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Important Notice Regarding Change in
Investment Policy
iShares Trust
Supplement dated October 1, 2026 to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information (the “SAI”) for the iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF (PABD) (the “Fund”)
The Board of Trustees has approved the following changes for the Fund that are expected to take effect on or around December 1, 2026:
1) The Fund’s investment objective will be modified as shown below: Current Investment Objective New Investment Objective The iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S., that is designed to be compatible with the objectives of the Paris Agreement by, in aggregate, following a decarbonization trajectory, reducing exposure to climate-related transition and physical risks and increasing exposure to companies favorably positioned for the transition to a low-carbon economy.
The iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S., that is designed to be compatible with the objectives of the Paris Agreement by, in aggregate, following a decarbonization trajectory.
2) In the Principal Investment Strategies section of the Summary Prospectus and Prospectus, the first 14 paragraphs will be deleted in their entirety and replaced with the following:
The Fund seeks to track the investment results of the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index (the “Underlying Index”), which has been developed by MSCI Inc. (the “Index Provider” or “MSCI”). The Underlying Index is a subset of the MSCI World ex USA Index (the “Parent Index”). The Underlying Index is composed of large- and mid-capitalization developed market equities, excluding the U.S., that are selected and weighted so that, in the aggregate, the portfolio is optimized versus the Parent Index to align with the objectives of the Paris Agreement by following a decarbonization trajectory.
The Underlying Index aims to meet the minimum standards for a “Paris-Aligned Benchmark” (“PAB”) under the European Union’s Low Carbon Benchmark Regulation. PABs are designed to align with the principal objective of the Paris Agreement, which is to limit global warming in this century to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius, above pre-industrial levels.
The Index Provider begins with the Parent Index and excludes the securities of issuers that it identifies as being involved in any of the business activities summarized below, based primarily on ownership or revenue thresholds:
Š Producing tobacco.
Š Involvement with controversial weapons (e.g., cluster bombs, landmines, depleted uranium, chemical or biological weapons) or their components.
Š Companies that have any tie to nuclear weapons and are located in a country that has not signed the Treaty on the Non-Proliferation of Nuclear Weapons (i.e., India, Israel, Pakistan and South Sudan).
Š Producers and retailers of civilian firearms or ammunitions.
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Š Involvement in certain thermal coal mining or sales activities, a wide range of oil- and gas-related activities (e.g., equipment, production, transportation), and power generation based on thermal coal, liquid fuel or natural gas.
The Index Provider also excludes companies that it determines are involved in ongoing and “very severe” controversies related to the environmental, social or governance (“ESG”) impact of the company’s actions, products or operations. To evaluate ESG controversies, the Index Provider monitors across five categories of ESG impact – environment, human rights and communities, labor rights and supply chain, customers and governance – and 28 sub-categories.
The Index Provider also excludes companies that are directly involved in ongoing severe or very severe environmental controversies; companies that have settled most but not all stakeholder concerns related to their direct involvement in very severe environmental controversies; and companies that are indirectly involved in very severe environmental controversies, each as determined by the Index Provider. Environmental controversies can relate to, among other things, toxic emissions and waste, water stress, biodiversity and supply chain management The Index Provider excludes companies that are not assessed by the Index Provider regarding ESG controversies or environmental harm.
The Index Provider then uses an optimization process that applies sustainability-related and other constraints to determine constituent weights. In order to meet the minimum standards for PABs, the Index Provider targets the following index-level constraints at each semi-annual rebalancing:
Š At least a 50.5% reduction in greenhouse gas (“GHG”) intensity compared with the Parent Index, taking into account issuers’ Scope 1, 2 and 3 emissions (i.e., direct emissions from sources that an issuer owns or controls and indirect emissions from the purchase of energy and a company’s value chain);
Š At least a 7% year-over-year reduction in the GHG intensity (or decarbonization rate) of the Underlying Index itself since December 1, 2022, with a 2% buffer; and
Š A level of exposure to sectors with a high impact on climate change (i.e., those sectors that are key to the low carbon transition) that is not less than the exposure in the Parent Index.
In addition, the Underlying Index constrains the weight of individual constituents, including capping a constituent’s weight at the lesser of five times its weight in the Parent Index and the constituent’s weight in the Parent Index plus 2%. The sector weights of the Underlying Index may not deviate more than +/- 5% from those of the Parent Index (except for the energy sector).
As of August 31, 2026, the Underlying Index consisted of securities of companies in the following 22 countries or regions: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom (the “U.K.”). As of August 31, 2026, the Underlying Index had approximately 413 constituents, and a significant portion of the Underlying Index was represented by securities of companies in the financials and industrials industries or sectors. The components of the Underlying Index are likely to change over time.
The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying Index, or other reasons as determined by BFA.
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In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in components of the Underlying Index. Investments in derivatives and other investments will be counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80% investment policy may be changed by the Trust’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.
In addition, the Fund generally will invest at least 90% of its assets in the components of the Underlying Index.
3) In the More Information about the Funds section of the Prospectus, the section titled “Additional Index Information – iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF” will be deleted in its entirety.
4) In the Fund’s SAI, the section titled “MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index” will be deleted in its entirety and replaced with the following:
MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index
Index Description. The MSCI World ex USA Climate Paris Aligned Benchmark Extended Select Index is an optimized equity index designed to reflect the performance characteristics of a subset of large- and mid-capitalization developed market equities, excluding the U.S., within the MSCI World ex USA Index. The components of the Underlying Index are selected and weighted so that, in the aggregate, the portfolio is optimized versus the MSCI World ex USA Index to align with the objectives of the Paris Agreement by following a decarbonization trajectory. The Underlying Index aims to meet the minimum standards for a “Paris-Aligned Benchmark” (“PAB”) under the European Union’s Low Carbon Benchmark Regulation.
