open/document-extraction
View Schema
This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.
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
Page 2
[THIS PAGE INTENTIONALLY LEFT BLANK]
Page 3
[THIS PAGE INTENTIONALLY LEFT BLANK]
Page 4
[THIS PAGE INTENTIONALLY LEFT BLANK]
Page 5
NOVEMBER 28, 2025
Summary Prospectus
• iShares MSCI USA Momentum Factor ETF | MTUM | Cboe BZX
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus (including amendments and supplements) and other information about the Fund, including the Fund’s statement of additional information and shareholder reports, online at https://www.blackrock.com/prospectus. You can also get this information at no cost by calling 1-800-iShares (1-800-474-2737) or by sending an e-mail request to iSharesETFs@blackrock.com, or from your financial professional. The Fund’s prospectus and statement of additional information, both dated November 28, 2025, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus. Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at https://www.iShares.com.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Page 6
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
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 0.15% None 0.00% 0.15%
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 $15 $48 $85 $192
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 116% of the average value of its portfolio.
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.
S-1
Page 7
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.
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.
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).
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.
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.
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
S-2
Page 8
have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.
Index-Related Risk. The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected composition.
Asset Class Risk. The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in comparison to financial markets generally, a particular financial market, another index, or other asset classes.
Authorized Participant Concentration Risk. An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the 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.
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.
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.
Issuer Risk . The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty.
Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall performance of the broader securities markets.
Management Risk . The Fund generally does not attempt to take defensive positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.
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.
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,
S-3
Page 9
and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.
Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.
Technology Companies Risk . Technology companies and companies that rely heavily on technological advances may have limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on intellectual
property rights and may be adversely affected by the loss or impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.
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.
S-4
Page 10
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
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.
S-5
Page 11
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 2013, 2025, 2025 and 2025, respectively.
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
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.
S-6
Page 12
For more information visit www.iShares.com or call 1-800-474-2737
Investment Company Act file No.: 811-09729
IS-SP-MTUM-1125
Go paperless. . . It’s Easy, Economical and Green! Go to www.icsdelivery.com
Truncated: This annotation is too large to fit.
View the raw JSON.
{
"annotation_id": "7eaac003-ea94-4cb2-9f09-d957fcdfbdd7",
"date_created": "2026-10-06T14:56:01.188000Z",
"date_modified": "2026-10-06T14:56:01.188000Z",
"file_hash": "aa918a6a85e107fa1f3aee42a4cb89640e8132478233b41dc14e3e67af3f3d25",
"private": false,
"record": {
"attributes": {
"chunk_type": "page_range",
"end_page": 12,
"start_page": 1
},
"blocks": [
{
"block_type": "box",
"box": {
"height": 10,
"width": 103,
"x": 450,
"y": 69
},
"id": "1c510157-f1e5-4c7b-bf8b-a92e10fcfa8a",
"page_number": 1,
"text": "iShares Trust"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 269,
"x": 367,
"y": 85
},
"id": "e1249648-b754-4c7c-a035-de1cc7315483",
"page_number": 1,
"text": "Supplement dated October 5, 2026"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 456,
"x": 273,
"y": 100
},
"id": "99f5952f-30ba-4f64-8773-b9eea8c1169c",
"page_number": 1,
"text": "to the currently effective Summary Prospectus, Prospectus,"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 400,
"x": 302,
"y": 116
},
"id": "0b64e00f-e00c-4923-acd0-a58322ea45e8",
"page_number": 1,
"text": "and Statement of Additional Information (the \u201cSAI\u201d)"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 757,
"x": 123,
"y": 131
},
"id": "f7cd1f48-a931-4a9c-812e-7af8b754e734",
"page_number": 1,
"text": "for the iShares MSCI EAFE Growth ETF (EFG), iShares MSCI EAFE Value ETF (EFV), iShares MSCI USA"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 716,
"x": 144,
"y": 147
},
"id": "6272f8f5-a100-4657-8f0a-aeed34655ced",
"page_number": 1,
"text": "Momentum Factor ETF (MTUM), iShares MSCI USA Quality Factor ETF (QUAL) and iShares U.S."
