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iShares Trust Supplement dated October 1, 2026 to the currently effective Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”) for the iShares Large Cap 10% Target Buffer Sep ETF (STEN), iShares Large Cap Max Buffer Sep ETF (SMAX) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”)

As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings ascribed to them in each Fund’s Prospectus and SAI.

An investment in each Fund over the course of the Outcome Period is subject to such Fund’s Approximate Cap as set forth in the table below.

Fund (Ticker) Outcome Period Approximate Cap

iShares Large Cap 10% Target Buffer Sep ETF (STEN)

Oct. 1, 2026 to Sep. 30, 2027

19.25% (gross of management fee) 18.75% (net of management fee)

iShares Large Cap Max Buffer Sep ETF (SMAX)

Oct. 1, 2026 to Sep. 30, 2027

9.77% (gross of management fee) 9.27% (net of management fee)

iShares Large Cap Accelerated Outcome ETF (TWOX)

Oct. 1, 2026 to Dec. 31, 2026

6.90% (gross of management fee) 6.78% (net of management fee)

Each Fund’s Prospectus, Summary Prospectus and SAI are amended to revise all references to the Outcome Period and Approximate Cap, when applicable, to reflect the information above.

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-OC-Cap-1026

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Page 2

iShares Trust Supplement dated September 22, 2026 to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) for the iShares Large Cap 10% Target Buffer Sep ETF (STEN), iShares Large Cap Max Buffer Sep ETF (SMAX) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”)

The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome Period as estimated by the Fund’s investment adviser using information available as of the date of this supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be included in a supplement filing following the close of business on the last business day of the current Outcome Period.

Fund (Ticker) Upcoming Outcome Period Estimated Approximate Cap Range

iShares Large Cap 10% Target Buffer Sep ETF (STEN)

Oct. 1, 2026 to Sep. 30, 2027

18.20% - 20.26% (gross of management fee)

17.70% - 19.76% (net of management fee)

iShares Large Cap Max Buffer Sep ETF (SMAX)

Oct. 1, 2026 to Sep. 30, 2027

8.88% - 9.95% (gross of management fee)

8.38% - 9.45% (net of management fee)

iShares Large Cap Accelerated Outcome ETF (TWOX)

Oct. 1, 2026 to Dec. 31, 2026

6.25% - 8.17% (gross of management fee)

6.13% - 8.04% (net of management fee)

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-iCap-0926

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Page 3

iShares ®

iShares Trust Supplement dated July 1, 2026 to the currently effective Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”) for the iShares Large Cap Accelerated Outcome ETF (TWOX), iShares Large Cap 10% Target Buffer Jun ETF (TENJ) and iShares Large Cap Max Buffer Jun ETF (MAXJ) (each, a “Fund”)

An investment in each Fund over the course of the Outcome Period is subject to such Fund’s Approximate Cap as set forth in the table below.

Fund (Ticker) Outcome Period Approximate Cap iShares Large Cap Accelerated Outcome ETF (TWOX)

Jul. 1, 2026 to Sep. 30, 2026

7.54% (gross of management fee) 7.41% (net of management fee)

iShares Large Cap 10% Target Buffer Jun ETF (TENJ)

Jul. 1, 2026 to Jun. 30, 2027

19.02% (gross of management fee) 18.52% (net of management fee)

iShares Large Cap Max Buffer Jun ETF (MAXJ)

Jul. 1, 2026 to Jun. 30, 2027

8.54% (gross of management fee) 8.04% (net of management fee)

Each Fund’s Prospectus, Summary Prospectus and SAI are amended to revise all references to the Outcome Period and Approximate Cap, when applicable, to reflect the information above.

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-OC-Cap-0626

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

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iShares ®

iShares Trust Supplement dated June 23, 2026 to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) for the iShares Large Cap 10% Target Buffer Jun ETF (TENJ), iShares Large Cap Max Buffer Jun ETF (MAXJ) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”)

Fund (Ticker) Upcoming Outcome Period

Estimated Approximate Cap Range

iShares Large Cap 10% Target Buffer Jun ETF (TENJ)

Jul. 1, 2026 to Jun. 30, 2027

17.55% - 19.59% (gross of management fee) 17.05% - 19.09% (net of management fee)

iShares Large Cap Max Buffer Jun ETF (MAXJ)

Jul. 1, 2026 to Jun. 30, 2027

7.55% - 8.59% (gross of management fee) 7.05% - 8.09% (net of management fee)

iShares Large Cap Accelerated Outcome ETF (TWOX)

Jul. 1, 2026 to Sep. 30, 2026

6.07% - 7.99% (gross of management fee) 5.95% - 7.86% (net of management fee)

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-iCap-0626

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

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iShares ®

iShares Trust Supplement dated April 1, 2026 to the currently effective Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”) for the iShares Large Cap Accelerated Outcome ETF (TWOX), iShares Large Cap 10% Target Buffer Mar ETF (TENM) and iShares Large Cap Max Buffer Mar ETF (MMAX) (each, a “Fund”)

An investment in each Fund over the course of the Outcome Period is subject to such Fund’s Approximate Cap as set forth in the table below.

Fund (Ticker) Outcome Period Approximate Cap

iShares Large Cap Accelerated Outcome ETF (TWOX)

Apr. 1, 2026 to Jun. 30, 2026

8.14% (gross of management fee)

8.02% (net of management fee)

iShares Large Cap 10% Target Buffer Mar ETF (TENM)

Apr. 1, 2026 to Mar. 31, 2027

18.89% (gross of management fee)

18.39% (net of management fee)

iShares Large Cap Max Buffer Mar ETF (MMAX)

Apr. 1, 2026 to Mar. 31, 2027

7.02% (gross of management fee)

6.52% (net of management fee)

Each Fund’s Prospectus, Summary Prospectus and SAI are amended to revise all references to the Outcome Period and Approximate Cap, when applicable, to reflect the information above.

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- OC-Cap-0426

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

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iShares ®

iShares Trust Supplement dated March 24, 2026 to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) for the iShares Large Cap Accelerated Outcome ETF (TWOX), iShares Large Cap 10% Target Buffer Mar ETF (TENM) and iShares Large Cap Max Buffer Mar ETF (MMAX) (each, a “Fund”)

Fund (Ticker) Upcoming Outcome Period Estimated Approximate Cap Range

iShares Large Cap Accelerated Outcome ETF (TWOX)

Apr. 1, 2026 to Jun. 30, 2026

6.70% - 9.20% (gross of management fee) 6.57% - 9.07% (net of management fee)

iShares Large Cap 10% Target Buffer Mar ETF (TENM)

Apr. 1, 2026 to Mar. 31, 2027

16.75% - 19.25% (gross of management fee) 16.25% - 18.75% (net of management fee)

iShares Large Cap Max Buffer Mar ETF (MMAX)

Apr. 1, 2026 to Mar. 31, 2027

6.80% - 7.90% (gross of management fee) 6.30% - 7.40% (net of management fee)

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-iCap-0326

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

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iShares ®

iShares Trust Supplement dated January 2, 2026 to the currently effective Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”) for the iShares Large Cap Accelerated Outcome ETF (TWOX), iShares Large Cap 10% Target Buffer Dec ETF (TEND) and iShares Large Cap Max Buffer Dec ETF (DMAX) (each, a “Fund”)

An investment in each Fund over the course of the Outcome Period is subject to such Fund’s Approximate Cap as set forth in the table below.

Fund (Ticker) Outcome Period Approximate Cap

iShares Large Cap Accelerated Outcome ETF (TWOX)

Jan. 1, 2026 to Mar. 31, 2026

6.34% (gross of management fee) 6.22% (net of management fee)

iShares Large Cap 10% Target Buffer Dec ETF (TEND)

Jan. 1, 2026 to Dec. 31, 2026

16.65% (gross of management fee) 16.15% (net of management fee)

iShares Large Cap Max Buffer Dec ETF (DMAX)

Jan. 1, 2026 to Dec. 31, 2026

6.80% (gross of management fee) 6.30% (net of management fee)

Each Fund’s Prospectus, Summary Prospectus and SAI are amended to revise all references to the Outcome Period and Approximate Cap, when applicable, to reflect the information above.

