the MSCI USA Enhanced Value 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.

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 ® U.S. EQUITY FACTOR ETF

Ticker: LRGF Stock Exchange: NYSE Arca

Investment Objective

The iShares U.S. Equity Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid capitalization stocks that have favorable exposure to target style factors subject to constraints.

Fees and Expenses

Management Fees

Distribution and Service (12b-1) Fees

Other Expenses

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

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

Principal Investment Strategies

The Fund seeks to track the investment results of the STOXX U.S. Equity Factor Index (the “Underlying Index”), which is a rules based equity index provided by STOXX Ltd. (the “Index Provider” or “STOXX”). The Underlying Index is composed of large- and mid capitalization equity securities from the STOXX USA 900 index (the “Parent Index”) that are selected and weighted using an optimization process designed to maximize exposure to five target factors: momentum, quality, value, low volatility and size. The Underlying Index also seeks to mitigate exposure to unintended

systematic exposures, limit turnover and maintain a level of risk similar to that of the Parent Index. The Parent Index measures the performance of the largest 900 companies of the U.S. equity market, as defined by the Index Provider.

The momentum score is calculated from the following signals: price momentum, earnings momentum and earnings announcement drift ( i.e. , the difference between a stock’s performance on and immediately following an earnings announcement date).

The quality score is calculated from the following signals: gross profitability, share dilution, accruals, changes in net operating assets, carbon emissions intensity and greenhouse gas (“GHG”) reduction targets. Carbon emissions intensity is based on the issuer’s Scope 1 and Scope 2 GHG emissions ( i.e. , direct emissions from sources that an issuer owns or controls and indirect emissions from the issuer’s purchase of energy) relative to peers in its Industry Classification Benchmark (“ICB”) Supersector, as reported by Institutional Shareholder Services (“ISS”). The GHG targets signal is based on the robustness of an issuer’s GHG reduction targets, including whether they are part of

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the Science Based Targets initiative (“SBTi”) framework; this is assessed by ISS based on its own ESG ratings data and SBTi data.

The value score is calculated from the following signals: current book value-to-price ratio, dividend yield ( i.e. , 12-month trailing dividend divided by total market capitalization), earnings yield ( i.e. , 12-month net income divided by total market capitalization), cash flow yield ( i.e. , 12-month cash flow divided by total market capitalization) and time series normalized cash flow yield over the previous 36 months.

The low volatility score is based on prior 12-month volatility, as calculated by the Index Provider. The size score seeks to measure an issuer’s market capitalization relative to other companies in the Parent Index.

The maximum weight of a single security is 10%, and the sum of security weights that are individually greater than 4.5% must be less than 22.5% of the Underlying Index. The Index Provider also applies other constraints, such as sector exposures relative to the Parent Index, among others. The Underlying Index is reviewed and rebalanced quarterly.

As of July 31, 2025, the Underlying Index consisted of approximately 285 constituents, and 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.

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 STOXX, 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

Style Factors Risk . Each of the five equity style factors ( i.e ., momentum, quality, value, low volatility and low size) that determine the weight of each component security in the Underlying Index has characteristics that may cause the Fund to underperform the Parent Index or the market as a whole.

Momentum Factor Risk . Securities that previously exhibited greater momentum characteristics may not continue to experience positive momentum, and such a change could occur quickly. Momentum securities may experience more volatility than the market as a whole.

Quality Factor Risk . Securities that previously exhibited greater quality characteristics than other securities may not continue to be quality securities. Many factors can impact a security’s quality and performance, and such factors and their impact may be difficult to predict.

Value Factor 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.

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Low Volatility Factor Risk . Low volatility securities may underperform the broader market during periods of strong, rising or speculative stock prices. The prices of such securities may not be any less volatile (and could be more volatile) than the market as a whole.

Low Size Factor Risk . Companies with relatively smaller market capitalization within the Fund’s capitalization range may be less stable and more susceptible to adverse developments. Low size securities may be more volatile and less liquid than securities on the larger end of the Fund’s capitalization range.

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.

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.

Management Risk . The Fund generally does not attempt to take defensive positions under any market conditions, including

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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.

investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.

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Performance Information

Calendar Year-by-Year Returns

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

2 0 1 6 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

13.40% 21.26%

-9.79%

26.22% 11.26%

24.85%

-14.77%

25.78% 26.70%

Return (%) Period Ended Calendar Year-to-Date Return 15.52% September 30, 2025 During the periods shown in the chart: Best Quarter 18.06% June 30, 2020 Worst Quarter -22.83% March 31, 2020

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

One Year Five Years

Since Fund Inception (Inception Date: 04/28/2015) Return Before Taxes 26.70% 13.54% 11.39% Return After Taxes on Distributions 26.31% 13.13% 10.92% Return After Taxes on Distributions and Sale of Fund Shares 16.05% 10.76% 9.28% S&P Total Market Index (Returns do not reflect deductions for fees, expenses or taxes) 23.87% 13.78% 12.49% STOXX U.S. Equity Factor Index (Spliced) 1 (Returns do not reflect deductions for fees, expenses or taxes) 26.83% 13.68% 11.59%

1 The STOXX U.S. Equity Factor Index (Spliced) reflects the performance of the MSCI USA Diversified Multiple-Factor Index through May 31, 2022 and the STOXX U.S. Equity Factor 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.