Index Methodology. The Index Provider begins with the MSCI World ex USA Index and excludes the securities of issuers that it identifies as being involved in any of the business activities summarized below, based primarily on ownership or revenue thresholds:
Š Producing tobacco.
Š Producing cluster bombs, landmines, depleted uranium, chemical or biological weapons, blinding laser weapons, non-detectable fragments or incendiary weapons; producing key components of cluster bombs, landmines, depleted uranium weapons, or chemical or biological weapons; owning 20% or more (50% for financial companies) of a weapons or components producer; or being 50% or more owned by a company involved in weapons or components production.
Š For only those companies located in a country that has not signed the Treaty on the Non-Proliferation of Nuclear Weapons (i.e., India, Israel, Pakistan, South Sudan), manufacturing of the following, regardless of whether intended for exclusive use in nuclear weapons: nuclear warheads, whole nuclear missiles, nuclear weapon delivery systems or components, or providing auxiliary services related to nuclear weapons.
Š Producing firearms or small arms ammunitions for civilian markets or deriving 5% or more revenue, or $20 million or more revenue, from the production or distribution (wholesale or retail) of such firearms or ammunition.
Š Deriving 1% or more revenue from thermal coal mining or sales to external parties, but excluding all revenue from metallurgical coal, coal mined for internal power generation, intra-company sales of mined thermal coal and coal trading.
Š Deriving 10% or more revenue from oil-related activities, including distribution, equipment, production, transportation or refining.
Š Deriving 50% or more revenue from gas-related activities, including distribution, processing, pipelines, production, transportation and exploration.
Š Deriving 50% or more revenue from power generation based on thermal coal, liquid fuel or natural gas.
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The Index Provider also excludes companies that it determines are involved in ongoing and “very severe” controversies related to the environmental, social or governance (“ESG”) impact of the company’s actions, products or operations. To evaluate ESG controversies, the Index Provider monitors across five categories of ESG impact – environment, human rights and communities, labor rights and supply chain, customers and governance – and 28 sub-categories.
The Index Provider also excludes companies that are directly involved in ongoing severe or very severe environmental controversies; companies that have settled most but not all stakeholder concerns related to their direct involvement in very severe environmental controversies; and companies that are indirectly involved in very severe environmental controversies, each as determined by the Index Provider. Environmental controversies can relate to, among other things, toxic emissions and waste, water stress, biodiversity and supply chain management
The Index Provider excludes companies that are not assessed by the Index Provider regarding ESG controversies or environmental harm.
The Index Provider then uses an optimization process that applies sustainability-related and other constraints to determine constituent weights. In order to meet the minimum standards for PABs, the Index Provider targets the following index-level constraints at each semi-annual rebalancing:
Š At least a 50.5% reduction in greenhouse gas (“GHG”) intensity compared with the MSCI World ex USA Index, taking into account issuers’ Scope 1, 2 and 3 emissions (i.e., direct emissions from sources that an issuer owns or controls and indirect emissions from the purchase of energy and a company’s value chain);
Š At least a 7% year-over-year reduction in the GHG intensity (or decarbonization rate) of the Underlying Index itself since December 1, 2022, with a 2% buffer; and
Š A level of exposure to sectors with a high impact on climate change (i.e., those sectors that are key to the low carbon transition) that is not less than the exposure in the MSCI World ex USA Index.
At each semi-annual index rebalancing, the Index Provider applies constituent-level constraints that aim to ensure diversification, replicability and investability, including the following:
Š The minimum weight for a constituent is the greater of (a) 0.25 times the constituent’s weight in the MSCI World ex USA Index and (b) the constituent’s weight in the MSCI World ex USA Index minus 2%;
Š The maximum weight for a constituent is the lesser of (a) five times its weight in the MSCI World ex USA Index and (b) its weight in the MSCI World ex USA Index plus 2%;
Š The sector weights of the Underlying Index do not deviate more than +/- 5% from those of the MSCI World ex USA Index (except for the energy sector); and
Š The one-way turnover of the Underlying Index is capped at 5%.
The Underlying Index is rebalanced as of the close of the last business day of May and November, coinciding with the May and November Semi-Annual Index Review of the MSCI Global Investable Market Indexes.
Calculation Methodology . The Fund utilizes the Underlying Index calculated with gross dividends reinvested. The use of gross dividends reflects the assumed reinvestment of the entire dividend distributed to holders of the underlying stock, without any adjustment for taxes or withholding.
If you have any questions, please call 1-800-iShares (1-800-474-2737).
iShares ® is a registered trademark of BlackRock Fund Advisors and its affiliates. IS-A-PABD-1026
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
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S ummar y Prospectu s
• i Shares Paris-Ali g ned Climate Optimized MSCI World ex USA ET F | P ABD | Nasda q
Before you invest, you may want to review the Fund ’s ’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus ( includin g amendments and supplements ) an d other information about the Fund, includin g the Fund ’s ’s statement of additional information an d shareholder reports, online at https://www.blackrock.com/prospectus. You can also g et this in fo formation at no cost by by callin g 1-800-iShares ( 1-800-474-2737 ) or by by sendin g an e-mail request t o iSharesETFs@blackrock.com, or from your financial professional. The Fund ’s ’s prospectus and statement o f additional in fo formation, both dated December 30, 2025, as amended and supplemented fr from time to time , are incorporated by by reference into ( le g ally ly made a part of) f) this Summary ry Prospectus. Information on th e Fund ’s ’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at https://www.i S hares.com.