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-TWOX+ TEND+ DMAX -Cap-0126

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

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iShares ®

iShares Trust Supplement dated December 23, 2025 to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) for the iShares Large Cap Accelerated Outcome ETF (TWOX), iShares Large Cap 10% Target Buffer Dec ETF (TEND) and iShares Large Cap Max Buffer Dec ETF (DMAX) (each, a “Fund”)

Fund (Ticker)

Upcoming Outcome Period Estimated Approximate Cap Range iShares Large Cap Accelerated Outcome ETF (TWOX)

Jan. 1, 2026 to Mar. 31, 2026

5.06% - 7.56% (gross of management fee) 4.93% - 7.43% (net of management fee)

iShares Large Cap 10% Target Buffer Dec ETF (TEND)

Jan. 1, 2026 to Dec. 31, 2026

15.43% - 17.93% (gross of management fee) 14.93% -17.43% (net of management fee)

iShares Large Cap Max Buffer Dec ETF (DMAX)

Jan. 1, 2026 to Dec. 31, 2026

6.50% - 7.55% (gross of management fee) 6.00% - 7.05% (net of management fee)

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-iCap-1225

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Page 9

NOVEMBER 28, 2025

Prospectus

iShares Trust

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

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iShares Large Cap Accelerated Outcome ETF ............................

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iShares Large Cap Max Buffer Mar ETF ....................................

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iShares Large Cap Max Buffer Jun ETF .....................................

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iShares Large Cap Max Buffer Sep ETF .....................................

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iShares Large Cap Max Buffer Dec ETF ....................................

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

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

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

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

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

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

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

Table of Contents

Fund Summaries

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iSHARES ® LARGE CAP ACCELERATED OUTCOME ETF

Ticker: TWOX Stock Exchange: Cboe BZX

As described in this prospectus, the iShares Large Cap Accelerated Outcome ETF (the “Fund”) seeks to provide the following pre determined outcomes (the “Outcomes”) for an investment that is held for an entire Outcome Period: (1) the Accelerated Return, which is based on the upside share price return of the Underlying Fund and is subject to the Approximate Cap, and (2) approximately the same downside performance of the Underlying Fund. Please see below for the definitions of key terms. Underlying Fund : iShares Core S&P 500 ETF Underlying Fund’s Index : S&P 500 Index Outcome Period : A full calendar quarter (i.e., January 1-March 31, April 1-June 30, July 1-September 30, October 1-December 31) Accelerated Return : The Approximately twice the share price increase experienced by the Underlying Fund over the Outcome Period Approximate Cap : The approximate upside limit on the Accelerated Return during the Outcome Period, which will reset at the start of each Outcome Period

The Fund has characteristics unlike many investment products and may not be appropriate for all investors. The Outcomes sought by the Fund’s strategy are not guaranteed. The Accelerated Return and the Approximate Cap may not operate as anticipated, and investors may lose some or all of their money. The Outcomes apply only to shares that are held for an entire Outcome Period. An investor who buys Fund shares after the start of an Outcome Period may experience lesser returns and may be exposed to greater losses than that of the Underlying Fund. An investment in the Fund is appropriate only for investors willing to bear those losses. An investor who sells Fund shares before the end of an Outcome Period may not fully realize the Accelerated Return. The Fund does not provide a buffer against losses experienced by the Underlying Fund. An investment in the Fund is appropriate only for investors willing to bear those losses. The Approximate Cap is provided prior to taking into account any fees or expenses charged to the Fund or shareholder transaction fees. Fees and any expenses will reduce the Approximate Cap amount for Fund shareholders for an Outcome Period. The Approximate Cap will likely change for each Outcome Period and will be announced at the start of each Outcome Period. Visit the Fund’s page on www.iShares.com for information about the start date and end date of the current Outcome Period, the Approximate Cap for the current Outcome Period and the potential outcomes of an investment in the Fund, including the remaining Approximate Cap.

Investment Objective

The iShares Large Cap Accelerated Outcome ETF (the “Fund”) seeks to provide approximately twice the positive share price return of the iShares Core S&P 500 ETF (the “Underlying Fund”), up to an approximate upside limit, while seeking to approximately track the negative share price return of the Underlying Fund, over each full calendar quarter.

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.

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates, through November 29, 2030. The contractual waiver may be terminated prior to November 29, 2030 only upon written agreement of the Trust and BFA.

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.

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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

Acquired Fund Fees and Expenses

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.50% None 0.00% 0.03% 0.53% 0.03% 0.50%

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 $51 $160 $280 $649

Portfolio Turnover. The Fund or the Underlying Fund may pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate for the Fund or the Underlying Fund may indicate higher transaction costs and may cause the Fund or the Underlying Fund to incur increased expenses. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example (except costs to the Underlying Fund included as part of Acquired Fund Fees and Expenses), affect the Fund’s performance. From inception (January 15, 2025) to the most recent fiscal year end, the Fund’s portfolio turnover rate was 2% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to provide certain pre-determined outcomes (the “Outcomes”) based on the performance of the iShares Core S&P 500 ETF (the “Underlying Fund”) for investors who hold Fund shares over a full calendar quarter (the “Outcome Period”). The Outcomes sought by the Fund are: Approximately twice the share price return of the Underlying Fund (the “Accelerated Return”), up to an approximate upside limit (the “Approximate Cap”), and Downside performance that approximately tracks, one for one, the negative share price return of the Underlying Fund.

If investors buy Fund shares after the start of the Outcome Period or sell Fund shares before the Outcome Period concludes, they may experience returns that differ significantly from the Outcomes. These include experiencing little or no gains related to

the Accelerated Return or the Underlying Fund and losses that are greater than the Underlying Fund’s losses. The Outcomes may not be achieved, and investors may lose some or all of their money. The Fund does not provide a buffer, floor or other protection against losses.

The Fund will be offered indefinitely and is not intended to terminate after one or more Outcome Periods.

The Current Outcome Period

For the current Outcome Period of October 1, 2025 through December 31, 2025, the Approximate Cap is 6.74%, before taking into account any fees or expenses charged to, or transaction costs incurred by, the Fund or the Underlying Fund. When the Fund’s annualized management fee of 0.50% of its average daily net assets is taken into account, the Approximate Cap for the current Outcome Period is reduced to 6.62%. The returns that the Fund seeks to provide do not take into account the costs associated with buying shares of the Underlying Fund and any other expenses incurred by the Fund. Please visit the Fund’s page on www.iShares.com for more information about the potential outcomes of an investment in the Fund during the current Outcome Period, including the remaining Approximate Cap.

The Underlying Fund

The Underlying Fund is the iShares Core S&P 500 ETF (Ticker: IVV). It is an exchange-traded fund (“ETF”) that seeks to track the investment results of the S&P 500 Index (the “Underlying Fund’s Index”), which measures the performance of the large capitalization sector of the U.S. equity market, as determined by S&P Dow Jones Indices, LLC. The securities in the Underlying Fund’s Index represent a broad range of industries and are weighted based on the float-adjusted market value of their outstanding shares. The components of the Underlying Fund’s Index are likely to change over time. BFA is the investment adviser to the Underlying Fund and receives a management fee from the Underlying Fund.

BFA manages the Underlying Fund using a “representative sampling” indexing strategy. This involves investing in a

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representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities 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 Underlying Fund may or may not hold all of the securities in the Underlying Fund’s Index, which may cause the Underlying Fund’s performance to diverge from that of the index and produce “tracking error.” Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.