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 370,
"x": 316,
"y": 162
},
"id": "a7d5b4ed-f684-4cfa-9e31-295812c110e9",
"page_number": 1,
"text": "Aerospace \u0026 Defense ETF (ITA) (each, a \u201cFund\u201d)"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 760,
"x": 116,
"y": 185
},
"id": "ed17d58b-d9c6-44d2-b047-c251335f8d9d",
"page_number": 1,
"text": "The Board of Trustees of iShares Trust has authorized a forward stock split for each Fund at the ratio set"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 649,
"x": 116,
"y": 201
},
"id": "1363d42d-06d6-4e8e-9b60-3246530c43f0",
"page_number": 1,
"text": "out below. The Creation Unit size for each Fund will remain unchanged, as set out below."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 350,
"x": 321,
"y": 228
},
"id": "485bccac-42b1-452e-add8-ecca74656ee4",
"page_number": 1,
"text": "Fund Name Ticker"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 67,
"x": 692,
"y": 222
},
"id": "e7158821-3633-41b7-8854-e82e221bae93",
"page_number": 1,
"text": "Forward"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 82,
"x": 684,
"y": 235
},
"id": "489aedd1-602c-437e-80fc-d530d9ea2b7f",
"page_number": 1,
"text": "Split Ratio"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 84,
"x": 786,
"y": 222
},
"id": "f46aa501-92e4-4045-9c0a-0bc5c5e751c2",
"page_number": 1,
"text": "Shares Per"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 104,
"x": 776,
"y": 235
},
"id": "d57de810-36c0-42ec-899d-3f3901590c9f",
"page_number": 1,
"text": "Creation Unit"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 737,
"x": 123,
"y": 255
},
"id": "2aa10ded-08cb-4962-910a-f82874e388e5",
"page_number": 1,
"text": "iShares MSCI EAFE Growth ETF EFG 3:1 400,000"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 737,
"x": 123,
"y": 278
},
"id": "08423953-1646-4b23-8c14-6fba33bf64de",
"page_number": 1,
"text": "iShares MSCI EAFE Value ETF EFV 2:1 400,000"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 733,
"x": 123,
"y": 302
},
"id": "80c6a589-4a9f-4b74-af96-c0368b285bba",
"page_number": 1,
"text": "iShares MSCI USA Momentum Factor ETF MTUM 4:1 50,000"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 733,
"x": 123,
"y": 325
},
"id": "68bd239d-93bf-4435-9c86-847f59d63cb9",
"page_number": 1,
"text": "iShares MSCI USA Quality Factor ETF QUAL 4:1 50,000"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 733,
"x": 123,
"y": 348
},
"id": "ee2bf3cf-f31d-41f8-9354-9039c87ce754",
"page_number": 1,
"text": "iShares U.S. Aerospace \u0026 Defense ETF ITA 3:1 50,000"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 749,
"x": 116,
"y": 379
},
"id": "dd6ff2a6-7a36-4b35-9961-784689b4c463",
"page_number": 1,
"text": "The record date for the forward stock split will be November 3, 2026 and the stock split will be payable"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 758,
"x": 116,
"y": 395
},
"id": "c84e7734-66a9-4cc2-83ca-c696ebb09326",
"page_number": 1,
"text": "after the close of trading on November 4, 2026, the payable date. Shares of each Fund will begin trading"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 436,
"x": 116,
"y": 410
},
"id": "082c27a8-a6e9-4587-aa4c-92789246740e",
"page_number": 1,
"text": "on a split-adjusted basis on November 5, 2026, the ex-date."
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 521,
"x": 117,
"y": 433
},
"id": "7fa30d75-e7ae-4c05-a484-90e593e321a2",
"page_number": 1,
"text": "If you have any questions, please call 1-800-iShares (1-800-474-2737)."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 40,
"x": 117,
"y": 869
},
"id": "2531774f-c813-4112-a1b0-8e1c1252c33b",
"page_number": 1,
"text": "iShares"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 8,
"x": 158,
"y": 869
},
"id": "f1c9e8ae-8bf2-42cd-b8bb-44de5fcfbb7d",
"page_number": 1,
"text": "\u00ae"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 406,
"x": 170,
"y": 869
},
"id": "68ce7891-6c4b-4768-8da4-cc72136db02a",
"page_number": 1,
"text": "is a registered trademark of BlackRock Fund Advisors and its affiliates."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 78,
"x": 805,
"y": 887
},
"id": "4b72d1db-43b3-4bf2-b9eb-8c98866c0155",
"page_number": 1,
"text": "IS-A-FS-1026"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 265,
"x": 368,
"y": 911
},
"id": "fb15e6e8-38b5-41c8-b304-bb0859212968",
"page_number": 1,