The Securities and Exchan g e Commission has not approved or disapproved these securities or passed upo n the adequac y o f this prospectus. An y representation to the contrar y is a criminal o ff ense .
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i S HARE S ® P ARI S -ALI G NED C LIMATE O PTIMIZED M SC IW o rl d ex
US A ET F
T ic k e r: PAB D S tock Exchan g e: Nasdaq
Investment Obj bj ect i v e
The iShares Paris-Ali g ned Climate Optimized MSCI World ex USA ETF (the “Fund”) seeks to track the investment results of an inde x composed o f large- and mid-capitalization developed market equities, excluding the U.S., that is designed to be compatible with the objectives of the Paris A g reement by, in a gg re g ate, followin g a decarbonization trajectory, reducin g exposure to climate-related transition and physical risks and increasing exposure to companies f avorably positioned f or the transition to a low-carbon economy .
F ees and Expense s
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 a g reement between iShares Trust (the “ Trust ” ) and BlackRock Fund Advisors ( “ BFA” A” ) (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 an d d isposition o f port f olio securities and the execution o f port f olio transactions, including brokerage commissions, (v) distribution f ees o r expenses, and (v i )l i t i gat i on expenses and any extraord i nary expenses . Yo You may pay other f ees , such as brokerage commissions and other f ees to f inancial intermediaries , which are not re f lected i n the tables and examples below . A nnual Fund Operatin g Expense s (ongoing expenses that you pay each year as a
1 p ercenta g e of the value of y our investments ) 1
M ana g emen t F ees
D istributio n and Serv i c e ( 12b-1 ) Fee s
O the r Ex p ense s
Tota l Annua l Fu n d Operat i n g E x p enses 0. 12 % N o n e 0. 00 % 0 . 12%
1 O perating expenses paid by BFA under the Investment Advisory Agreement exclude acquired f und f ees and expenses, i f 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 y ou invest $10,000 in the Fund for the time periods indicated and then sell all of y our shares at the end of thos e periods. The Example also assumes that your investment has a 5% return each year and that the Fund ’ s operating expenses remain the s ame. Although your actual costs may be h i gher or lower, based on these assumpt i ons, your costs would be:
1Y e ar 3 Y e ar s 5 Y e ar s 1 0Y e ar s $ 1 2 $ 3 9 $ 6 8 $ 154
Portfolio Turnover . The Fund may pay transact i on costs, such a s commissions, when it buys and sells securities ( or “turns over” it s portfolio). A higher portfolio turnover rate may indicate higher transact i on costs and may result i nh ig her taxes when Fund s hares are held i n a taxable account. These costs, wh i ch are no t reflected in the Annual Fund Operating Expenses or in the Exam p le, affect the Fund’s p erformance. Because the Fund i s new, there is no reportable turnover. During the most recent fisca l y ear, the Fund’s portfolio turnover rate was 18% of the avera g e value o f its port f olio.
Principal Investment Strate g ie s
The Fund seeks to track the investment results of the MSCI Worl d ex USA Climate Paris Ali g ned Benchmark Extended Select Inde x (the “ Underlying Index ” ), which has been developed by M SC I Inc . (the “Index Provider” or “MSCI”). The Underlying Index i s composed o f large- and mid-capitalization developed marke t
equities, excluding the U.S., that are selected and weighted s o that, in the aggregate, the port f olio is compatible with th e objectives of the Paris Agreement by following a decarbonizatio n trajectory, reduc i n g exposure to cl i mate-related trans i t i on an d physical risks and increasing exposure to companies f avorabl y positioned for the transition to a low-carbon econom y . Th e Underlying Index aims to exceed the minimum standards f or a “Paris-Aligned Benchmark” (“PAB”) under the European Union’s Low Carbon Benchmark Re g ulation. PABs are desi g ned to ali g n with the principal objective o f the Paris Agreement, which is t o l i m i t global warm i ng i n th i s century to well below 2 degree s C elsius, pre f erably to 1.5 degrees Celsius, above pre-industria l levels . The Index Provider be g ins with the MSCI World ex USA Index (th e “Parent Index”) and excludes securities o f the f ollowing issuers :
• C ompanies involved in the business of tobacco;
• C ompanies involved with controversial or nuclear weapons;
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• Producers and retailers o f civilian f irearms; and
• C ompanies involved in certain climate change-related activit y such as thermal coal minin g or sales, a wide ran g eo f oil- and g as related activities, certain types o f power generation and the e xtr ac ti o n of o il sa n ds.
Certain of these exclusions ( e. g ., controvers i al and nuclea r weapons) are categor i cal, and others are based on ownersh i p or revenue thresholds.