The prospectus and other reports of the Underlying Fund are available at www.sec.gov and www.iShares.com. Shares of the Underlying Fund are listed on NYSE Arca, Inc.

The Fund’s Use of Options

The Fund principally buys shares of the Underlying Fund and customized call options thereon and sells call options that reference the Underlying Fund. The options in which the Fund transacts (typically, equity or index exchange-traded options contracts) are referred to generally as Flexible Exchange Options (“FLEX Options”). The Fund may transact in other exchange traded options that reference the price performance of the Underlying Fund, the Underlying Fund’s Index or other ETFs that track the Underlying Fund’s Index.

An options contract is an agreement between a buyer and seller that gives the purchaser of the option the right but not the obligation to buy (in the case of a call option) or sell (in the case of a put option) a particular financial instrument at a specified future date for an agreed-upon price, commonly known as the “strike price”. When the Fund buys a call option, it pays a premium and receives the right, but not the obligation, to purchase shares of the Underlying Fund or other reference asset at a strike price by or on the expiration date. If the Fund buys a put option, it pays a premium and receives the right, but not the obligation, to sell shares of the Underlying Fund or other reference asset at a strike price by or on the expiration date. When the Fund writes (sells) a call option, it receives a premium and gives the purchaser of the option the right to purchase from the Fund shares of the Underlying Fund or other reference asset at a strike price by or on the expiration date. If the Fund writes (sells) a put option, it receives a premium and gives the purchaser of the option the right to sell to the Fund shares of the Underlying Fund or other reference asset at a strike price by or on expiration date.

FLEX Options provide the ability to customize key option contract terms such as strike price, style and expiration date. The options in which the Fund invests are European style, meaning they are exercisable at the strike price only on the expiration date. The Fund typically trades options that expire at or around the end of each Outcome Period.

changes, dividends, the actual and perceived volatility of the reference asset, the remaining time until the options expire, limitations established by options exchanges, and trading conditions in the options market, among others. Due to these factors, the value of the options typically does not increase or decrease at the same rate as the Underlying Fund’s share price on a day-to-day basis. As a result, the Fund’s net asset value per share (“NAV”) may not increase or decrease at the same rate as the Underlying Fund’s share price.

Options positions are marked to market daily by the Fund. The value of the options traded by the Fund is determined based upon market quotations or other recognized pricing methods. The options traded by the Fund are listed on an exchange, including the Chicago Board Options Exchange. The options are guaranteed for settlement by the Options Clearing Corporation (the “OCC”), a market clearinghouse that guarantees the performance by counterparties to certain derivatives contracts. The OCC may make adjustments to FLEX Options for certain significant events.

Outcomes Targeted by the Fund

For each Outcome Period, the Fund obtains exposure to the share price return of the Underlying Fund by holding shares of the Underlying Fund and futures that reference the price performance of the Underlying Fund’s Index. The Accelerated Return and Approximate Cap are typically created by trading a set of call options, as described below, at the close of the last trading day of the prior Outcome Period.

Accelerated Return . The Fund creates the Accelerated Return by buying a call option with a strike price that is approximately at the-money relative to the Underlying Fund’s share price (the “ATM Call”). This exposure to the Underlying Fund, combined with the Fund’s investment in shares of the Underlying Fund and futures on the Underlying Fund’s Index, creates the approximately double upside return.

Approximate Cap . The Fund creates the Approximate Cap by selling a call option that is two times the notional value of the ATM Call and that has a higher, out-of-the-money strike price relative to the Underlying Fund’s share price (the “Cap Option”). The Cap Option’s higher strike price prevents the Fund from realizing the benefit of any increase in the Underlying Fund’s share price above that strike price. The Approximate Cap for an Outcome Period is approximately twice the upside return implied by the strike price of the Cap Option for that Outcome Period. The strike price for the Cap Option depends on the market conditions when the option is sold and likely will be different for each Outcome Period, resulting in a different Approximate Cap for each Outcome Period. The Fund uses the premium collected from selling the Cap Option and the expected dividend distributions from the Underlying Fund to cover the premium that it pays to buy the ATM Call.

The Fund’s Accelerated Return and Approximate Cap (net of the management fee) for the current Outcome Period, along with the Fund’s current position relative to the Outcomes, are available and updated daily on the Fund’s page on www.iShares.com.

On the last trading day of each Outcome Period, the Fund will trade a new set of call options to create the Accelerated Return and Approximate Cap for the next Outcome Period. After the close of business on the last trading day of the Outcome Period, the Fund will file a prospectus supplement that discloses the

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Approximate Cap (gross and net of its management fee) for the next Outcome Period.

Outcome Period

The Outcomes for an Outcome Period apply only to Fund shares that are held over the entire Outcome Period. An investor who purchases Fund shares after the beginning of an Outcome Period or who sells Fund shares before the end of an Outcome Period may not fully realize the Approximate Cap for the Outcome Period and may experience price returns that are different from the Outcomes. This is because, while the Outcomes are fixed levels that are calculated in relation to the Underlying Fund’s price and the Fund’s NAV at the start of that Outcome Period and generally remain constant throughout the Outcome Period, an investor who transacts in Fund shares during the Outcome Period will likely do so at a price that is different from the Fund’s NAV at the start of the Outcome Period.

For example, if an investor purchases Fund shares during an Outcome Period at a time when the Underlying Fund’s share price has increased from its price at the beginning of the Outcome Period, the investor’s upside limit may be lower than the Approximate Cap and the investor may experience losses that exceed the losses of the Underlying Fund for the remainder of the Outcome Period. Conversely, if an investor purchases Fund shares during an Outcome Period at a time when the Underlying Fund’s share price has decreased from its price at the beginning of the Outcome Period, the Fund may require a larger increase in the Underlying Fund’s share price before it reaches the Accelerated Return.

Fund and Underlying Fund Performance

If there are any inflows, or creation transactions, for the Fund during an Outcome Period, the Fund typically will buy Underlying Fund shares and futures on the Underlying Fund’s Index and will seek to trade the same set of call options as described above. This will occur even in circumstances where the Fund would receive a negligible premium for selling an out-of-the-money call, which may give up more sizable returns to the extent that the option later becomes in the money.

Because the Fund uses distributions from the Underlying Fund to purchase the ATM Call, the Fund’s performance is likely to be less than the Underlying Fund’s performance when (1) distributions are considered and (2) the Underlying Fund’s performance is less than half of its distributions or is negative. The Fund may also underperform the Underlying Fund if the returns of the Underlying Fund exceed the Approximate Cap net of the distributions.

The Fund’s market value and NAV may not correlate with the Underlying Fund and the Underlying Fund’s Index. In periods of extreme market volatility, the Fund’s return may be subject to an upside limit significantly below the Approximate Cap and a downside that is significantly greater than the price return of the Underlying Fund. Investors may lose their entire investment, and an investment in the Fund is appropriate only for investors willing to bear those losses.

purchase one or more other ETFs that seek to track the Underlying Fund’s Index; purchase equity securities ( e.g ., component securities of the Underlying Fund or the Underlying Fund’s Index) in seeking to track the share price return of the Underlying Fund; or invest in U.S. treasuries, money market funds and/or other cash equivalents and purchase or sell a combination of call and put options that seek to synthesize the economic characteristics of the Underlying Fund.

If the Fund invests in equity securities (other than the Underlying Fund), the Fund’s equity security investments will be primarily in the common stocks of companies held by the Underlying Fund that BFA believes will provide a risk/return profile similar to that of the Underlying Fund.

Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities or other instruments that provide exposure to securities of large-capitalization companies or that provide for the Accelerated Return or for the Approximate Cap with respect to securities of large-capitalization companies. For purposes of the Fund’s 80% policy, “large-capitalization companies” are those within the range of capitalization of the Underlying Fund’s Index.