"text": "PLEASE RETAIN THIS SUPPLEMENT"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 186,
"x": 407,
"y": 926
},
"id": "ab84280a-03b8-436d-9272-37c05b8c6aab",
"page_number": 1,
"text": "FOR FUTURE REFERENCE"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 268,
"x": 390,
"y": 309
},
"id": "f306066e-f28b-41d6-9ac5-2d23be12138b",
"page_number": 2,
"text": "[THIS PAGE INTENTIONALLY LEFT BLANK]"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 268,
"x": 390,
"y": 309
},
"id": "28398437-e81d-4046-b1ed-0db505f45b43",
"page_number": 3,
"text": "[THIS PAGE INTENTIONALLY LEFT BLANK]"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 268,
"x": 390,
"y": 309
},
"id": "07fd2e89-c4b7-4fa5-a116-21c672c6876d",
"page_number": 4,
"text": "[THIS PAGE INTENTIONALLY LEFT BLANK]"
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 212,
"x": 706,
"y": 60
},
"id": "862b8e06-79b3-43ab-b7aa-4ce1b5c54da1",
"page_number": 5,
"text": "NOVEMBER 28, 2025"
},
{
"block_type": "box",
"box": {
"height": 33,
"width": 501,
"x": 112,
"y": 175
},
"id": "99675d24-d4fd-49f0-a722-d51462a9c9b2",
"page_number": 5,
"text": "Summary Prospectus"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 6,
"x": 81,
"y": 256
},
"id": "846a9c7a-3107-47f6-af28-df8562718043",
"page_number": 5,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 330,
"x": 102,
"y": 253
},
"id": "b028659a-42c6-4355-8711-6f1db90baf6e",
"page_number": 5,
"text": "iShares MSCI USA Momentum Factor ETF"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 1,
"x": 442,
"y": 253
},
"id": "df18f3b3-2dc4-4cfc-9a22-b904ae76de87",
"page_number": 5,
"text": "|"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 50,
"x": 455,
"y": 253
},
"id": "57fb4a6c-bfb7-46f9-87bc-a645602e26f0",
"page_number": 5,
"text": "MTUM"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 1,
"x": 517,
"y": 253
},
"id": "0795aeae-8e04-44ec-8f11-6823658cc49e",
"page_number": 5,
"text": "|"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 75,
"x": 529,
"y": 253
},
"id": "4ba1c0c9-4bd7-4ed5-a545-f1d6c46f7f13",
"page_number": 5,
"text": "Cboe BZX"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 812,
"x": 81,
"y": 299
},
"id": "29782e7b-0bf9-4822-a8db-42b56f6068d9",
"page_number": 5,
"text": "Before you invest, you may want to review the Fund\u2019s prospectus, which contains more information about"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 815,
"x": 81,
"y": 315
},
"id": "19003bc6-91b2-4da5-a7a4-0855bf2f6c41",
"page_number": 5,
"text": "the Fund and its risks. You can find the Fund\u2019s prospectus (including amendments and supplements) and"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 741,
"x": 81,
"y": 330
},
"id": "b6d4eb88-1ecf-4fb0-9263-2f64cff12ca6",
"page_number": 5,
"text": "other information about the Fund, including the Fund\u2019s statement of additional information and"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 823,
"x": 81,
"y": 346
},
"id": "b4b7578d-439b-4d6f-9853-fbc82d2c7281",
"page_number": 5,
"text": "shareholder reports, online at https://www.blackrock.com/prospectus. You can also get this information at"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 673,
"x": 81,
"y": 361
},
"id": "1cb95746-577b-4e03-a447-419351065297",
"page_number": 5,
"text": "no cost by calling 1-800-iShares (1-800-474-2737) or by sending an e-mail request to"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 818,
"x": 81,
"y": 377
},
"id": "547229c3-a2f4-46e6-bc1e-b66405aa8a7a",
"page_number": 5,
"text": "iSharesETFs@blackrock.com, or from your financial professional. The Fund\u2019s prospectus and statement of"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 819,
"x": 81,
"y": 392
},
"id": "fbcafc41-bcd5-402b-a85d-40e2b805f808",
"page_number": 5,
"text": "additional information, both dated November 28, 2025, as amended and supplemented from time to time,"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 803,
"x": 81,
"y": 408
},
"id": "d0212876-d7b9-4946-8794-9a8f740116d6",
"page_number": 5,
"text": "are incorporated by reference into (legally made a part of) this Summary Prospectus. Information on the"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 768,
"x": 81,
"y": 423
},
"id": "46ab36e7-a995-45d2-8b7c-f643c52da1ef",
"page_number": 5,
"text": "Fund\u2019s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 200,
"x": 81,
"y": 439
},
"id": "695bf826-e7d2-48fd-8750-9233410cd8ec",
"page_number": 5,
"text": "https://www.iShares.com."