T he Index Prov i der also excludes compan i es that i t determ i nes are involved in ongoing and “very severe” controversies related t o the environmental, social or g overnance (“ESG”) impact of th e company ’ s actions, products or operations. To evaluate E SG controversies, the Index Provider monitors across five categorie s o f ESG impact – environment, human rights and communities, labor r i ghts and supply cha i n, customers and governance – and 28 sub-cate g ories . C ompanies that are involved in ongoing “ severe ” or “ very severe ” env i ronmental controvers i es, as determ i ned by the Index Prov i der, are also excluded. Env i ronmental controvers i es ca n relate to, among other th i ngs, tox i c em i ss i ons and waste, wate r stress, b i od i vers i ty and supply cha i n mana g ement . T he Index Prov i der excludes compan i es that are not assessed b y the Index Provider regarding ESG controversies or environmental h arm . T he Index Prov i der then uses an opt i m i zat i on process that appl i es certain sustainability-related constraints to refine and determine weights o f the resulting port f olio, speci f ically addressing object i ves related to trans i t i on and phys i cal r i sks and trans i t i on opportunities, as well as minimum and maximum wei g htin gs relat i ve to the Parent Index, as summar i zed below. In order t o exceed the minimum standards for PABs , the Index Provider targets the f ollowing index-level constraints at each semi-annual rebalanc i ng : • At least a 50% reduction in g reenhouse g as (“GHG”) intensit y compared with the Parent Index, taking into account issuers ’ Scope 1, 2 and 3 emissions ( i. i.e ., direct emissions from source s that an issuer owns or controls and indirect emissions f rom th e purchase of energy and a company’s value chain) ; • At least a 10% year-over-year reduction in the GHG intensity (or decarbonization rate) of the Underlyin g Index itself; an d
• A level of exposure to sectors with a hi g h impact on climat e change ( i. i. e ., those sectors that are key to the low carbon trans i t i on ) that i s not less than the exposure i n the Parent Index , to ensure that such sectors are not underwe i ghted i n the Underly i ng Index . A dditional sustainabilit y -related constraints that are applied to the Underly i ng Index i nclude, relat i ve to the Parent Index:
• A reduct i on i n overall potent i al carbon i ntens i ty ;
• Lower overall exposure to physical risk arisin g from extreme weat h er events ;
• Increased overall exposure to “green revenue” ( i. i.e ., fro m alternative ener g y, ener g y efficiency, sustainable water, g ree n bu i ld i ng, pollut i on prevent i on and susta i nable agr i culture);
• I ncreased overall exposure to compan i es sett i n g cred i ble em i ss i ons tar g ets ; • L ower overall exposure to companies f acing risks related to th e low carbon trans i t i on ; an d
• G reater overall exposure to companies that ma y have transition related opportun i t i es . In addition, an index constituent’s wei g ht must be at least 0.01 % and is restricted to the lower of +/- 2% or 20 times its weight in the Parent Index. The sector wei g hts of the Underlyin g Index may not deviate more than +/- 5% f rom those o f the Parent Inde x (except for the energy sector). The country weights of th e Underlying Index may not deviate more than +/- 5% f rom those o f the Parent Index (except when the country we i ght i s less tha n 2.5% in the Parent Index ).
As o f August 31, 2025, the Underlying Index consisted o f securities of companies in the following 22 countries or regions : Australia, Austria, Belgium, C anada, Denmark, Finland, France , G ermany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands , New Zealand, Norway, Portu g al, Sin g apore, Spain, Sweden , S witzerland, and the United Kingdom (the “U.K.”). As o f Augus t 31, 2025, a significant portion of the Underlying Index i s represented by securities o f companies in the f inancials an d industrials industries or sectors. The components of th e Underly i n g Index are l i kely to chan g e over t i me . BFA uses an indexing approach to try to achieve the Fund’ s investment objective. The Fund does not tr y to “beat” the index i t tracks and does not seek temporar y de f ensive positions whe n markets decl i ne or appear overvalued . Index i ng may el i m i nate the chance that the Fund w i ll substant i all y outperform the Underlyin g Index but also may reduce some of th e risks o f active management, such as poor security selection . Indexing seeks to achieve lower costs and better after-ta x per f ormance by aiming to keep port f olio turnover low i n compar i son to act i vely managed i nvestment compan i es . BFA uses a representat i ve sampl i ng i ndex i ng strategy to manag e the Fund. “Representative sampling” is an indexing strategy tha t involves investin g in a representative sample of securities or othe r instruments that collectively has an investment pro f ile similar t o that of an applicable underlyin g index. The instruments selecte d are expected to have, i n the aggregate, i nvestment character i st i cs (based on factors such as market capitalization and industr y wei g htin g s), fundamental characteristics (such as retur n variability and yield) and liquidity measures similar to those o f a n applicable underlyin g index. The Fund may or may not hold all of the components o f the Underlying Index . The Fund g enerally will invest at least 90% of its assets in the component securities o f its Underlying Index and in investments that have econom i c character i st i cs that are substant i ally i dent i ca l to the component securities of its Underlyin g Index ( i. i.e ., depositary receipts representing securities of the Underlyin g Index) and may invest up to 10% of its assets in certain futures , opt i ons and swap contracts, cash and cash equ i valents, i nclud i n g shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlyin g Index, bu t wh i ch BFA bel i eves w i ll help the Fund track the Underly i ng Index . C ash and cash equivalent investments associated with a
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d erivative position will be treated as part o f that position f or th e purposes o f calculatin g the percenta g eo f investments included i n the Underly i ng Index. The Fund seeks to track the i nvestmen t results o f the Underlyin g Index be f ore f ees and expenses o f the F u n d.