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 ® U.S. SMALL-CAP

EQUITY FACTOR ETF

Ticker: SMLF Stock Exchange: NYSE Arca

Investment Objective

The iShares U.S. Small-Cap Equity Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. small capitalization stocks that have favorable exposure to target style factors subject to constraints.

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 STOXX U.S. Small-Cap Equity Factor Index (the “Underlying Index”), which is a rules-based equity index provided by STOXX Ltd. (the “Index Provider” or “STOXX”). The Underlying Index is composed of small-capitalization equity securities from the STOXX US Small Cap Index (the “Parent Index”) that are selected and weighted using an optimization process designed to maximize exposure to four target factors: momentum, quality, value, and low volatility.

The Underlying Index seeks to control exposure to, among other things, industries, limit turnover and maintain a level of risk similar to that of the Parent Index. The Parent Index is a free float market capitalization-weighted index designed to measure the performance of small-capitalization companies in the U.S. Small capitalization companies, as calculated by the Index Provider, represent approximately the bottom 15% of the investable market capitalization in the U.S. securities market, as determined by STOXX.

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emissions from sources that an issuer owns or controls and indirect emissions from the issuer’s purchase of energy) relative to peers in its Industry Classification Benchmark (“ICB”) Supersector, as reported by Institutional Shareholder Services (“ISS”). The GHG targets signal is based on the robustness of an issuer’s GHG reduction targets, including whether they are part of the Science Based Targets initiative (“SBTi”) framework; this is assessed by ISS based on its own ESG ratings data and SBTi data.

The value score is calculated from the following signals: current book value-to-price ratio, dividend yield ( i.e ., 12-month trailing dividend divided by total market capitalization), earnings yield ( i.e. , 12-month net income divided by total market capitalization), cash flow yield ( i.e. , 12-month cash flow divided by total market capitalization) and time series normalized cash flow yield over the previous 36 months.

The low volatility score is based on prior 12 month volatility, as calculated by the Index Provider.

The maximum weight of a single security is 10%, and the sum of security weights that are individually greater than 4.5% must be less than 22.5% of the Underlying Index. The Index Provider also applies other constraints, such as country and sector exposures relative to the Parent Index, among others. The Underlying Index is reviewed and rebalanced quarterly.

As of July 31, 2025, the Underlying Index consisted of approximately 842 constituents, and 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.

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).

Summary of Principal Risks

Style Factors Risk . Each of the four equity style factors ( i.e ., momentum, quality, value and low volatility) that determine the weight of each component security in the Underlying Index has characteristics that may cause the Fund to underperform the Parent Index or the market as a whole.

Momentum Factor Risk . Securities that previously exhibited greater momentum characteristics may not continue to experience positive momentum, and such a change could occur

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quickly. Momentum securities may experience more volatility than the market as a whole.

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downgrades, adverse public perception, exposure concentration and counterparty risk.

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.

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Performance Information

Calendar Year-by-Year Returns

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

2 0 1 6 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

22.50% 12.06%

-8.17%

21.83% 8.24%

26.55%

-12.01%

19.69% 16.61%

Return (%) Period Ended Calendar Year-to-Date Return 10.95% September 30, 2025 During the periods shown in the chart: Best Quarter 23.62% December 31, 2020 Worst Quarter -30.48% March 31, 2020

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

One Year Five Years

Since Fund Inception (Inception Date: 04/28/2015) Return Before Taxes 16.61% 10.97% 10.03% Return After Taxes on Distributions 16.19% 10.59% 9.70% Return After Taxes on Distributions and Sale of Fund Shares 10.05% 8.64% 8.16% S&P Total Market Index (Returns do not reflect deductions for fees, expenses or taxes) 23.87% 13.78% 12.49% STOXX U.S. Small-Cap Equity Factor Index (Spliced) 1 (Returns do not reflect deductions for fees, expenses or taxes) 16.71% 11.24% 10.36%

1 The STOXX U.S. Small-Cap Equity Factor Index (Spliced) reflects the performance of the MSCI USA Small Cap Diversified Multiple-Factor Index through February 28, 2023 and the STOXX U.S. Small-Cap Equity Factor 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.

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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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 ESG Optimized MSCI USA Min Vol Factor ETF 1

MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index

The iShares ESG Optimized MSCI USA Min Vol Factor ETF seeks to track the investment results of an index composed of U.S. large and mid-capitalization equities that, in aggregate, have lower volatility characteristics, reduced carbon exposure and improved environmental, social and governance quality characteristics relative to the parent index. iShares MSCI USA Min Vol Factor ETF

MSCI USA Minimum Volatility (USD) Index

The iShares MSCI USA Min Vol Factor ETF seeks to track the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market. iShares MSCI USA Momentum Factor ETF

MSCI USA Momentum SR Variant Index

The iShares MSCI USA Momentum Factor ETF seeks to track the investment results of an index composed of U.S. large- and mid capitalization stocks exhibiting relatively higher price momentum. iShares MSCI USA Quality Factor ETF

MSCI USA Sector Neutral Quality Index

The iShares MSCI USA Quality Factor ETF seeks to track the investment results of an index composed of U.S. large- and mid capitalization stocks with quality characteristics as identified through certain fundamental metrics. iShares MSCI USA Size Factor ETF

MSCI USA Low Size Index The iShares MSCI USA Size Factor ETF seeks to track the investment results of an index composed of U.S. large- and mid capitalization stocks with relatively smaller average market capitalization. iShares MSCI USA Small-Cap Min Vol Factor ETF