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 836,
"x": 81,
"y": 891
},
"id": "f9ca29cd-815f-4b3f-8520-568ac47807df",
"page_number": 5,
"text": "The Securities and Exchange Commission has not approved or disapproved these securities or passed upon"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 696,
"x": 81,
"y": 907
},
"id": "e66ab6d8-2a6f-441b-bb38-ee43662c2a04",
"page_number": 5,
"text": "the adequacy of this prospectus. Any representation to the contrary is a criminal offense."
},
{
"block_type": "box",
"box": {
"height": 16,
"width": 118,
"x": 360,
"y": 47
},
"id": "eaeafd4d-e166-40bc-a017-9d8fd26be946",
"page_number": 6,
"text": "iSHARES"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 482,
"y": 40
},
"id": "6dab2c75-31f5-4f7f-8666-ceb7591c9e1f",
"page_number": 6,
"text": "\u00ae"
},
{
"block_type": "box",
"box": {
"height": 16,
"width": 134,
"x": 504,
"y": 47
},
"id": "af6d37e4-abc1-422a-8d6b-12350b23ef4b",
"page_number": 6,
"text": "MSCI USA"
},
{
"block_type": "box",
"box": {
"height": 16,
"width": 359,
"x": 320,
"y": 69
},
"id": "5c760425-66e1-44a4-8099-e9bae33714ea",
"page_number": 6,
"text": "MOMENTUM FACTOR ETF"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 490,
"x": 251,
"y": 98
},
"id": "ce177163-c499-40bb-ac44-f8983066c27b",
"page_number": 6,
"text": "Ticker: MTUM Stock Exchange: Cboe BZX"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 182,
"x": 53,
"y": 136
},
"id": "91aba3cb-51f1-40b6-b236-3d009e64d96a",
"page_number": 6,
"text": "Investment Objective"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 878,
"x": 52,
"y": 161
},
"id": "58c54c30-2710-4fec-9a01-cfac89b9cc4f",
"page_number": 6,
"text": "The iShares MSCI USA Momentum Factor ETF (the \u201cFund\u201d) seeks to track the investment results of an index composed of U.S. large- and"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 447,
"x": 53,
"y": 174
},
"id": "83a72a82-0f63-49af-8ea1-3ef203b17783",
"page_number": 6,
"text": "mid-capitalization stocks exhibiting relatively higher price momentum."
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 161,
"x": 53,
"y": 202
},
"id": "29097dab-5dc3-4e42-8da6-45d1becd69c0",
"page_number": 6,
"text": "Fees and Expenses"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 869,
"x": 52,
"y": 227
},
"id": "f1895c9a-dca4-44e3-a18e-4173d926a217",
"page_number": 6,
"text": "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"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 863,
"x": 53,
"y": 240
},
"id": "f9af0282-d129-4fba-a7fe-4412cfd1633d",
"page_number": 6,
"text": "are rounded to the nearest basis point, which in some cases may be \u201c0.00.\u201d The investment advisory agreement between iShares Trust"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 889,
"x": 53,
"y": 253
},
"id": "c8570036-a53d-488e-92ed-0f91a80e545f",
"page_number": 6,
"text": "(the \u201cTrust\u201d) and BlackRock Fund Advisors (\u201cBFA\u201d) (the \u201cInvestment Advisory Agreement\u201d) provides that BFA will pay all operating expenses"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 870,
"x": 53,
"y": 266
},
"id": "72949a1f-2995-48d1-9915-22115bd52c5e",
"page_number": 6,
"text": "of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 858,
"x": 53,
"y": 278
},
"id": "fc739e57-367a-41c7-8dcd-7dd101fa5380",
"page_number": 6,
"text": "disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 450,
"x": 53,
"y": 291
},
"id": "e039e365-457f-4f9e-b254-5128d88ea09c",
"page_number": 6,
"text": "expenses, and (vi) litigation expenses and any extraordinary expenses."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 883,
"x": 52,
"y": 313
},