The Fund may lend securities representing up to one-third o f the value of the Fund’s total assets (including the value of an y collateral received ) . The Underlying Index is sponsored by MSCI, which is independen t o f the Fund and BFA. The Index Provider determines th e composition and relative weightings of the securities in the U nderlyin g Index and publishes information re g ardin g the market value o f the Underlying Index . Industr y Concentration Polic y. Th e F u n d w i ll co n ce ntr a t ei t s i nvestments ( i. i.e . , hold 25% or more o f its total assets) in a particular industry or group of industries to approximately th e s ame extent that the Underly i ng Index i s concentrated. For purposes of this limitation, securities of the U.S. government ( i nclud i n gi ts a g enc i es and i nstrumental i t i es) and repurchas e agreements collateralized by U.S. government securities are no t considered to be issued by members of any industry.
S ummary o f Principal Risk s
As with any investment, you could lose all or part of you r investment in the Fund, and the Fund’s per f ormance could trail that of other investments. The Fund is sub j ect to certain risks , including the principal risks noted below, any o f which ma y adversely affect the Fund’s net asset value per share (“NAV”), tradin g price, yield, total return and ability to meet its investment objective. Certain key risks are prioritized below (with other s followin g in alphabetical order), but the relative si g nificance of any risk is di ff icult to predict and may change over time. You shoul d review each risk factor carefully.
Non-U.S. Securi ri ti tie ies Ri Ris is k . S ecurities issued by non-U. S . issuer s (including depositary receipts) are subject to different legal , re g ulatory, political, economic, and market risks than securitie s issued by U.S. issuers. These risks include greater marke t volat i l i ty, less market l i qu i d i ty, h ig her transact i on costs, expropriation, con f iscatory taxation, adverse changes in f oreig n i nvestment or currency control re g ulat i ons, restr i ct i ons on the repatriation o f capital, and political instability. Non-U.S. issuers may be subject to different accounting, audit and financial reportin g standards than U.S. issuers, and there may be les s publicly available in f ormation about non-U.S. issuers. Foreig n market tradin g hours, different clearin g and settlemen t procedures, and holiday schedules may limit the Fund ’ s ability to engage in portfolio transactions. To the extent that investments are made in a limited number of countries , events in those c ountries will have a more significant impact on the Fund. The Fund is specifically exposed t o Asian Economic Ris k an d E uropean Econom i cR i s k . ESG Ri Ris isk. k. To the extent that the Underly i ng Index uses cr i ter ia related to the ESG characteristics o f issuers, this may limit th e types and number of investment opportunities available to the Fund and, as a result, the Fund ma y underperform other fund s w hose underlying index does not use E SG criteria. The Underlyin g Index’s use of ESG criteria may result in the Fund investing in, o r
allocat i n gg reater we ig ht to, secur i t i es or market sectors tha t underper f orm the market as a whole or underper f orm other f und s that use ESG criteria. In addition, the use o f representativ e sampling may result in divergence o f the Fund’s overall ES G characteristics or ESG risk f rom those o f the Underlying Index. The Index Provider ma y evaluate securit y -level ESG data and, i f a pp licable, ESG objectives or constraints that are relevant to th e Underlying Index only at index reviews or rebalances. S ecuritie s i ncluded i n the Underly i ng Index may cease to meet the relevan t E SG criteria but may nevertheless remain in the Underlying Index and the Fund unt i l the next rev i ew or rebalance b y the Inde x Prov i der. As a result, certa i n secur i t i es i n the Underly i n g Index, o r the Underlying Index as a whole, may not meet the relevant E SG ob j ect i ves or constra i nts at all t i mes . Equ i ty Securi ri ti tie ies Ri Ris is k . Equ i ty secur i t i es are subject to changes in value, and their values ma y be more volatile than those of othe r asset classes. The value o f a securit y ma y decline f or a number o f reasons that ma y d i rectl y relate to the i ssuer as well as due to g eneral industry or market conditions. Common stock i s subordinated to preferred securities and debt in a compan y ’s capital structure. Common stock has the lowest priorit y , and the greatest r i sk, w i th respect to d i v i dends and any l i qu i dat i o n payments in the event of an issuer’s bankruptcy.
Market Ri Ris is k . T he Fund could lose money over short per i ods due to short-term market movements and over longer per i ods dur i n g more prolonged market downturns. Local, reg i onal or globa l events such as war, acts of terrorism, pandemics or other publi c health issues, recessions, the p ros p ect or occurrence of a sovereign de f ault or other f inancial crisis, or other events coul d 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 Ri Ris isk. k. T he Index Prov i der ma y rel y on var i ou s sources of information to assess the criteria of components of the Underlyin g Index, includin g information that may be based on assumptions and estimates. Neither the Fund nor BFA can offe r assurances that the Index Provider’s methodolo g y or sources o f in f ormation will provide an accurate assessment o f include d components or w i ll result i n the Fund meet i ng i ts i nvestmen t object i ve. Errors i n i ndex data, i ndex computat i ons or the construction of the Underlying Index in accordance with it s methodolo g y may occur, and the Index Provider may not identify or correct them promptl y or at all, wh i ch ma y have an advers e i m p act on the Fund and i ts shareholders. Unusual marke t conditions or other un f oreseen circumstances (such as natura l d i sasters, pol i t i cal unrest or war) may i mpact the Index Prov i de r or a th i rd-party data prov i der and could cause the Index Prov i de r to postpone a scheduled rebalance. Th i s could cause th e Underlyin g Index to vary from its normal or expected composition . Asset Class Ri Ris isk. k. T he secur i t i es and other assets i n th e Underlying Index or in the Fund’s portfolio may underperform i n comparison to f inancial markets generally, a particular f inancia l market, another i ndex, or other asset classes.