MSCI USA Small Cap Minimum Volatility (USD) Index

The iShares MSCI USA Small-Cap Min Vol Factor ETF seeks to track the investment results of an index composed of small capitalization U.S. equities that, in the aggregate, have lower volatility characteristics relative to the small-capitalization U.S. equity market. iShares MSCI USA Value Factor ETF

MSCI USA Enhanced Value Index The iShares MSCI USA Value Factor ETF seeks to track the investment results of an index composed of U.S. large- and mid capitalization stocks with value characteristics and relatively lower valuations. iShares U.S. Equity Factor ETF STOXX U.S. Equity Factor Index The iShares U.S. Equity Factor ETF seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks that have favorable exposure to target style factors subject to constraints. iShares U.S. Small-Cap Equity Factor ETF

STOXX U.S. Small-Cap Equity Factor Index

The iShares U.S. Small-Cap Equity Factor ETF seeks to track the investment results of an index composed of U.S. small capitalization stocks that have favorable exposure to target style factors subject to constraints.

1 On June 2, 2025, the name of the Fund changed from the iShares ESG MSCI USA Min Vol Factor ETF to the iShares ESG Optimized MSCI USA Min Vol Factor 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.

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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.

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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 ESG Optimized MSCI USA Min Vol Factor ETF

iShares MSCI USA Min Vol Factor ETF

iShares MSCI USA Momentum Factor ETF

iShares MSCI USA Quality Factor ETF

iShares MSCI USA Size Factor ETF

iShares MSCI USA Small-Cap Min Vol Factor 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 •••••• Healthcare Companies Risk ••••• High Portfolio Turnover Risk Illiquid Investments Risk •••••• Index-Related Risk Industrial Companies Risk •••• • Issuer Risk Large-Capitalization Companies Risk Large Shareholder and Large Scale Redemption Risk ••••••

Low Size Securities Risk Low Volatility Risk Management Risk Market Risk Market Trading Risk Materials Companies Risk Mid-Capitalization Companies Risk ••

Momentum Securities Risk Operational and Technology Risks Ownership Limitations Risk •••••• Quality Securities Risk Real Estate Investment Risk ••

Page 67

iShares ESG Optimized MSCI USA Min Vol Factor ETF

iShares MSCI USA Min Vol Factor ETF

iShares MSCI USA Momentum Factor ETF

iShares MSCI USA Quality Factor ETF

iShares MSCI USA Size Factor ETF

iShares MSCI USA Small-Cap Min Vol Factor ETF

Principal Risk | • Other Risk

Risk of Investing in the U.S. Securities Lending Risk Small-Capitalization Companies Risk Small Fund Risk Style Factors Risk Technology Companies Risk • Tracking Error Risk Utility Companies Risk •• •• Value Securities Risk

iShares MSCI USA Value Factor ETF

iShares U.S. Equity Factor ETF

iShares U.S. Small-Cap Equity Factor 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 ••• Healthcare Companies Risk ••• High Portfolio Turnover Risk Illiquid Investments Risk ••• Index-Related Risk Industrial Companies Risk •• Issuer Risk Large-Capitalization Companies Risk Large Shareholder and Large-Scale Redemption Risk ••• Low Size Securities Risk Low Volatility Risk Management Risk Market Risk Market Trading Risk Materials Companies Risk Mid-Capitalization Companies Risk • Momentum Securities Risk

Page 68

iShares MSCI USA Value Factor ETF

iShares U.S. Equity Factor ETF

iShares U.S. Small-Cap Equity Factor ETF

Principal Risk | • Other Risk

Operational and Technology Risks Ownership Limitations Risk ••• Quality Securities Stock Risk Real Estate Investment Risk • Risk of Investing in the U.S. Securities Lending Risk Small-Capitalization Companies Risk • Small Fund Risk Style Factors Risk Technology Companies Risk • Tracking Error Risk Utility Companies Risk Value Securities Risk

Asset Class Risk. The securities and other assets in a Fund’s portfolio or, if applicable, its Underlying Index may underperform in comparison to indexes that track, or assets that represent, other countries or geographic units, industries, markets, market segments, or asset classes. Various types of securities, other assets and indexes may experience cycles of outperformance and underperformance in comparison to financial markets generally. This divergence may be due to a number of factors including, among other things, inflation, interest rates, productivity, global demand for local products or resources, and regulation and governmental controls. This may cause a Fund to underperform other investment vehicles that invest in different asset classes.

Assets Under Management (AUM) Risk. From time to time, an Authorized Participant, a third-party investor, a Fund’s adviser, an affiliate of a Fund’s adviser, or another fund may invest in a 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.

Authorized Participant Concentration Risk. Only an Authorized Participant may engage in creation or redemption transactions directly with a 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 a 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. Authorized Participant concentration risk may be heightened for a Fund that invests in securities issued by non-U.S. issuers or instruments with lower trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants, which may limit the number of Authorized Participants that engage with the Fund.

Close-Out Risk for Qualified Financial Contracts. Regulations adopted by global prudential regulators require counterparties that are part of U.S. or foreign global systemically important banking organizations to include contractual restrictions on close-out and cross-default in agreements relating to qualified financial contracts. Qualified financial contracts include agreements relating to swaps, currency forwards and other derivatives as well as repurchase agreements and securities lending agreements. The restrictions prevent a Fund from closing out a qualified financial contract during a specified time period if the counterparty is subject to resolution proceedings and also prohibit a Fund from exercising default rights due to a receivership or similar proceeding of an affiliate of the counterparty. These requirements may increase credit risk and other risks to a Fund.