"id": "df95602a-e753-4c5b-8536-c91dd54d463f",
"page_number": 6,
"text": "You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 221,
"x": 52,
"y": 326
},
"id": "574ff3ed-ca94-47e2-b83c-7f6c518f8732",
"page_number": 6,
"text": "the tables and examples below."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 205,
"x": 395,
"y": 345
},
"id": "5c4d0ee7-4e14-4c57-92fe-fe3840f1314b",
"page_number": 6,
"text": "Annual Fund Operating Expenses"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 292,
"x": 352,
"y": 355
},
"id": "6a17ecb8-1538-42f6-b9f9-9913cf7c08a5",
"page_number": 6,
"text": "(ongoing expenses that you pay each year as a\r\n1"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 280,
"x": 355,
"y": 366
},
"id": "13db9e0a-6b0f-433b-981f-4b586128882b",
"page_number": 6,
"text": "percentage of the value of your investments)"
},
{
"block_type": "box",
"box": {
"height": 4,
"width": 2,
"x": 638,
"y": 365
},
"id": "43efb3ad-dd38-434e-af67-4453a837297e",
"page_number": 6,
"text": "1"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 79,
"x": 140,
"y": 406
},
"id": "dbd94b1f-a1b5-4915-bca5-479087a94d04",
"page_number": 6,
"text": "Management"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 27,
"x": 166,
"y": 416
},
"id": "ed4eb965-40dc-4e86-a903-25862a3bfc52",
"page_number": 6,
"text": "Fees"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 72,
"x": 363,
"y": 395
},
"id": "10446b73-ff10-4875-8cce-1aefe3583abf",
"page_number": 6,
"text": "Distribution"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 72,
"x": 363,
"y": 406
},
"id": "b4bd79db-3dae-4a2f-9419-c6cba20fc587",
"page_number": 6,
"text": "and Service"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 73,
"x": 363,
"y": 416
},
"id": "11554320-b42b-478b-aec9-9c9547e03cf6",
"page_number": 6,
"text": "(12b-1) Fees"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 35,
"x": 591,
"y": 406
},
"id": "70f652c2-6745-4325-a535-e0c898bb208e",
"page_number": 6,
"text": "Other"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 57,
"x": 580,
"y": 416
},
"id": "de32d8db-33ec-41d3-a49b-e5459f1a9d1e",
"page_number": 6,
"text": "Expenses"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 76,
"x": 780,
"y": 385
},
"id": "aee4c04f-7f8b-4868-a19a-5e84776e4c6c",
"page_number": 6,
"text": "Total Annual"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 29,
"x": 804,
"y": 395
},
"id": "ddecf687-349d-452c-9c75-bed2f58c515b",
"page_number": 6,
"text": "Fund"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 61,
"x": 788,
"y": 406
},
"id": "4db3895f-85b4-4b29-a98e-3feec0b31253",
"page_number": 6,
"text": "Operating"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 57,
"x": 790,
"y": 416
},
"id": "c18366c5-d90a-4a5c-aca2-082c8d3f4ca3",
"page_number": 6,
"text": "Expenses"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 670,
"x": 164,
"y": 435
},
"id": "1ea1a599-f8a4-4e34-b1cf-7ab51c8ce34b",
"page_number": 6,
"text": "0.15% None 0.00% 0.15%"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 2,
"x": 82,
"y": 466
},
"id": "060afff9-0350-472b-b091-f05b3e8bc2dd",
"page_number": 6,
"text": "1"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 705,
"x": 93,
"y": 468
},
"id": "494479af-64bf-4f8b-8a42-48efb7db4eb9",
"page_number": 6,
"text": "Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 62,
"x": 53,
"y": 487
},
"id": "eabe7480-0dfe-4d27-8664-7de9ce699517",
"page_number": 6,
"text": "Example."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 801,
"x": 119,
"y": 487
},
"id": "828d0851-8f97-4c4f-96e1-e0de596f7666",
"page_number": 6,
"text": "This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds."