Authori riz ized Parti tic ic ip ipant Concentrati tio ion Ri Ris isk. k. A n “A “Authorized Participant” is a member or participant of a clearing agency re g istered with the SEC, which has a written a g reement with th e Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption o f
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creation units ( “C reation Units ” ). O nly an Authorized Participant may en g a g e i n creat i on or redempt i on transact i ons d i rectly w i t h the Fund. There are a limited number o f institutions that ma y act as Authorized Participants f or the Fund, includin g on an a g enc y b asis on behal f o f other market p artici p ants. No Authorize d Part i c i pant i s obl ig ated to en g a g e i n creat i on or redempt i on transact i ons. To the extent that Author i zed Part i c i pants ex i t the b usiness or do not p lace creation or redem p tion orders for th e Fund and no other Author i zed Part i c i pant places orders, Fun d s hares are more l i kel y to trade at a prem i um or d i scount to NAV AV and possibly f ace trading halts or delisting.
Concentrati tio ion Ri Ris isk. k. The Fund may be suscept i ble to a n increased risk o f loss, including losses due to adverse events tha t affect the Fund’s investments more than the market as a whole , t o th ee xt e nt th a t th e F u n d ’ s inv es tm e nt sa r e co n ce ntr a t ed in th e s ecurities or other assets of one or more issuers, countries o r other g eo g raph i c un i ts, markets, i ndustr i es, project types, o r asset c l asses . Currency Ri Ris isk . B ecause the Fund’s NAV is determined in U.S. d ollars, the NAV could decline i f the currency o f a non-U.S. market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of forei g n currency. Currency exchange rates can be very volatile and can chang e q uickly and unpredictably. As a result, the Fund’s NAV ma y c hange qu i ckly and w i thout warn i ng. In add i t i on, the Fund ma y in cu r cos t s in co nn ec ti o n with co nv e r s i o n s be tw ee n U.S. do ll a r s and f oreign currencies.
Fi Fin inanc ia ial Compan ie ies Ri Ris is k . F i nanc i al serv i ces compan i es ar e subject to extens i ve governmental regulat i on and i ntervent i on , w hich ma y adversel y affect their profitabilit y , the scope of their activities, the prices they can char g e, the amount of capital an d l i qu i d assets they must ma i nta i n and the i rs i ze, among othe r thin g s. Financial services companies also may be si g nificantl y a ff ected by, among other things, interest rates, economic c onditions, volatility in financial markets, credit rating d own g rades, adverse public perception, exposure concentratio n and counterparty r i sk . In Industrial Com p anies Risk. Industrial com p anies face a numbe r o f risks, including supply chain and distribution disruptions , bus i ness i nterrupt i ons, product obsolescence, th i rd-party vendo r r i sks, cyber attacks, trade d i sputes, product recalls, l i ab i l i ty c laims, scarcity of materials or parts, excess capacity, changes in c onsumer pre f erences, and volatility in commodity prices and c urrencies. The performance of such companies may also b e affected by technolo g ical developments, labor relations, leg i slat i ve and regulatory changes, government spend i ng pol i c i es, and changes i n domest i c and i nternat i onal econom i es . Is Issuer Ri Ris is k . The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value o f securities or other assets may d ecline, or perform differently from the market as a whole, due t o c han g es in the financial condition or credit ratin g of the issuer or c oun t erpar t y . Larg rge ge-Capitalization Companies Risk. k. Lar g e-cap i tal i zat i on c ompan i es ma y be less able than smaller-cap i tal i zat i on c ompan i es to adapt to chang i ng market cond i t i ons an d c ompet i t i ve challenges. Large-cap i tal i zat i on compan i es may b e
more mature and subject to more l i m i ted g rowth potent i a l com p ared w i th smaller-ca pi tal i zat i on com p an i es. Th e per f ormance o f large-capitalization companies could trail th e overall p er f ormance o f the broader securities markets . Manag age gement Ris k . Th e Fun dg enera ll y d oes not attempt to ta ke defensive positions under any market conditions, includin g declining markets. As the Fund will not f ully replicate th e Underly i ng Index and may hold secur i t i es or other assets no t i ncluded i n the Underly i n g Index, i t i s subject to the r i sk that th e investment strategy o f BFA may not produce the intended results . There is no g uarantee that the Fund’s investment results will hav e a high degree o f correlation to those o f the Underlying Index o r that the Fund w i ll ach i eve i ts i nvestment ob j ect i ve . Market Tradi din ing Ri Ris is k . T he Fund f aces numerous market trading risks, including the potential lack of an active market for Fun d shares (includin g throu g h a tradin g halt), losses from tradin g i n secondary markets, periods of high volatility, and disruptions in the process of creatin g and redeemin g Fund shares. Any of these f actors, among others, may lead to the Fund’s shares trading in the secondar y market at a prem i um or d i scount to NAV or to the intraday value o f the Fund’s port f olio holdings. I f you buy Fun d shares at a t i me when the market pr i ce i s at a prem i um to NAV o r sell Fund shares at a t i me when the market p r i ce i s at a d i scount to NAV, you may pay signi f icantly more or receive signi f icantl y less than the underlying value of the Fund shares . Mi Mid id-Cap i tali liz izati tio ion Compan ie ies Ri Ris is k . C ompared to large cap i tal i zat i on compan i es, m i d-cap i tal i zat i on compan i es may b e less stable and more suscept i ble to adverse developments. Th e securities of mid-capitalization companies may be more volatil e and less liquid than those of lar g e-capitalization companies. As a result, the Fund’s share price may be more volatile than that of a fund with a g reater investment in lar g e-capitalization stocks . Nati tio ional Closed Market Tradi din ing Ri Ris isk. k. To the extent tha t securities or other assets held by the Fund trade on forei g n exchanges or in f oreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open , there are likely to be deviations between such asset ’ s curren t pr i ce and i ts last quoted pr i ce ( i. i.e ., the quote from the close d forei g n market to the Fund). The impact of a closed forei gn market on the Fund is likely to be greater where a large portion o f the Fund’s holdings trade on a closed foreign market or when a f oreign market is closed f or unscheduled reasons. These deviations could result in premiums or discounts to the Fund’ s NAV that may be g reater than those experienced by other funds.