Communications Companies Risk. Communications companies may face rapid product obsolescence as well as unexpected risks and costs related to product compatibility and standardization, new product introduction and technological developments, such as artificial intelligence and machine learning. These companies may need to commit substantial capital to integrate new technologies and develop new products and services. Demographic shifts and changes in consumer preferences and expectations may have negative impacts on their business. Cybersecurity and data privacy risks may be heightened for communications companies, and a theft of proprietary or consumer information or disruptions in service could have a material adverse effect on their operations and reputation.

Communications companies are subject to extensive government regulation, including licensing and franchise requirements. The costs of complying with regulations and seeking required approvals, as well as potential delays or denials, may adversely affect their business. These companies may face increased government scrutiny and may be subject to adverse government or legal action. They depend significantly on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their profitability.

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Concentration Risk. A 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. A Fund with investment concentration may be more adversely affected by the underperformance of those assets, may experience greater price volatility and may be more susceptible to adverse economic, market, political or regulatory impacts on those assets compared to a fund that does not concentrate its investments.

Consumer Goods and Services Com panies Risk. Many consumer goods and services companies (“consumer companies”) rely heavily on disposable household income and consumer spending and may be impacted by social trends, marketing campaigns, demographic shifts and other factors affecting consumer preferences and demand. In addition, damage to a brand or a reputation crisis can have a substantial adverse impact on consumer companies.

Certain consumer companies, such as those providing discretionary goods or services, may depend more on business cycles, overall economic conditions and consumer confidence. Many consumer goods and services are subject to government regulation and the related compliance costs, and consumer companies also face the risk of product liability claims. Consumer companies also may be adversely affected by volatility in commodity prices, supply chain disruptions and labor shortages.

Energy Companies Risk. The energy sector tends to be closely tied to the economic cycle and can be significantly affected by supply demand dynamics and volatility in commodity prices. Energy companies also may be adversely affected by exchange rate fluctuations, war or other conflicts, sanctions, import/export controls, depletion of resources, technological advances and labor relations. This sector generally i s subject to substantial government regulation, and companies may incur significant costs in complying with environmental and other laws. Policies that promote energy conservation, clean energy or the transition to low carbon alternatives also may affect the performance of energy companies.

Energy companies may depend on a relatively small number of customers, including governmental entities and utilities. The exploration and production of energy sources and the development of energy infrastructure often require significant capital expenditures, and companies may face high interest costs and difficulty in raising capital. Energy companies also may face challenges from operating in countries with a history of adverse policies or events, such as expropriation, confiscation of assets, corruption, political instability and social unrest. The operations of energy companies may be disrupted by events that target or damage energy infrastructure, including cyber or other attacks, accidents and natural disasters. Energy companies are at risk of liability for environmental harm and other types of damages.

The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine in 2022 led to disruptions and increased volatility in the energy and commodity futures markets due to actual and potential disruptions in the supply and demand for certain commodities, including oil and natural gas. The U.S. and other actors have imposed various sanctions and restrictions on business dealings with Russia, which include restrictions on imports of oil, natural gas and coal. It is impossible to predict the effect of current or future sanctions and restrictions, the extent and duration of the conflict, and associated disruptions in the energy sector. The effect of these events or any related developments could be significant and may have a severe adverse effect on a Fund’s performance.

Equity Securities Risk. Equity securities are subject to changes in value due to general market or economic conditions, perceptions about the markets in which issuers participate or a number of factors relating to a specific issuer. Investments in equity securities may be more volatile than investments in other asset classes. Equity securities (both common and preferred stock) are subordinated to debt securities in a company’s capital structure, and so equity holders are generally subject to more risks, particularly in the event of an issuer’s bankruptcy. Common stock has the lowest priority and the greatest risks, including with respect to dividends and any liquidation payments.

ESG Risk. To the extent that a Fund’s 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. An Underlying Index’s use of ESG criteria may result in a 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 the divergence of a Fund’s overall ESG characteristics or ESG risk from those of the Underlying Index.

An Index Provider evaluates securities for inclusion and/or weighting in such an Underlying Index based on ESG criteria and data provided by the Index Provider or third parties. The Index Provider’s evaluation of securities’ ESG characteristics depends on these criteria and data, which may vary by index provider, and no assurance can be given that they will be complete, accurate or current. In addition, an Index Provider may evaluate security-level ESG data (including ratings) and, if applicable, ESG objectives or constraints that are relevant to an Underlying Index only at index reviews or rebalances. Securities included in an Underlying Index may cease to meet the relevant ESG criteria but may nevertheless remain in the Underlying Index and in the Fund using the Underlying Index 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. If the ESG assessment of a security in an Underlying Index or a Fund changes, neither the Fund nor BFA accepts any liability in relation to such change. BFA does not monitor securities in an Underlying Index with respect to ESG objectives or constraints applied by the Index Provider and is not responsible for changes to the ESG assessment of a security in an Underlying Index between rebalances. In addition, BFA does not assess the validity of an Index Provider’s evaluation of the ESG characteristics of securities or the criteria and data used in such evaluation.