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 890,
"x": 52,
"y": 499
},
"id": "3027b62f-97a5-4a32-bdf9-30fec896585a",
"page_number": 6,
"text": "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"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 861,
"x": 53,
"y": 513
},
"id": "caac3b14-8ada-4ebd-98d8-c2561e8a53da",
"page_number": 6,
"text": "periods. The Example also assumes that your investment has a 5% return each year and that the Fund\u2019s operating expenses remain the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 694,
"x": 53,
"y": 526
},
"id": "c68fc0aa-bdec-4e9b-907f-8aca7ad973cf",
"page_number": 6,
"text": "same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 668,
"x": 165,
"y": 555
},
"id": "9ce37675-6094-46a9-8b87-fab7c4f42654",
"page_number": 6,
"text": "1 Year 3 Years 5 Years 10 Years"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 646,
"x": 173,
"y": 575
},
"id": "f175ac28-83d9-4fea-addb-803ecc57562e",
"page_number": 6,
"text": "$15 $48 $85 $192"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 128,
"x": 53,
"y": 615
},
"id": "77ca1eab-8d4b-4799-b3cf-f7c489e8795a",
"page_number": 6,
"text": "Portfolio Turnover."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 287,
"x": 186,
"y": 615
},
"id": "14c4bf75-fad9-4687-b89d-73bad6282ca9",
"page_number": 6,
"text": "The Fund may pay transaction costs, such as"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 420,
"x": 53,
"y": 629
},
"id": "8f1f78a9-db8f-44b0-b0e2-0dfe4a73bf91",
"page_number": 6,
"text": "commissions, when it buys and sells securities (or \u201cturns over\u201d its"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 395,
"x": 53,
"y": 643
},
"id": "377d48f7-9b57-41a4-8a60-784a6c7038a7",
"page_number": 6,
"text": "portfolio). A higher portfolio turnover rate may indicate higher"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 380,
"x": 52,
"y": 657
},
"id": "b060396f-c60c-4a14-84b1-949e51ed9a0f",
"page_number": 6,
"text": "transaction costs and may result in higher taxes when Fund"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 408,
"x": 53,
"y": 672
},
"id": "24341ee5-e63d-449c-bfef-fb2eb1de3cb5",
"page_number": 6,
"text": "shares are held in a taxable account. These costs, which are not"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 368,
"x": 53,
"y": 686
},
"id": "68f4deae-7e7f-4fbb-90a0-c88e93dc2460",
"page_number": 6,
"text": "reflected in the Annual Fund Operating Expenses or in the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 411,
"x": 53,
"y": 700
},
"id": "9b910db4-bfc6-4e95-95c1-d0a1fc616341",
"page_number": 6,
"text": "Example, affect the Fund\u2019s performance. During the most recent"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 390,
"x": 52,
"y": 714
},
"id": "270f5ba6-1495-4917-987e-58ea399cb617",
"page_number": 6,
"text": "fiscal year, the Fund\u2019s portfolio turnover rate was 116% of the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 184,
"x": 53,
"y": 728
},
"id": "874e39a2-8841-462c-95e2-81574dbbd6a1",
"page_number": 6,
"text": "average value of its portfolio."
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 268,
"x": 53,
"y": 757
},
"id": "e15c4938-066a-4046-b93c-52ec366a1853",
"page_number": 6,
"text": "Principal Investment Strategies"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 412,
"x": 52,
"y": 782
},
"id": "dd56ab13-2b98-4282-a268-8ab00172559c",
"page_number": 6,
"text": "The Fund seeks to track the investment results of the MSCI USA"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 384,
"x": 53,
"y": 797
},
"id": "f3d99e8d-d714-4f50-a301-9f82e51263e2",
"page_number": 6,
"text": "Momentum SR Variant Index (the \u201cUnderlying Index\u201d), which"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 363,
"x": 53,
"y": 811
},
"id": "54c3f4f3-daf0-4cbd-b566-f4c17ca47797",
"page_number": 6,
"text": "consists of stocks exhibiting relatively higher momentum"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 421,
"x": 53,
"y": 825
},
"id": "3428a7d5-0d52-49d6-a6d5-ec7b2cd75041",
"page_number": 6,
"text": "characteristics than the traditional market capitalization-weighted"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 370,
"x": 53,
"y": 839
},
"id": "b3c68cc9-8320-482f-9f7a-1d5b1c230adc",
"page_number": 6,
"text": "parent index, the MSCI USA Index (the \u201cParent Index\u201d), as"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 399,
"x": 53,
"y": 853
},
"id": "a15a72fe-befd-4772-b076-de07238fd13b",
"page_number": 6,
"text": "determined by MSCI Inc. (the \u201cIndex Provider\u201d or \u201cMSCI\u201d). The"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 421,
"x": 53,
"y": 868
},
"id": "b147d472-a793-412f-b179-4a48f00b0946",
"page_number": 6,
"text": "Parent Index includes U.S. large- and mid-capitalization stocks, as"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 424,