Operati tio ional and Technology Ri Ris isks ks . T he Fund i sd i rectl y an d indirectly susceptible to operational and technolo g y risks , i nclud i ng those related to human errors, process i ng errors , communication errors, systems failures, cybersecurity incidents , and the use o f arti f icial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders o r ma y impair the Fund’s operations. While the Fund’s servic e prov i ders are requ i red to have appropr i ate operat i onal , information security and cybersecurity risk mana g ement policie s and procedures, their methods o f risk management may di ff e r from those of the Fund. Operational and technology risks for th e i ssue r s in whi c h th e F u n d inv es t s cou l da l so r esu lt in m a t e ri al adverse consequences for such issuers and may cause the Fund’ s i nv es tm e nt si n suc h issue r s t o l ose v a l ue.
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Reli lia iance on Tradi din ing Partners Ri Ris isk . The Fund i nvests i n countr i e s or re gi ons whose econom i es are heav i ly dependent upon trad i n g w i th key partners. Any reduct i on i n th i s trad i ng may have a n adverse impact on the Fund’s investments. Throu g h its holdin g so f securities o f certain issuers, the Fund is speci f icall y exposed to As i an Econom i cR i sk, European Econom i cR i s k a n d U . S. Economic Ris k . Risk of Investing ng in Developed Countrie s . Th e F u n d ’ s i nvestment i n developed country i ssuers w i ll subject the Fund to le g al, re g ulatory, pol i t i cal, currency, secur i ty, econom i c and other r i sks assoc i ated w i th developed countr i es. Developed countr i es tend to represent a significant portion of the global economy and have generally exper i enced slower econom i c growth than some less developed countries. Certain developed countries have exper i enced secur i ty concerns, such as war, terror i sm an d strained international relations. Incidents involving a country’s o r re g ion’s security may cause uncertainty in its markets and ma y adversel y a ff ect its econom y and the Fund’s investments. I n add i t i on, developed countr i es may be adversely i mpacted b y chan g es to the economic conditions of certain key tradin g partners, regulatory burdens, debt burdens and the pr i ce or availability of certain commodities.
Securi ri ti tie ies Lendi din ing Ri Ris isk. T he Fund may engage i n secur i t i e s lendin g . Securities lendin g involves the risk that the Fund may lose money because the borrower o f the loaned securities f ails to return the secur i t i es i nat i mel y manner or at all. The Fund coul d also lose money in the event o f a decline in the value o f collateral provided for loaned securities or a decline in the value of an y i nv es tm e nt s m ade w i th cas h co ll a t e r a l. Th ese e v e nt s cou l da l so trigger adverse tax consequences f or the Fund . Tracking Error Ris k . T he Fund may be subject to “trackin g error,” which is the divergence of the Fund’s performance from that o f the Underlyin g Index. Trackin g error may occur due to a number of f actors, including di ff erences between the securities and other assets held in the Fund’s portfolio and those included in the Underlyin g Index; differences in the timin g and methodolo g ie s used to value secur i t i es and other assets; transact i on costs and other expenses i ncurred by the Fund that the Underly i n g Inde x
does not incur; the Fund’s holdin g o f uninvested cash; di ff erence s i n the timin g o f the accrual or the valuation o f dividends or i nterest rece i ved b y the Fund or d i str i but i ons pa i d to Fun d shareholders; tax g ains or losses; di ff erences between th e amount and/or timing o f withholding taxes on dividends re f lecte d i n the Underlyin g Index f rom the Fund’s obli g ation, i f any, f o r f oreign withholding taxes; the requirements f or the Fund t o maintain pass-through tax treatment; portfolio transaction s carried out to minimize the distribution of capital g ains t o shareholders; the acceptance o f custom baskets; changes to th e Underlying Index; and impacts to the Fund of complying wit h certa i n regulatory requ i rements or l i m i ts. Track i ng error r i sk ma y be heightened during times of increased market volatility or other u n usua lm a rk e t co n d iti o n s .AF u n d th a t tr ac k sa n in de x wit h exposure to non-U.S. issuers may experience higher trackin g e rr o r th a n ETF s th a t do n o t tr ac k suc h i n de x es . Va Valuati tio ion Ri Ris is k . T he pr i ce that the Fund could rece i ve upon th e sale ( or other disposition ) of a security or other asset may diffe r f rom the Fund’s valuation o f the security or other asset , particularl y for securities or other assets that trade in low volume or volatile markets or that are valued using a f air value methodology. The price received by the Fund also may differ fro m the value used by the Underlyin g Index. In addition, the value o f the securities or other assets in the Fund’s portfolio may chang e on days or dur i ng t i me per i ods when i nvestors are not able t o purchase or sell Fund shares. Author i zed Part i c i pants that create or redeem Fund shares on days when the Fund is holding fair v alued securities or other assets may receive fewer or more shares, or lower or h i gher redempt i on proceeds, than they would h a v e r ece iv ed h ad th e secu riti es o r o th e r asse t s n o t bee nf a i r v alued or been valued using a di ff erent methodology. The ability t o v alue i nvestments may be i mpacted by technolog i cal i ssues or errors by pr i c i ng serv i ces or other th i rd-party serv i ce prov i ders .