Summary of Principal Risks

The Fund has characteristics unlike those of many traditional products and may not be appropriate for all investors. 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 (either directly or through its investments in the Underlying Fund), any of which may adversely affect the Fund’s 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.

Accelerated Return Risk. There can be no guarantee that the Fund will be successful in its strategy to provide approximately twice the positive share price return, if any, of the Underlying Fund over an Outcome Period, subject to an Approximate Cap. If an investor purchases Fund shares after the beginning of an Outcome Period or does not stay invested in the Fund for the entirety of the Outcome Period, the returns realized by the investor may not match those that the Fund seeks to achieve.

Approximate Cap Risk. The Fund’s strategy seeks to provide returns that are subject to an Approximate Cap, whose level depends on prevailing market conditions ( e.g ., volatility, interest rates, dividends, and other factors) at the time that the Approximate Cap is set. The Approximate Cap may rise or fall from one Outcome Period to the next, sometimes to a significant extent, and is unlikely to remain the same for consecutive Outcome Periods. If the Underlying Fund experiences gains in excess of the Approximate Cap for an Outcome Period, the Fund will not participate in any gains beyond the Approximate Cap and will underperform the Underlying Fund. In periods of extreme market volatility, the Fund’s return may be significantly below the Approximate Cap.

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Options Risk. Investments in options are considered speculative. When the Fund purchases an option, it may lose the total premium paid for it if the price of the underlying security or other reference asset related to the option decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price (in the case of a put option). When the Fund sells an option, it may experience a substantial loss if the price of the underlying security or other reference asset increased to a level significantly above the exercise price (in the case of a call option) or decreased to a level significantly below the exercise price (in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

FLEX Options Risk. FLEX Options are subject to the risk that they may be less liquid than certain other instruments, such as standardized options. In less liquid markets for the FLEX Options, terminating FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for FLEX Options, the liquidation of a large number of options may significantly impact the price of the options and may adversely impact the value of an investment in the Fund. There is also a risk that the Fund will be unable to maintain the proportional relationship based on the number of exchange-traded options in the Fund’s portfolio or that adverse tax law changes will negatively impact the treatment of FLEX Options. Additionally, to the extent market participants are not willing or able to enter into FLEX Option transactions with the Fund at prices that reflect the market price of Fund shares, the Fund’s NAV and the share price of the Fund could be negatively impacted.

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.

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.

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

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

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

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

Clearing Member Default Risk. Transactions in some types of derivatives, including FLEX Options and futures, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house, such as the OCC, rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Fund with any clearing member as margin for FLEX Options or futures may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the Underlying Fund, the Fund’s or the Underlying Fund’s clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member’s customers for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults, the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy.

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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.

Counterparty Risk. Derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty. The OCC acts as guarantor and central counterparty with respect to the options held by the Fund. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its clearing and settlement obligations, the Fund could suffer significant losses.

Derivatives Risk. The Fund’s use of derivatives ( e.g ., futures, forwards, swaps, options) may be riskier than other types of investments and may not have the intended effect on the Fund’s performance. Derivatives can be sensitive to changes in economic and market conditions, and they may increase the Fund’s volatility. The Fund also may experience reduced returns as a result of transaction costs and losses on derivatives positions. There is the risk of imperfect correlation between the value of a derivative and that of the asset underlying the derivative. Derivatives may create investment leverage, which could result in losses that significantly exceed the Fund’s original investment. Derivatives are subject to the risk of mispricing or improper valuation, particularly if there is not a liquid secondary market for the instrument. Certain derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. The use of derivatives also exposes the Fund to additional operational and legal risks.

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.

futures contract when desired; (iii) losses from unanticipated market movements, which are potentially unlimited; (iv) BFA’s inability to predict correctly the direction of the prices of futures contracts and other financial and economic factors; (v) a counterparty’s default in the performance of its obligations; (vi) the obligation to make daily cash payments to maintain the required margin for the futures contract; and (vii) the possibility that a failure to close a position may result in delivery of an illiquid commodity to the Fund.

As futures contracts approach expiration, they may be “rolled” ( i.e ., replaced by similar contracts with a later expiration to maintain exposure to the underlying asset), which involves additional risks. In certain market conditions, the sale price of a near-term month contract can be lower than the purchase price of a longer-term contract, resulting in a cost to “roll” the futures contract.

Investment in Underlying Fund Risk. The Fund invests in the Underlying Fund, so the Fund’s investment performance and risks are likely to be directly related to those of the Underlying Fund. The Fund’s NAV will change with changes in the value of the Underlying Fund and other assets that the Fund holds. The shares of the Underlying Fund may trade at a premium or discount to the Underlying Fund’s NAV. Investors in the Fund will indirectly bear the expenses charged by the Underlying Fund, and an investment in the Fund may entail more expenses than a direct investment in the Underlying Fund.

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 Shareholder and Large-Scale Redemption Risk. Certain shareholders of the Fund, including an Authorized Participant, a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.

Management Risk. The Fund is subject to management risk, which is the risk that the investment process, techniques, models and/or risk analyses applied by BFA will not produce the desired

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results. The securities or other assets selected by BFA may result in returns that are inconsistent with the Fund’s investment objective, and the Fund may underperform the market or any relevant benchmark. In addition, legislative, regulatory, or tax developments may affect the investment techniques available to BFA in connection with managing the Fund and may adversely affect the ability of the Fund to 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.

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

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

Outcome Period Risk. The Approximate Cap for an Outcome Period applies to Fund shares held over the entire Outcome Period. If an investor purchases Fund shares after an Outcome Period begins or sells Fund shares prior to the end of an Outcome Period, the returns realized by the investor will not match those that the Fund seeks to provide.

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

Tax Risk. The Fund intends to elect and to qualify each year to be treated as a regulated investment company (“RIC”) under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gains that it distributes to shareholders, provided that it satisfies certain requirements of the Internal Revenue Code. However, the federal income tax treatment of certain aspects of the Fund’s operations are not entirely clear. This includes the tax aspects of the Fund’s options strategy, its hedging strategy, the application of the “straddle” rules, and various loss limitation provisions of the Internal Revenue Code.

To qualify and maintain its status as a RIC, the Fund must meet certain income, diversification and distributions tests. For purposes of the diversification test, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In particular, there is no published Internal Revenue Service (“IRS”) guidance or case law on how to determine the “issuer” of certain derivatives that the Fund will enter into. Based upon the language in the legislative history, the Fund intends to treat the reference asset (i.e ., the Underlying Fund) as the issuer of the options. Assuming the reference asset qualifies as a RIC, the Fund could count the options as automatically diversified investments under the RIC diversification requirements. The Fund intends to treat any income it may derive from the options as “qualifying income” under the provisions of the Internal Revenue Code applicable to RICs. If the income is not qualifying income or the issuer of the options is not appropriately the reference asset, the Fund may not qualify, or may be disqualified, as a RIC. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed.

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.

Valuation Risk . The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants that create or redeem Fund shares on days when the Fund is holding fair-valued securities or other assets may receive fewer or more shares, or lower or higher

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redemption proceeds, than they would have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.

Performance Information

As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report.

Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).

Tax Information

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

Payments to Broker-Dealers and Other Financial Intermediaries

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

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Portfolio Managers. Erin Armstrong, Orlando Montalvo, and Kyle McClements (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Ms. Armstrong, Mr. Montalvo, and Mr. McClements have been Portfolio Managers of the Fund since 2025.