"x": 53,
"y": 882
},
"id": "680b7684-15a5-4bab-b155-378e4651cbb5",
"page_number": 6,
"text": "defined by MSCI. The Underlying Index is designed to measure the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 397,
"x": 53,
"y": 896
},
"id": "498263c4-1fcb-47f0-95ac-aa8201c42049",
"page_number": 6,
"text": "performance of an equity momentum strategy by emphasizing"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 410,
"x": 519,
"y": 607
},
"id": "4fecb449-40a0-4a3e-8f93-871299466e46",
"page_number": 6,
"text": "stocks with high price momentum, while maintaining reasonably"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 398,
"x": 519,
"y": 621
},
"id": "d5f199b5-4664-48d2-92a1-866127de7aec",
"page_number": 6,
"text": "high trading liquidity, investment capacity and moderate index"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 331,
"x": 518,
"y": 636
},
"id": "3094fca7-960a-4de8-82da-2c4ab5b6d6ba",
"page_number": 6,
"text": "turnover, each as determined by the Index Provider."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 386,
"x": 519,
"y": 657
},
"id": "a676b2cb-028c-4e60-b761-b18b0adb06b2",
"page_number": 6,
"text": "MSCI uses an algorithm to determine the components in the"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 386,
"x": 519,
"y": 672
},
"id": "6cb9721d-329f-45fb-87a3-e10f8931ecb0",
"page_number": 6,
"text": "Underlying Index based on the number of constituents in the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 417,
"x": 519,
"y": 686
},
"id": "36b056ac-9aa2-485f-83cc-40cd22da2c8b",
"page_number": 6,
"text": "Parent Index. A risk-adjusted price momentum metric, defined by"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 320,
"x": 519,
"y": 700
},
"id": "ddfce064-7555-4efc-a4f3-6a3f066b51f1",
"page_number": 6,
"text": "MSCI as the excess return over the risk-free rate ("
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 17,
"x": 840,
"y": 700
},
"id": "c3956ffd-fb49-4dc2-b162-eb3498957d87",
"page_number": 6,
"text": "i.e."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 40,
"x": 859,
"y": 700
},
"id": "b059dbc8-cc43-40b1-8a23-0d670b8e4826",
"page_number": 6,
"text": ", the 3"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 385,
"x": 519,
"y": 714
},
"id": "30621834-9a3e-42d9-a69c-e731cb402424",
"page_number": 6,
"text": "Month Treasury Bill Rate) divided by the annualized standard"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 354,
"x": 519,
"y": 728
},
"id": "6ba3991c-654c-4991-883c-31881960bf8b",
"page_number": 6,
"text": "deviation of weekly returns over the past three years, is"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 400,
"x": 519,
"y": 743
},
"id": "39f8f462-01ae-4c82-a0d9-dda52a9e2a1f",
"page_number": 6,
"text": "calculated for each security in the Parent Index over 6- and 12-"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 388,
"x": 519,
"y": 757
},
"id": "7f231459-3e4b-4cbb-9131-d37c90e3bca5",
"page_number": 6,
"text": "month time periods. The 6- and 12-month risk-adjusted price"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 411,
"x": 519,
"y": 771
},
"id": "d7e56213-8a42-4b62-b7db-54309cd362e9",
"page_number": 6,
"text": "momentum calculations are then standardized at +/- 3 standard"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 423,
"x": 519,
"y": 785
},
"id": "8ee8eb63-5509-4b70-9614-2ee727c6e2d2",
"page_number": 6,
"text": "deviations and translated into an average momentum score. MSCI"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 400,
"x": 519,
"y": 799
},
"id": "e3d9a049-eea4-4b12-9e49-dc5b38a44884",
"page_number": 6,
"text": "selects the 125 securities with the highest positive momentum"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 403,
"x": 519,
"y": 813
},
"id": "562998a2-1ab8-4fff-aef0-736e925ead6b",
"page_number": 6,
"text": "scores for inclusion in the Underlying Index. The weight of each"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 392,
"x": 519,
"y": 828
},
"id": "d72e52de-8b49-4b5f-8530-88b3a6138819",
"page_number": 6,
"text": "Underlying Index constituent is determined by multiplying the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 415,
"x": 519,
"y": 842
},
"id": "a11a9a88-61c8-4eff-96e4-54d7c8c2a198",
"page_number": 6,
"text": "security\u2019s momentum score by its market capitalization weight in"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 409,
"x": 518,
"y": 856
},
"id": "4564195a-478b-48ec-b08e-6f0bec3531a8",
"page_number": 6,
"text": "the Parent Index. Additionally, a capping methodology is applied"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 351,
"x": 519,
"y": 870
},
"id": "74973b36-1d8a-4b2f-8093-39d34a5ea5bf",
"page_number": 6,
"text": "so that each individual issuer is capped at 5% weight at"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 92,