Page 70

The impacts of risks related to ESG investing are likely to change over time, and new ESG risks may be identified as further data and information regarding ESG factors and impacts become available. In addition, methodologies for ESG investing continue to develop, and the ESG methodology applied by an Index Provider may change over time.

Financial Companies Risk. Financial services companies are subject to extensive governmental regulation and intervention, which may change frequently and 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, credit rating downgrades, adverse public perception and exposure concentration. Increased risk-taking by financial companies may result in greater overall risk in the global financial sector. Certain events may cause an unusually high degree of volatility in financial markets and pose the risk of large losses for financial services companies.

Financial companies frequently operate with substantial financial leverage and are exposed directly to the credit risk of their borrowers and counterparties, which also may be leveraged to an unknown degree. Financial companies may have significant exposure to the same borrowers and counterparties; as a result, a borrower’s or counterparty’s inability to meet its obligations to one company may affect other financial companies with exposure to the same borrower or counterparty. This interconnectedness of risk may result in significant negative impacts to companies with direct exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the financial sector generally.

Healthcare Companies Risk. The profitability of healthcare companies may be adversely affected by the following factors, among others: extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, a limited number of products, labor shortages, supply chain issues and industry innovation. Many new products in the healthcare sector entail significant research and development and require regulatory approval, all of which may be long and costly, and such efforts ultimately may be unsuccessful. Many healthcare companies depend heavily on obtaining and defending patents, which can be costly, and may be adversely affected by the expiration of patents. Healthcare companies also are subject to extensive litigation based on product liability and similar claims.

High Portfolio Turnover Risk. The sale and purchase of securities and other assets in a Fund’s portfolio generally involve transaction costs to the Fund ( e.g ., brokerage commissions, dealer mark-ups). Higher portfolio turnover may cause the Fund to incur additional transaction costs, which have the effect of reducing the Fund’s investment return. In addition, greater frequency in the sale of securities or other assets may result in the realization or distribution to Fund shareholders of greater capital gains (including short-term gains) compared to a fund with less turnover. These effects of high portfolio turnover may adversely affect a Fund’s performance and could result in undesirable tax consequences for shareholders. Certain investment strategies ( e.g ., active management, investing in dollar rolls or to-be-announced mortgage trades) and volatile market conditions may be more likely to involve higher portfolio turnover.

Illiquid Investments Risk. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. An investment may be illiquid due to, among other things, fewer participants or less capacity to make a market in the investment, the lack of an active market for the investment, capital controls, delays or limits on repatriation of local currency, and the insolvency of local governments. To the extent that a Fund invests in securities or other assets with substantial market and/or credit risk, the Fund will tend to have increased exposure to the risks associated with illiquid investments. Illiquid investments may be harder to value, especially in changing markets.

Liquid investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. There can be no assurance that a security or other asset that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by a Fund, and any security or other asset held by a Fund may be deemed an illiquid investment pursuant to the Fund’s liquidity risk management program.

Holdings of illiquid investments may reduce a Fund’s returns because the Fund may be unable to transact at advantageous times or prices. If a Fund is forced to sell underlying investments at reduced prices or under unfavorable conditions to meet redemption requests or for other cash needs, the Fund may suffer a loss. This may be magnified in a rising interest rate environment or other circumstances where redemptions of Fund shares may be greater than normal. If other market participants attempt to liquidate holdings at the same time as a Fund, this will lead to an increased supply of the Fund’s underlying investments in the market and contribute to greater illiquid investments risk and downward pricing pressure. In addition, if a Fund is limited in its ability to sell illiquid investments during periods when shareholders are redeeming their shares, the Fund will need to sell liquid securities to meet redemption requests, and illiquid securities will become a larger portion of the Fund’s holdings. During periods of market volatility, liquidity in the market for a Fund’s shares may be impacted by the liquidity in the market for the underlying securities or other assets held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.

Index-Related Risk. A Fund that tracks an Underlying Index seeks to achieve a return that corresponds generally to the price and yield performance, before fees and expenses, of its Underlying Index as published by the Index Provider. There is no assurance that the Index Provider or its agents will construct or calculate the Underlying Index accurately. While the Index Provider describes what the Underlying Index is designed to achieve, neither the Index Provider nor its agents provide any warranty or accept any liability regarding the quality, accuracy or completeness of the Underlying Index or its related data, and they do not guarantee that the Underlying Index will be in line with the Index Provider’s methodology. BFA also does not provide any warranty or guarantee against the Index Provider’s or any agent’s errors.

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 a Fund nor BFA can offer assurances that the Index Provider’s

Page 71

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 an Underlying Index in accordance with its methodology may occur, and the Index Provider may not identify or correct them promptly or at all, particularly for indexes that are less commonly used as benchmarks. In addition, there may be heightened risks associated with the adequacy and reliability of information about emerging markets constituents, as such markets may have less information available or less regulatory oversight. Errors related to an Underlying Index may negatively or positively impact a Fund and its shareholders. For example, if the Underlying Index contains incorrect constituents, the Fund will have exposure to such constituents and will be underexposed to the Underlying Index’s other constituents. Shareholders should understand that any gains from an Index Provider’s errors will be kept by the Fund and its shareholders and any losses or costs from such errors will be borne by the Fund and its shareholders.

Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact an Index Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance to an Underlying Index. This could cause the Underlying Index to vary from its normal or expected composition. If a scheduled rebalance is postponed, index constituents that would otherwise be removed at the rebalance (due to, for example, changes in market capitalization or issuer credit ratings) may remain, causing the performance and constituents of the Underlying Index to vary from those expected under normal conditions. In addition, to the extent circumstances evolve between periodic index reviews and reconstitutions, an Underlying Index may include constituents that do not align with its objective or selection criteria, and the Fund tracking the Underlying Index may be similarly affected.

In addition to scheduled rebalances, an Index Provider or its agents may carry out ad hoc index rebalances due to reaching certain weighting constraints, unusual market conditions, corporate events, or corrections of errors. The relevant Fund will in turn rebalance its portfolio to attempt to increase the correlation between the portfolio and the Underlying Index. The Fund and its shareholders will directly bear any transaction costs and market exposure from such portfolio rebalancing. Therefore, index-related errors and ad hoc rebalances may increase a Fund’s costs and tracking error.

Industrial Companies Risk. Industrial companies face a number of risks, including supply chain and distribution disruptions, business interruptions, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability and environmental damage claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The products of industrial companies may face obsolescence due to technological developments and new product introduction. Furthermore, changes in trade restrictions and tariffs as well as broader geopolitical developments could adversely affect industrial companies. These companies also may be significantly affected by domestic and international economic conditions, legislative and regulatory changes, and labor relations. Industrial companies may depend on public or private sector financing, which may become difficult to obtain due to government spending constraints or reduced availability of capital. Such companies may be unable to protect their intellectual property rights or may be liable for infringing the intellectual property rights of others.

Issuer Risk. The performance of a 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 Shareholder and Large-Scale Redemption Risk. Certain shareholders of a Fund, including an Authorized Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to time own or manage a substantial amount of Fund shares or may hold their investment in the Fund for a limited period of time. These shareholders may also pledge or loan Fund shares (to secure financing or otherwise), which may result in the shares becoming concentrated in another party. There can be no assurance that any large shareholder or large group of shareholders would not redeem their investment or that the size of a Fund would be maintained. Redemptions of a large number of Fund shares may adversely affect a Fund’s liquidity and net assets. To the extent a Fund permits redemptions in cash, these redemptions may force the Fund to sell portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, have a material effect on the market price of Fund shares, increase the Fund’s brokerage costs, accelerate the realization of taxable income and/or capital gains, and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such tax year. A Fund also may be required to sell its more liquid investments to meet a large redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult to price.

To the extent these large shareholders transact in Fund shares on the secondary market, such transactions may account for a large percentage of the trading volume for Fund shares and may, therefore, have a material upward or downward effect on the market price of the shares. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its investment returns.

Low Size Securities Risk.