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iSHARES ® LARGE CAP MAX BUFFER MAR ETF

Ticker: MMAX Stock Exchange: Cboe BZX

As described in this prospectus, the iShares Large Cap Max Buffer Mar ETF (the “Fund”) seeks to provide the following pre-determined outcomes (the “Outcomes”) for an investment that is held for an entire Outcome Period: (1) exposure to the share price return of the Underlying Fund up to the Approximate Cap, and (2) downside protection against approximately 100% of Underlying Fund losses through an Approximate Buffer. Please see below for the definitions of key terms. Underlying Fund : iShares Core S&P 500 ETF Underlying Fund’s Index : S&P 500 Index Outcome Period : April 1 through March 31 Approximate Cap : The approximate upside limit on the share price return of the Underlying Fund during the Outcome Period, which will reset at the start of each Outcome Period Approximate Buffer : The downside protection, as sought by the Fund, for approximately 100% of Underlying Fund losses if the Fund is held for the entire Outcome Period

The Fund has characteristics unlike those of many investment products and may not be appropriate for all investors. The Outcomes sought by the Fund’s strategy are not guaranteed. The Approximate Cap and the Approximate Buffer may not operate as anticipated, and investors may lose some or all their money. The Outcomes apply only to shares that are held for an entire Outcome Period. An investor who buys Fund shares after the start of an Outcome Period or sells Fund shares before the end of an Outcome Period may not fully realize the Approximate Cap or the Approximate Buffer and may be exposed to greater risk of loss. The Approximate Buffer is provided prior to taking into account any fees or expenses charged to the Fund or shareholder transaction fees. These fees and any expenses will reduce the Approximate Buffer amount for Fund shareholders for an Outcome Period. The Approximate Cap will likely change for each Outcome Period and will be announced at the start of each Outcome Period. Visit the Fund’s page on www.iShares.com for information about the start date and end date of the current Outcome Period, the Approximate Cap for the current Outcome Period and the potential outcomes of an investment in the Fund, including the remaining Approximate Cap and remaining Approximate Buffer.

Investment Objective

The iShares Large Cap Max Buffer Mar ETF (the “Fund”) seeks to track the share price return of the iShares Core S&P 500 ETF (the “Underlying Fund”) up to an approximate upside limit, while seeking to maximize the downside protection against price declines of the Underlying Fund over an approximate 12-month period beginning at the end of each March.

Fees and Expenses

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates, through November 30, 2029. The contractual waiver may be terminated prior to November 30, 2029 only upon written agreement of the Trust and BFA.

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.

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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 2

Acquired Fund Fees and Expenses 2

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.50% None 0.00% 0.03% 0.53% 0.03% 0.50%

1 Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any. 2 Based on estimated amounts for the current fiscal year.

1 Year 3 Years $51 $160

Portfolio Turnover. The Fund or the Underlying Fund may pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate for the Fund or the Underlying Fund may indicate higher transaction costs and may cause the Fund or the Underlying Fund to incur increased expenses. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example (except costs to the Underlying Fund included as part of Acquired Fund Fees and Expenses), affect the Fund’s performance. From inception (March 31, 2025) to the most recent fiscal year end, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to provide certain pre-determined Outcomes based on the performance of the Underlying Fund for investors who hold Fund shares over a 12-month period (the “Outcome Period”). The Outcomes sought by the Fund are: The share price return of the Underlying Fund capped at an approximate upside limit (the “Approximate Cap”), and Protection against approximately 100% of the Underlying Fund’s losses (the “Approximate Buffer”) over each Outcome Period.

The Outcomes are intended to be realized only by investors who hold Fund shares at the outset of the Outcome Period and continue to hold the shares through the end of the Outcome Period. Specifically, in order to hold Fund shares for the entirety of an Outcome Period, an investor must buy or continue holding shares at the close on the last trading day of the prior Outcome Period and sell or continue holding the shares at the close on the last trading day of the current Outcome Period. If investors buy Fund shares after the start of the Outcome Period or sell Fund shares before the Outcome Period concludes, they may experience returns that differ significantly from the Outcomes. These include experiencing little or no gains related to the Underlying Fund and little or no protection against losses of the

Underlying Fund. Investors may lose their entire investment, and an investment in the Fund is appropriate only for investors willing to bear those losses. The Fund will be offered indefinitely and is not intended to terminate after one or more Outcome Periods.

The Current Outcome Period

The current Outcome Period started on April 1, 2025 and ends on March 31, 2026. For the current Outcome Period, the Approximate Cap is 8.11% before taking into account any fees or expenses charged to, or transaction costs incurred by, the Fund or the Underlying Fund. When the Fund’s annualized management fee of 0.50% of its average daily net assets is taken into account, the Approximate Cap for the current Outcome Period is reduced to 7.61%. The returns that the Fund seeks to provide do not take into account the costs associated with buying shares of the Underlying Fund and any other expenses incurred by the Fund. Please visit the Fund’s page on www.iShares.com for more information about the potential outcomes of an investment in the Fund during the current Outcome Period, including the remaining Approximate Cap.

The Underlying Fund

BFA manages the Underlying Fund using a “representative sampling” indexing strategy. This involves investing in a representative sample of securities that collectively has an

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investment profile similar to that of an applicable underlying index. The securities 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 Underlying Fund may or may not hold all of the securities in the Underlying Fund’s Index, which may cause the performance of the Underlying Fund to diverge from that of the Underlying Fund’s Index and produce “tracking error”. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.

The prospectus and other reports of the Underlying Fund are available at www.sec.gov and www.iShares.com. Shares of the Underlying Fund are listed on NYSE Arca, Inc.

The Fund’s Use of Options

The Fund principally buys shares of the Underlying Fund and customized put options thereon and sells call options that reference the Underlying Fund. The options in which the Fund transacts (typically, equity or index exchange-traded options contracts) are referred to generally as Flexible Exchange Options (“FLEX Options”). The Fund may transact in other exchange traded options that reference the price performance of the Underlying Fund, the Underlying Fund’s Index, or other ETFs that track the Underlying Fund’s Index.

An options contract is an agreement between a buyer and seller that gives the purchaser of the option the right but not the obligation to buy (in the case of a call option) or sell (in the case of a put option) a particular financial instrument at a specified future date for an agreed-upon price, commonly known as the “strike price”. If the Fund buys a call option, it pays a premium and receives the right, but not the obligation, to purchase shares of the Underlying Fund or other reference asset at a strike price by or on the expiration date. When the Fund buys a put option, it pays a premium and receives the right, but not the obligation, to sell shares of the Underlying Fund or other reference asset at a strike price by or on the expiration date. When the Fund writes (sells) a call option, it receives a premium and gives the purchaser of the option the right to purchase from the Fund shares of the Underlying Fund or other reference asset at a strike price by or on the expiration date. If the Fund writes (sells) a put option, it receives a premium and gives the purchaser of the option the right to sell to the Fund shares of the Underlying Fund or other reference asset at a strike price by or on expiration date.

limitations established by options exchanges, and trading conditions in the options market, among others. Due to these factors, the value of the options typically does not increase or decrease at the same rate as the Underlying Fund’s share price on a day-to-day basis. As a result, the Fund’s net asset value per share (“NAV”) may not increase or decrease at the same rate as the Underlying Fund’s share price.

Outcomes Targeted by the Fund

For each Outcome Period, the Fund obtains exposure to the share price return of the Underlying Fund by holding shares of the Underlying Fund and futures that reference the price performance of the Underlying Fund’s Index. The Approximate Buffer and Approximate Cap are typically created by trading a combination of put and call options, as described below, at the close of the last trading day of the prior Outcome Period.

Approximate Buffer . The Fund creates the Approximate Buffer by buying a put option with a strike price that is approximately at the-money relative to the Underlying Fund’s share price. The Approximate Buffer is against approximately 100% of the Underlying Fund’s losses for the applicable Outcome Period; however, there is no guarantee that the Approximate Buffer will succeed in providing the intended protection. The Approximate Buffer is provided prior to taking into account any fees or expenses charged to the Fund. These fees and any expenses will reduce the Approximate Buffer amount for Fund shareholders for an Outcome Period. When the Fund’s annual management fee of 0.50% of the Fund’s daily net assets is taken into account, the net Approximate Buffer for the Outcome Period is 99.5%.