"x": 519,
"y": 884
},
"id": "62984fcc-4678-46d7-ac6b-eb9061eb6fe3",
"page_number": 6,
"text": "reconstitution."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 19,
"x": 495,
"y": 944
},
"id": "fe19d6b8-8fb0-47a1-8ae8-6a92ac63f143",
"page_number": 6,
"text": "S-1"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 413,
"x": 52,
"y": 46
},
"id": "13acf5f3-a713-400b-b846-adc4741f92bb",
"page_number": 7,
"text": "The Index Provider also takes into account certain diversification"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 363,
"x": 53,
"y": 61
},
"id": "ad5ebb4b-78bb-4f5a-9e1f-3aa84d1d597e",
"page_number": 7,
"text": "rules. At reconstitution, if the aggregate weight of stocks"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 411,
"x": 53,
"y": 75
},
"id": "2827d305-ce14-46a9-b345-ed1c5beb8a3c",
"page_number": 7,
"text": "representing more than 4.5% weight is greater than 22.5% of the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 416,
"x": 53,
"y": 89
},
"id": "9ff7b50e-ae91-4a46-82a4-cf1908158933",
"page_number": 7,
"text": "Underlying Index weight, the Underlying Index is rebalanced such"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 403,
"x": 52,
"y": 103
},
"id": "9ebf357d-b393-40d7-8410-224b8f1032db",
"page_number": 7,
"text": "that the aggregate weight of stocks greater than 4.5% does not"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 349,
"x": 53,
"y": 117
},
"id": "7e2e14e7-9092-482f-b4ff-88bbd4e50f25",
"page_number": 7,
"text": "exceed 22.5% of the Underlying Index weight. Between"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 345,
"x": 53,
"y": 131
},
"id": "c3aa23a3-2fba-44dd-ae39-b8edc580adf2",
"page_number": 7,
"text": "reconstitution dates, if the aggregate weight of stocks"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 386,
"x": 53,
"y": 146
},
"id": "eb205052-b228-477f-97b5-b905f2aa4eaa",
"page_number": 7,
"text": "representing more than 5% weight is greater than 25% of the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 416,
"x": 53,
"y": 160
},
"id": "e92c9cd5-0166-4265-bf33-4727fb18da29",
"page_number": 7,
"text": "Underlying Index weight, the Underlying Index is rebalanced such"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 403,
"x": 52,
"y": 174
},
"id": "f9b0266f-3d5b-4afe-b688-5e3437cbbb23",
"page_number": 7,
"text": "that the aggregate weight of stocks greater than 4.5% does not"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 290,
"x": 53,
"y": 188
},
"id": "60680680-ba22-478e-b16b-ce05311e93da",
"page_number": 7,
"text": "exceed 22.5% of the Underlying Index weight."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 415,
"x": 52,
"y": 210
},
"id": "a8e113f0-26ce-4813-947b-e939dc6eef98",
"page_number": 7,
"text": "The Underlying Index is reconstituted quarterly. To determine the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 403,
"x": 53,
"y": 224
},
"id": "610418c3-a3d6-402c-a7cd-3fde43b549cf",
"page_number": 7,
"text": "constituent changes at each quarterly reconstitution, the Index"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 368,
"x": 53,
"y": 239
},
"id": "a6f8f1c0-fdb4-4d3f-a162-537c9bb71c2e",
"page_number": 7,
"text": "Provider applies an iterative algorithm to cap the one-way"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 423,
"x": 52,
"y": 253
},
"id": "16e70b82-0206-43b9-b7a8-949846b44c38",
"page_number": 7,
"text": "turnover per reconstitution at 30%. As of July 31, 2025, there were"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 241,
"x": 55,
"y": 267
},
"id": "fd20c75e-1179-4ce2-9df5-a4535ff6a239",
"page_number": 7,
"text": "125 securities in the Underlying Index."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 421,
"x": 52,
"y": 289
},
"id": "e3984d03-b916-43b1-bb20-c296f183965a",
"page_number": 7,
"text": "As of July 31, 2025, a significant portion of the Underlying Index is"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 402,
"x": 53,
"y": 303
},
"id": "d7521e44-5aac-4eff-8535-134dfda95b02",
"page_number": 7,
"text": "represented by securities of companies in the consumer goods"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 416,
"x": 53,
"y": 317
},
"id": "227dc0ae-3a08-48f6-bc81-702029a3c223",
"page_number": 7,
"text": "and services, financials and technology industries or sectors. The"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 392,
"x": 53,
"y": 331
},
"id": "0f3ac485-c0cf-40c4-976e-d68bfc39b661",
"page_number": 7,
"text": "components of the Underlying Index are likely to change over"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 31,
"x": 52,
"y": 346
},
"id": "0f4c5a8c-d601-41cf-928d-dfa048ffc309",
"page_number": 7,
"text": "time."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 376,
"x": 53,
"y": 369
},
"id": "c3cfb887-f9c7-42f3-91f7-357fc44d93e2",
...