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        "text": "the iShares ESG Aware MSCI EM ETF (ESGE) (each a \u201cFund\u201d)"
      },
      {
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          "y": 209
        },
        "id": "ccf2c475-86ec-4393-b2ce-76408d780385",
        "page_number": 6,
        "text": "Each Fund is updating its investment policy to indicate that it intends to be \u201cdiversified,\u201d as defined under"
      },
      {
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          "y": 224
        },
        "id": "f890ba07-d4be-4df5-ab53-8d7dee5ae2a9",
        "page_number": 6,
        "text": "the Investment Company Act of 1940, as amended (the \u201c1940 Act\u201d), in approximately the same"
      },
      {
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          "x": 116,
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        },
        "id": "8c25fe71-2c3b-42ef-ae95-53ca268bac42",
        "page_number": 6,
        "text": "proportion as its Underlying Index is diversified. Shareholder approval will not be sought if a Fund crosses"
      },
      {
        "block_type": "box",
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          "width": 743,
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          "y": 255
        },
        "id": "6d41bc2a-e84b-4787-a249-4da03bb6e71b",
        "page_number": 6,
        "text": "from diversified to non-diversified status due solely to a change in the relative market capitalization or"
      },
      {
        "block_type": "box",
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          "y": 271
        },
        "id": "69ed4d28-9daa-4f53-a5a5-f86611c70508",
        "page_number": 6,
        "text": "index weighting of the constituents of its Underlying Index."
      },
      {
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          "x": 116,
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        "id": "250ecec5-3125-4708-aef4-00d40f0f9b86",
        "page_number": 6,
        "text": "Accordingly, the following changes are effective immediately:"
      },
      {
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          "y": 317
        },
        "id": "d72c3c9f-7813-43a1-9a9f-f5d9227b9955",
        "page_number": 6,
        "text": "1. The following is added after the Industry Concentration Policy at the end of the sections entitled"
      },
      {
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        "box": {
          "height": 12,
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          "x": 167,
          "y": 333
        },
        "id": "c9cfc232-3090-4aea-bb38-6f5ac16a9f51",
        "page_number": 6,
        "text": "\u201cPrincipal Investment Strategies\u201d of the Summary Prospectus and Prospectus of each Fund:"
      },
      {
        "block_type": "box",
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          "x": 167,
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        },
        "id": "168ec21a-a004-46a9-93c6-751f6ad538af",
        "page_number": 6,
        "text": "Diversification Policy."
      },
      {
        "block_type": "box",
        "box": {
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          "width": 549,
          "x": 336,
          "y": 356
        },
        "id": "c2c310d0-de30-4cf2-84fd-add9091a0eb0",
        "page_number": 6,
        "text": "The Fund intends to be diversified in approximately the same proportion as"
      },
      {
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          "x": 166,
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        },
        "id": "28adc312-e234-498a-93b7-3467cd06d7ab",
        "page_number": 6,
        "text": "the Underlying Index is diversified. The Fund may become \u201cnon-diversified,\u201d as defined under the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
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          "y": 387
        },
        "id": "5e4ab8a6-8ba5-4573-9c3b-706fc094a6c8",
        "page_number": 6,
        "text": "1940 Act, solely as a result of a change in relative market capitalization or index weighting of one"
      },
      {
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        "box": {
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          "width": 710,
          "x": 167,
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        },
        "id": "85cbae42-5965-47fd-b892-b3f55c3e4ec4",
        "page_number": 6,
        "text": "or more constituents of the Underlying Index. Shareholder approval will not be sought if the Fund"
      },
      {
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        "box": {
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          "x": 167,
          "y": 418
        },
        "id": "01a9ddb4-68f5-43ec-98f1-05845f209499",
        "page_number": 6,
        "text": "becomes \u201cnon-diversified\u201d due solely to a change in the relative market capitalization or index"
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      {
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          "x": 166,
          "y": 433
        },
        "id": "577d3a83-854b-4731-918a-b0d1ec27836c",
        "page_number": 6,
        "text": "weighting of one or more constituents of the Underlying Index. The Fund discloses its portfolio"
      },
      {
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        "box": {
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          "x": 167,
          "y": 449
        },
        "id": "3655f613-0112-43b2-968e-6bd929cd7bb7",
        "page_number": 6,
        "text": "holdings and weightings at www.iShares.com."
      },
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        "box": {
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          "x": 133,
          "y": 472
        },
        "id": "e1ed8d19-97bc-404c-8456-bf029b7b14b1",
        "page_number": 6,
        "text": "2. The following is added to the sections entitled \u201cSummary of Principal Risks\u201d in the Summary"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
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          "x": 168,
          "y": 488
        },
        "id": "95f66cc3-7d08-4338-9355-278a42dc98b4",
        "page_number": 6,
        "text": "Prospectus and Prospectus of each Fund:"
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          "x": 167,
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        "id": "64016cf7-9f15-4734-a2df-a784dd472212",
        "page_number": 6,
        "text": "Non-Diversification Risk."
      },
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        "box": {
          "height": 13,
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          "x": 356,
          "y": 511
        },
        "id": "616ff481-4110-4e32-ab4c-59f20c0e72d6",
        "page_number": 6,
        "text": "To the extent the Fund is non-diversified, the Fund may invest a large"
      },
      {
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        "box": {
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          "x": 167,
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        },
        "id": "d4983897-a635-493c-81e4-083714d1b535",
        "page_number": 6,
        "text": "percentage of its assets in securities or other instruments representing a small number of issuers"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
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          "x": 167,
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        },
        "id": "59475d57-f015-4ec1-a60f-f07c44a4f586",
        "page_number": 6,
        "text": "or counterparties and thus may be more susceptible to the risks associated with these particular"
      },
      {
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          "y": 557
        },
        "id": "0079f8c4-f617-4d8c-bdb8-f31ee3fe2697",
        "page_number": 6,
        "text": "issuers or counterparties. As a result, the Fund\u2019s performance may depend to a greater extent on"
      },
      {
        "block_type": "box",
        "box": {
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          "y": 573
        },
        "id": "f3b98ed7-a943-4b43-9424-acb3bb28cbfb",
        "page_number": 6,
        "text": "the performance of a small number of issuers or counterparties, which may lead to more volatility"
      },
      {
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        "box": {
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        },
        "id": "4f7ea4ef-eb7f-4045-bbad-7429b698c185",
        "page_number": 6,
        "text": "in the Fund\u2019s NAV."
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      {
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          "x": 133,
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        "id": "28e73189-4723-4c7b-801e-517b2059fcdf",
        "page_number": 6,
        "text": "3. In the tables under the section entitled \u201cAdditional Information About the Funds\u2019 Risks\u201d in the"
      },
      {
        "block_type": "box",
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          "y": 627
        },