While the Fund seeks to maximize protection against Underlying Fund losses for the applicable Outcome Period, the Fund will reduce the Approximate Buffer below 100% in order to provide an Approximate Cap of at least 2%. For example, if interest rates are low enough that providing protection against approximately 100% of Underlying Fund losses would result in an Approximate Cap of less than 2%, the Fund would decrease the protection such that the Approximate Cap is at least 2%.

Approximate Cap . The Fund creates the Approximate Cap by selling a call option with a higher strike price relative to the Underlying Fund’s share price (the “Cap Option”). The Cap Option’s higher strike price prevents the Fund from realizing the benefit of any increase in the Underlying Fund’s share price above that strike price. The Approximate Cap for each Outcome Period is based on the strike price of the Cap Option for that Outcome Period. The strike price of the Cap Option depends on the market conditions when the option is sold and likely will be different for each Outcome Period, resulting in a different Approximate Cap for each Outcome Period. The Fund uses the premium collected from selling the Cap Option and the expected dividend distributions

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from the Underlying Fund to cover the premium that it pays to buy the options that create the Approximate Buffer.

The Fund’s Approximate Buffer and Approximate Cap (net of the management fee) for the current Outcome Period, along with the Fund’s current position relative to the Outcomes, are available and updated daily on the Fund’s page on www.iShares.com.

Approximately one week prior to the end of each Outcome Period, the Fund expects to file a prospectus supplement that discloses an estimated range (as estimated by BFA) for the Approximate Cap for the Fund’s next Outcome Period. On the last trading day of each Outcome Period, the Fund will trade a new set of options to create the Approximate Buffer and Approximate Cap for the next Outcome Period. After the close of business on the last trading day of the Outcome Period, the Fund will file a prospectus supplement that discloses the Fund’s Approximate Cap (gross and net of its management fee) for the next Outcome Period.

Outcome Period

The Outcomes for an Outcome Period apply only to Fund shares that are held over the entire Outcome Period. An investor who purchases Fund shares after the beginning of an Outcome Period or who sells Fund shares before the end of an Outcome Period may not fully realize the Outcomes for the Outcome Period and may be exposed to greater risk of loss and less potential gain. This is because, while the Outcomes are fixed levels that are calculated in relation to the Underlying Fund’s price and the Fund’s NAV at the start of each Outcome Period and generally remain constant throughout the Outcome Period, an investor who transacts in Fund shares during the Outcome Period will likely do so at a price that is different from the Fund’s NAV at the start of the Outcome Period.

For example, if an investor purchases Fund shares during an Outcome Period at a time when the Underlying Fund’s share price has increased from its price at the beginning of the Outcome Period, the investor’s upside limit may be lower than the Approximate Cap and the investor may experience losses prior to reaching the downside protection offered by the Approximate Buffer. Conversely, if an investor purchases Fund shares during an Outcome Period at a time when the Underlying Fund’s share price has decreased from its price at the beginning of the Outcome Period, the Fund may require a larger increase in the Underlying Fund’s share price before it reaches the Approximate Cap.

Fund and Underlying Fund Performance

If there are any inflows, or creation transactions, for the Fund during an Outcome Period, the Fund will typically buy Underlying Fund shares and futures on the Underlying Fund’s Index and seek to enter into the combination of options transactions described above. This will occur even in circumstances where the Fund would receive a negligible premium for selling an out-of-the money call, which may give up more sizable returns to the extent that the option later becomes in the money.

Because the Fund uses distributions from the Underlying Fund to purchase the downside protection, the Fund’s performance is likely to be less than the Underlying Fund’s performance when (1) distributions are considered and (2) the Underlying Fund’s performance is positive. The Fund may also underperform the

Underlying Fund if the returns of the Underlying Fund exceed the Approximate Cap net of the distributions.

The Fund’s market value and NAV may not correlate with the Underlying Fund and the Underlying Fund’s Index. In periods of extreme market volatility, the Fund’s return may be subject to an upside limit significantly below the Approximate Cap and to significantly less downside protection than the Approximate Buffer. Investors may lose their entire investment, and an investment in the Fund is appropriate only for investors willing to bear those losses.

In order to obtain economic exposure to the Underlying Fund, in lieu of purchasing Underlying Fund shares and futures on the Underlying Fund’s Index for an Outcome Period, the Fund may instead do one or more of the following, among other things: purchase call options with a strike price that is very low (approximately 1% or less) relative to the Underlying Fund’s share price on the day of purchase (a “zero strike call”); purchase one or more other ETFs that seek to track the Underlying Fund’s Index; purchase equity securities (e.g., component securities of the Underlying Fund or the Underlying Fund’s Index) in seeking to track the share price return of the Underlying Fund; or invest in U.S. Treasuries, money market funds and/or other cash equivalents and purchase or sell a combination of call and put options that seek to synthesize the economic characteristics of the Underlying Fund.

If the Fund invests in equity securities (other than the Underlying Fund), the Fund’s equity security investments will be primarily in common stocks of companies held by the Underlying Fund that BFA believes will provide a risk/return profile similar to that of the Underlying Fund.

Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities or other instruments that provide exposure to securities of large-capitalization companies or that provide for the Approximate Cap or the Approximate Buffer with respect to securities of large-capitalization companies. For purposes of the Fund’s 80% policy, “large-capitalization companies” are those within the range of capitalization of the Underlying Fund’s Index.

The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the “1940 Act”).

Summary of Principal Risks

The Fund has characteristics unlike those of many traditional products and may not be appropriate for all investors. 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 (either directly or through its investments in the Underlying Fund), any of which may adversely affect the Fund’s 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.

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Approximate Buffer Risk. There can be no guarantee that the Fund will be successful in its strategy to provide downside protection against Underlying Fund losses. The Fund does not provide principal protection or non-principal protection, and, despite the Approximate Buffer, an investor may experience significant losses on their investment, including the loss of their entire investment. If an investor purchases Fund shares after an Outcome Period begins or sells Fund shares prior to the end of an Outcome Period, the Approximate Buffer that the Fund seeks to provide may not be available. In periods of extreme market volatility, the Fund’s return may be subject to significantly less downside protection than the Approximate Buffer.

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house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Fund with any clearing member as margin for FLEX Options or futures may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the Underlying Fund, the Fund’s or the Underlying Fund’s clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member’s customers for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults, the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy.

Counterparty Risk. Derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.

derivative and that of the asset underlying the derivative. Derivatives may create investment leverage, which could result in losses that significantly exceed the Fund’s original investment. Derivatives are subject to the risk of mispricing or improper valuation, particularly if there is not a liquid secondary market for the instrument. Certain derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. The use of derivatives also exposes the Fund to additional operational and legal risks.

Futures Contract Risk. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. Swaps or other derivatives on futures contracts also may be adversely impacted by these risks. The primary risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and that of the underlying asset; (ii) resale restrictions or the lack of a liquid secondary market and the resulting inability to close a futures contract when desired; (iii) losses from unanticipated market movements, which are potentially unlimited; (iv) BFA’s inability to predict correctly the direction of the prices of futures contracts and other financial and economic factors; (v) a counterparty’s default in the performance of its obligations; (vi) the obligation to make daily cash payments to maintain the required margin for the futures contract; and (vii) the possibility that a failure to close a position may result in delivery of an illiquid commodity to the Fund.

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Management Risk. The Fund is subject to management risk, which is the risk that the investment process, techniques, models and/or risk analyses applied by BFA will not produce the desired results. The securities or other assets selected by BFA may result in returns that are inconsistent with the Fund’s investment objective, and the Fund may underperform the market or any relevant benchmark. In addition, legislative, regulatory, or tax developments may affect the investment techniques available to BFA in connection with managing the Fund and may adversely affect the ability of the Fund to achieve its investment objective.