Per f ormance In f ormatio n
As of the date of this Pros p ectus, the Fund does not have a ful l calendar y ear of performance information to report .
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M ana g emen t
Inv es tm e nt Adv ise r . Bl ac kR oc kF u n d A d v iso r s . Port f olio Managers. Jenni f er Hsui , Peter Sietsema , Matt W aldron and Steven White (the “Port f olio Mana g ers”) are primaril y responsible f or the day-to-day management o f the Fund. Each Portfolio Manager supervises a portfolio management team. Ms . Hsui has been a Port f olio Manager o f the Fund since 2023. Mr . S ietsema, Mr. Waldron and Mr. White have been Portfoli o M ana g ers of the Fund since 2025 .
Purchase and Sale of Fund Share s
The Fund is an ETF. Individual shares of the Fund may only b e b ou g ht and sold i n the secondary market throu g h a broker-dealer . Because ETF shares trade at market pr i ces rather than at NAV , s hares may trade at a pr i ce g reater than NAV (a prem i um) or les s than NAV (a d i scount). An i nvestor may i ncur costs attr i butable to the difference between the highest price a buyer is willing to pay to purchase shares o f the Fund (bid) and the lowest price a selle r is willing to accept for shares of the Fund (ask) when buying o r s ellin g shares in the secondary market (the “bid-ask spread”) .
Tax In fo rmati o n
The Fund i ntends to make d i str i but i ons that ma y be taxable to y o u as ord i nary i ncome or cap i tal g a i ns, unless you are i nvest i n g throu g h a tax-deferred arran g ement such as a 401(k) plan or a n individual retirement account ( “ IRA” A” ), in which case, you r d i str i but i ons generally w i ll be taxed when w i thdrawn .
Payments to Broker-Dealers and Other Financia l Int e rm e diari es
I f you purchase shares o f the Fund through a broker-dealer o r other financial intermediary (such as a bank), BFA or other relate d companies may pay the intermediary for marketin g activities an d presentations, educational training programs, con f erences, th e development of technology platforms and reporting systems o r other services related to the sale or promotion o f the Fund. Thes e payments may create a conflict of interest by influencing th e broker-dealer or other i ntermed i ar y and y our salesperson t o recommend the Fund over another i nvestment. Ask you r salesperson or visit y our financial intermediar y ’s website for more in f ormation.
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For more in f ormation visit www.iShares.com or call 1-800-474-273 7
Investment Compan y Act file No.: 811-09729
IS - S
P-PABD-1
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G o paperless. . . I t’s Easy, Economical and G reen ! G o to www. i cs d e li very.com
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"text": "Index had approximately 413 constituents, and a significant portion of the Underlying Index was"
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"text": "represented by securities of companies in the financials and industrials industries or sectors. The"
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"text": "The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the"
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"text": "Fund. BFA uses a representative sampling indexing strategy to manage the Fund. \u201cRepresentative"
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"text": "sampling\u201d is an indexing strategy that involves investing in a representative sample of securities or other"
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"text": "instruments intended to collectively have an investment profile similar to that of an applicable underlying"
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"text": "index. The instruments selected are expected to have, in the aggregate, investment characteristics (based"
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"text": "on factors such as market capitalization and industry weightings), fundamental characteristics (such as"
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"text": "return variability and yield) and liquidity measures similar to those of an applicable underlying index. The"
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"text": "to gain or reduce exposure to the components of the Underlying Index or exposure to one or more"
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"text": "market risk factors associated with such components. Subject to the limits described herein, the Fund"
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"text": "BFA or its affiliates, and may also purchase and hold instruments not included in the Underlying Index"
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"text": "when BFA believes that such instruments will help the Fund track the performance of the Underlying"
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"text": "deletions from the Underlying Index, or other reasons as determined by BFA."
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"text": "In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the \u201c1940"
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"text": "Act\u201d), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets,"
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"text": "plus the amount of any borrowings for investment purposes, in components of the Underlying Index."
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"text": "Investments in derivatives and other investments will be counted toward the Fund\u2019s 80% investment"
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"text": "policy to the extent that they provide exposure to the components of the Underlying Index or exposure to"
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"text": "one or more market risk factors associated with such components. The Fund\u2019s 80% investment policy"
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"text": "may be changed by the Trust\u2019s Board of Trustees (the \u201cBoard\u201d) upon 60 days\u2019 notice to shareholders."
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"text": "In addition, the Fund generally will invest at least 90% of its assets in the components of the Underlying"
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"text": "3) In the More Information about the Funds section of the Prospectus, the section titled \u201cAdditional"
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"text": "Index Information \u2013 iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF\u201d will be"
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"text": "4) In the Fund\u2019s SAI, the section titled \u201cMSCI World ex USA Climate Paris Aligned Benchmark"
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"text": "securities of issuers that it identifies as being involved in any of the business activities summarized below,"
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