        "id": "a6dd24f2-068f-4e62-8cf1-3a3a579581bd",
        "page_number": 6,
        "text": "Prospectus of each Fund, Non-Diversification Risk is added as a row for the iShares MSCI USA"
      },
      {
        "block_type": "box",
        "box": {
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          "y": 643
        },
        "id": "96d4956a-a9ff-4f44-b9b8-93fbcd1fae49",
        "page_number": 6,
        "text": "Value Factor ETF and checked as a Principal Risk for each Fund."
      },
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          "x": 133,
          "y": 666
        },
        "id": "de063521-a9e9-4727-96b5-88a6030374ec",
        "page_number": 6,
        "text": "4. The following is added after Momentum Securities Risk in the section entitled \u201cAdditional"
      },
      {
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        "box": {
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          "width": 704,
          "x": 168,
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        },
        "id": "1bf81fed-cbc3-443c-9d15-e3cb39c12913",
        "page_number": 6,
        "text": "Information About the Funds\u2019 Risks\u201d in the Prospectus of the iShares MSCI USA Value Factor ETF:"
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      {
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        "box": {
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        },
        "id": "27ace86c-de57-49ac-af34-8fa47530b165",
        "page_number": 6,
        "text": "Non-Diversification Risk."
      },
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        "box": {
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          "y": 705
        },
        "id": "c4d5b449-be2f-434a-8940-d7cd1aab934d",
        "page_number": 6,
        "text": "A Fund that is classified as \u201cnon-diversified\u201d may invest a greater"
      },
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          "width": 700,
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          "y": 720
        },
        "id": "ee80e280-5a9e-4dd9-8c07-20b1c8c98610",
        "page_number": 6,
        "text": "percentage of its assets in securities or other instruments representing a small number of issuers"
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      {
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        "box": {
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          "x": 167,
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        "id": "cb0e5aee-8e22-4159-a3fa-1980f480288b",
        "page_number": 6,
        "text": "or counterparties, compared with funds that are classified as \u201cdiversified.\u201d A non-diversified Fund"
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      {
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        "id": "a9150e98-7539-4bdc-9fa5-60e59ed3d4e8",
        "page_number": 6,
        "text": "thus may be more susceptible to the risks associated with these particular issuers or"
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      {
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        "box": {
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          "x": 167,
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        "id": "63ff4d07-021e-4d26-88ba-f57a231db53c",
        "page_number": 6,
        "text": "counterparties. The gains and losses on such holdings may have a greater impact on a"
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      {
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        "box": {
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        "id": "7945f2d9-3e98-488c-8a94-726e9ff83b0b",
        "page_number": 6,
        "text": "non-diversified Fund\u2019s performance than they would on the performance of a diversified Fund,"
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        "id": "623de9bc-8a21-4016-b081-365bd4965959",
        "page_number": 6,
        "text": "and a non-diversified Fund\u2019s NAV may be more volatile."
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      {
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        "id": "65e016fc-3038-4bc4-b31f-79f4310809e5",
        "page_number": 6,
        "text": "5. For the iShares ESG Aware MSCI EM ETF, in the section entitled \u201cDiversification Status\u201d of the SAI"
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        "id": "08397b9b-e545-46e2-be7f-3299ea509cb1",
        "page_number": 6,
        "text": "of the Fund:"
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        "id": "e79f32a1-08f6-410f-ab7a-85287c1ca1f0",
        "page_number": 6,
        "text": "a. an asterisk (*) is added after the Fund\u2019s name in the diversification status table and the"
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        "id": "3ca90938-32c2-4672-966d-e547322760be",
        "page_number": 6,
        "text": "name of the Fund is added in alphabetical order to the funds listed in the corresponding"
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        "id": "2ea215ce-a9b6-4fd7-a10d-65a169d0bd8b",
        "page_number": 6,
        "text": "footnote."
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        "id": "12eafaea-ac2e-454d-a3e7-dd6071e86a4a",
        "page_number": 7,
        "text": "b. the last sentence of the first paragraph following the diversification status table of the"
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        "id": "73ea1eb7-d742-4419-8c0b-3ec7626ebf97",
        "page_number": 7,
        "text": "section entitled \u201cDiversification Status\u201d of the SAI of the Fund is deleted in its entirety and"
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        "id": "5e5d9922-5e03-49f4-b11e-b6d450ab2132",
        "page_number": 7,
        "text": "replaced with the following:"
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        "page_number": 7,
        "text": "\u0160"
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        "text": "However, while the"
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        "id": "7c33e3c3-68a3-4b2a-9367-c4b2597df749",
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        "text": "iShares Core MSCI Emerging Markets ETF, iShares ESG Aware MSCI EM"
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        "text": "ETF, iShares MSCI BIC ETF and iShares MSCI Emerging Markets ETF are classified as"
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        "text": "\u201cdiversified,\u201d under applicable no-action relief from the SEC staff, the funds may become"
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        "id": "cc35e528-7827-48bf-ad88-a62e4f714024",
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        "text": "non-diversified, as defined under the 1940 Act, solely as a result of a change in relative"
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        "id": "da0c3762-d6ea-4061-b145-7eba30dee181",
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        "text": "market capitalization or index weighting of one or more constituents of its Underlying"
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        "id": "20359111-69e5-4dc8-9cf5-b5ff9e58e49e",
        "page_number": 7,
        "text": "Index, and such a change does not require shareholder approval."
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        "id": "3a607e0a-016d-4816-9064-c0227c95b488",
        "page_number": 7,
        "text": "6. For the iShares MSCI USA Value Factor ETF"
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        "id": "cc5eda30-342f-4d3e-af40-84641d053bea",
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        "text": "in the section entitled \u201cDiversification Status\u201d of the"
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        "id": "ebe76c93-a47f-4ac8-afdf-71aff60af5d3",
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        "text": "SAI of the Fund:"
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        "id": "f21f0391-0664-48be-8308-99cc33ba06a6",
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        "text": "a. an asterisk (*) is added after the Fund\u2019s name in the diversification status table and the"
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        "id": "33528b96-bb85-499a-a313-36800191771a",
        "page_number": 7,
        "text": "name of the Fund is added in alphabetical order to the funds listed in the corresponding"
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        "id": "d9c2d06c-4dfe-4f1e-b146-befaa5bb28f0",
        "page_number": 7,
        "text": "footnote."
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        },
        "id": "2a701c77-2158-417f-85dd-3afe48969bf5",
        "page_number": 7,
        "text": "b. the last sentence of the first paragraph following the diversification status table of the"
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        "id": "fc2afad3-a8ff-4886-be80-8cc60a623481",
        "page_number": 7,
        "text": "section entitled \u201cDiversification Status\u201d of the SAI of the Fund is deleted in its entirety and"
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