Operational and Technology Risks . The Fund is directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors,

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

Outcome Period Risk. The Approximate Buffer and Approximate Cap for an Outcome Period apply to Fund shares held over the entire Outcome Period. If an investor purchases Fund shares after an Outcome Period begins or sells Fund shares prior to the end of an Outcome Period, the returns realized by the investor will not match those that the Fund seeks to provide.

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

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count the options as automatically diversified investments under the RIC diversification requirements. The Fund intends to treat any income it may derive from the options as “qualifying income” under the provisions of the Internal Revenue Code applicable to RICs. If the income is not qualifying income or the issuer of the options is not appropriately the reference asset, the Fund may not qualify, or may be disqualified, as a RIC. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed.

Performance Information

As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report.

Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

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

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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iSHARES ® LARGE CAP MAX BUFFER JUN ETF

Ticker: MAXJ Stock Exchange: Cboe BZX

As described in this prospectus, the iShares Large Cap Max Buffer Jun ETF (the “Fund”) seeks to provide the following pre-determined outcomes (the “Outcomes”) for an investment that is held for an entire Outcome Period: (1) exposure to the share price return of the Underlying Fund up to the Approximate Cap, and (2) downside protection against approximately 100% of Underlying Fund losses through an Approximate Buffer. Please see below for the definitions of key terms. Underlying Fund : iShares Core S&P 500 ETF Underlying Fund’s Index : S&P 500 Index Outcome Period : July 1 through June 30 Approximate Cap : The approximate upside limit on the share price return of the Underlying Fund during the Outcome Period, which will reset at the start of each Outcome Period Approximate Buffer : The downside protection, as sought by the Fund, for approximately 100% of Underlying Fund losses if the Fund is held for the entire Outcome Period

Investment Objective

The iShares Large Cap Max Buffer Jun ETF (the “Fund”) seeks to track the share price return of the iShares Core S&P 500 ETF (the “Underlying Fund”) up to an approximate upside limit, while seeking to maximize the downside protection against price declines of the Underlying Fund over an approximate 12-month period beginning at the end of each June.

Fees and Expenses

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates, through November 30, 2029. The contractual waiver may be terminated prior to November 30, 2029 only upon written agreement of the Trust and BFA.

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.

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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

Acquired Fund Fees and Expenses

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.50% None 0.00% 0.03% 0.53% 0.03% 0.50%

1 Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.

1 Year 3 Years 5 Years 10 Years $51 $160 $283 $652

Portfolio Turnover. The Fund or the Underlying Fund may pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate for the Fund or the Underlying Fund may indicate higher transaction costs and may cause the Fund or the Underlying Fund to incur increased expenses. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example (except costs to the Underlying Fund included as part of Acquired Fund Fees and Expenses), affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 1% of the average value of its portfolio.

Principal Investment Strategies

to bear those losses. The Fund will be offered indefinitely and is not intended to terminate after one or more Outcome Periods.

The Current Outcome Period

The current Outcome Period started on July 1, 2025 and ends on June 30, 2026. For the current Outcome Period, the Approximate Cap is 7.56% before taking into account any fees or expenses charged to, or transaction costs incurred by, the Fund or the Underlying Fund. When the Fund’s annualized management fee of 0.50% of its average daily net assets is taken into account, the Approximate Cap for the current Outcome Period is reduced to 7.06%. The returns that the Fund seeks to provide do not take into account the costs associated with buying shares of the Underlying Fund and any other expenses incurred by the Fund. Please visit the Fund’s page on www.iShares.com for more information about the potential outcomes of an investment in the Fund during the current Outcome Period, including the remaining Approximate Cap.

The Underlying Fund

BFA manages the Underlying Fund using a “representative sampling” indexing strategy. This involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental

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characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Underlying Fund may or may not hold all of the securities in the Underlying Fund’s Index, which may cause the performance of the Underlying Fund to diverge from that of the Underlying Fund’s Index and produce “tracking error”. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.

The prospectus and other reports of the Underlying Fund are available at www.sec.gov and www.iShares.com. Shares of the Underlying Fund are listed on NYSE Arca, Inc.

The Fund’s Use of Options

An options contract is an agreement between a buyer and seller that gives the purchaser of the option the right but not the obligation to buy (in the case of a call option) or sell (in the case of a put option) a particular financial instrument at a specified future date for an agreed-upon price, commonly known as the “strike price”. If the Fund buys a call option, it pays a premium and receives the right, but not the obligation, to purchase shares of the Underlying Fund or other reference asset at a strike price by or on the expiration date. When the Fund buys a put option, it pays a premium and receives the right, but not the obligation, to sell shares of the Underlying Fund or other reference asset at a strike price by or on the expiration date. When the Fund writes (sells) a call option, it receives a premium and gives the purchaser of the option the right to purchase from the Fund shares of the Underlying Fund or other reference asset at a strike price by or on the expiration date. If the Fund writes (sells) a put option, it receives a premium and gives the purchaser of the option the right to sell to the Fund shares of the Underlying Fund or other reference asset at a strike price by or on expiration date.

As an in-the-money option held by the Fund approaches its expiration date, its value typically will increasingly move with the value of its reference asset, such as the Underlying Fund. However, the value of the options may change because of factors other than the value of the reference asset, including interest rate changes, dividends, the actual and perceived volatility of the reference asset, the remaining time until the options expire, limitations established by options exchanges, and trading conditions in the options market, among others. Due to these factors, the value of the options typically does not increase or decrease at the same rate as the Underlying Fund’s share price on

a day-to-day basis. As a result, the Fund’s net asset value per share (“NAV”) may not increase or decrease at the same rate as the Underlying Fund’s share price.

Outcomes Targeted by the Fund

For each Outcome Period, the Fund obtains exposure to the share price return of the Underlying Fund by holding shares of the Underlying Fund and futures that reference the price performance of the Underlying Fund’s Index. The Approximate Buffer and Approximate Cap are typically created by trading a combination of put and call options, as described below, at the close of the last trading day of the prior Outcome Period.

The Fund’s Approximate Buffer and Approximate Cap (net of the management fee) for the current Outcome Period, along with the

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Fund’s current position relative to the Outcomes, are available and updated daily on the Fund’s page on www.iShares.com.

Outcome Period

The Outcomes for an Outcome Period apply only to Fund shares that are held over the entire Outcome Period. An investor who purchases Fund shares after the beginning of an Outcome Period or who sells Fund shares before the end of an Outcome Period may not fully realize the Outcomes for the Outcome Period and may be exposed to greater risk of loss and less potential gain. This is because, while the Outcomes are fixed levels that are calculated in relation to the Underlying Fund’s price and the Fund’s NAV at the start of each Outcome Period and generally remain constant throughout the Outcome Period, an investor who transacts in Fund shares during the Outcome Period will likely do so at a price that is different from the Fund’s NAV at the start of the Outcome Period.

For example, if an investor purchases Fund shares during an Outcome Period at a time when the Underlying Fund’s share price has increased from its price at the beginning of the Outcome Period, the investor’s upside limit may be lower than the Approximate Cap and the investor may experience losses prior to reaching the downside protection offered by the Approximate Buffer. Conversely, if an investor purchases Fund shares during an Outcome Period at a time when the Underlying Fund’s share price has decreased from its price at the beginning of the Outcome Period, the Fund may require a larger increase in the Underlying Fund’s share price before it reaches the Approximate Cap.

Fund and Underlying Fund Performance

The Fund’s market value and NAV may not correlate with the Underlying Fund and the Underlying Fund’s Index. In periods of extreme market volatility, the Fund’s return may be subject to an

upside limit significantly below the Approximate Cap and to significantly less downside protection than the Approximate Buffer. Investors may lose their entire investment, and an investment in the Fund is appropriate only for investors willing to bear those losses.

Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities or other instruments that provide exposure to securities of large-capitalization companies or that provide for the Approximate Cap or the Approximate Buffer with respect to securities of large-capitalization companies. For purposes of the Fund’s 80% policy, “large-capitalization companies” are those within the range of capitalization of the Underlying Fund’s Index.

The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the “1940 Act”).

Summary of Principal Risks

The Fund has characteristics unlike those of many traditional products and may not be appropriate for all investors. 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 (either directly or through its investments in the Underlying Fund), any of which may adversely affect the Fund’s 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.

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entire investment. If an investor purchases Fund shares after an Outcome Period begins or sells Fund shares prior to the end of an Outcome Period, the Approximate Buffer that the Fund seeks to provide may not be available. In periods of extreme market volatility, the Fund’s return may be subject to significantly less downside protection than the Approximate Buffer.

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.

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only a pro rata share of all available funds segregated on behalf of the clearing member’s customers for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults, the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy.

Counterparty Risk. Derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.

greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.

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hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.

an Outcome Period, the returns realized by the investor will not match those that the Fund seeks to provide.

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Performance Information

As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report.

Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer.

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

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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iSHARES ® LARGE CAP MAX BUFFER SEP ETF

Ticker: SMAX Stock Exchange: Cboe BZX

As described in this prospectus, the iShares Large Cap Max Buffer Sep ETF (the “Fund”) seeks to provide the following pre-determined outcomes (the “Outcomes”) for an investment that is held for an entire Outcome Period: (1) exposure to the share price return of the Underlying Fund up to the Approximate Cap, and (2) downside protection against approximately 100% of Underlying Fund losses through an Approximate Buffer. Please see below for the definitions of key terms. Underlying Fund : iShares Core S&P 500 ETF Underlying Fund’s Index : S&P 500 Index Outcome Period : October 1 through September 30 Approximate Cap : The approximate upside limit on the share price return of the Underlying Fund during the Outcome Period, which will reset at the start of each Outcome Period Approximate Buffer : The downside protection, as sought by the Fund, for approximately 100% of Underlying Fund losses if the Fund is held for the entire Outcome Period

Investment Objective

The iShares Large Cap Max Buffer Sep ETF (the “Fund”) seeks to track the share price return of the iShares Core S&P 500 ETF (the “Underlying Fund”) up to an approximate upside limit, while seeking to maximize the downside protection against price declines of the Underlying Fund over an approximate 12-month period beginning at the end of each September.

Fees and Expenses

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates, through November 30, 2029. The contractual waiver may be terminated prior to November 30, 2029 only upon written agreement of the Trust and BFA.

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.

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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

Acquired Fund Fees and Expenses

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.50% None 0.00% 0.03% 0.53% 0.03% 0.50%

1 Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.

1 Year 3 Years 5 Years 10 Years $51 $160 $283 $652

Portfolio Turnover. The Fund or the Underlying Fund may pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate for the Fund or the Underlying Fund may indicate higher transaction costs and may cause the Fund or the Underlying Fund to incur increased expenses. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example (except costs to the Underlying Fund included as part of Acquired Fund Fees and Expenses), affect the Fund’s performance. From inception (September 30, 2024) to the most recent fiscal year end, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.

Principal Investment Strategies

an investment in the Fund is appropriate only for investors willing to bear those losses. The Fund will be offered indefinitely and is not intended to terminate after one or more Outcome Periods.

The Current Outcome Period

The current Outcome Period started on October 1, 2025 and ends on September 30, 2026. For the current Outcome Period, the Approximate Cap is 7.80% before taking into account any fees or expenses charged to, or transaction costs incurred by, the Fund or the Underlying Fund. When the Fund’s annualized management fee of 0.50% of its average daily net assets is taken into account, the Approximate Cap for the current Outcome Period is reduced to 7.30%. The returns that the Fund seeks to provide do not take into account the costs associated with buying shares of the Underlying Fund and any other expenses incurred by the Fund. Please visit the Fund’s page on www.iShares.com for more information about the potential outcomes of an investment in the Fund during the current Outcome Period, including the remaining Approximate Cap.

The Underlying Fund

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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 Underlying Fund may or may not hold all of the securities in the Underlying Fund’s Index, which may cause the performance of the Underlying Fund to diverge from that of the Underlying Fund’s Index and produce “tracking error”. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions.

The prospectus and other reports of the Underlying Fund are available at www.sec.gov and www.iShares.com. Shares of the Underlying Fund are listed on NYSE Arca, Inc.

The Fund’s Use of Options

An options contract is an agreement between a buyer and seller that gives the purchaser of the option the right but not the obligation to buy (in the case of a call option) or sell (in the case of a put option) a particular financial instrument at a specified future date for an agreed-upon price, commonly known as the “strike price”. If the Fund buys a call option, it pays a premium and receives the right, but not the obligation, to purchase shares of the Underlying Fund or other reference asset at a strike price by or on the expiration date. When the Fund buys a put option, it pays a premium and receives the right, but not the obligation, to sell shares of the Underlying Fund or other reference asset at a strike price by or on the expiration date. When the Fund writes (sells) a call option, it receives a premium and gives the purchaser of the option the right to purchase from the Fund shares of the Underlying Fund or other reference asset at a strike price by or on the expiration date. If the Fund writes (sells) a put option, it receives a premium and gives the purchaser of the option the right to sell to the Fund shares of the Underlying Fund or other reference asset at a strike price by or on expiration date.

decrease at the same rate as the Underlying Fund’s share price on a day-to-day basis. As a result, the Fund’s net asset value per share (“NAV”) may not increase or decrease at the same rate as the Underlying Fund’s share price.

Outcomes Targeted by the Fund

For each Outcome Period, the Fund obtains exposure to the share price return of the Underlying Fund by holding shares of the Underlying Fund and futures that reference the price performance of the Underlying Fund’s Index. The Approximate Buffer and Approximate Cap are typically created by trading a combination of put and call options, as described below, at the close of the last trading day of the prior Outcome Period.

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Outcome Period

The Outcomes for an Outcome Period apply only to Fund shares that are held over the entire Outcome Period. An investor who purchases Fund shares after the beginning of an Outcome Period or who sells Fund shares before the end of an Outcome Period may not fully realize the Outcomes for the Outcome Period and may be exposed to greater risk of loss and less potential gain. This is because, while the Outcomes are fixed levels that are calculated in relation to the Underlying Fund’s price and the Fund’s NAV at the start of each Outcome Period and generally remain constant throughout the Outcome Period, an investor who transacts in Fund shares during the Outcome Period will likely do so at a price that is different from the Fund’s NAV at the start of the Outcome Period.

For example, if an investor purchases Fund shares during an Outcome Period at a time when the Underlying Fund’s share price has increased from its price at the beginning of the Outcome Period, the investor’s upside limit may be lower than the Approximate Cap and the investor may experience losses prior to reaching the downside protection offered by the Approximate Buffer. Conversely, if an investor purchases Fund shares during an Outcome Period at a time when the Underlying Fund’s share price has decreased from its price at the beginning of the Outcome Period, the Fund may require a larger increase in the Underlying Fund’s share price before it reaches the Approximate Cap.

Fund and Underlying Fund Performance

The Fund’s market value and NAV may not correlate with the Underlying Fund and the Underlying Fund’s Index. In periods of extreme market volatility, the Fund’s return may be subject to an upside limit significantly below the Approximate Cap and to significantly less downside protection than the Approximate Buffer. Investors may lose their entire investment, and an investment in the Fund is appropriate only for investors willing to bear those losses.

Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities or other instruments that provide exposure to securities of large-capitalization companies or that provide for the Approximate Cap or the Approximate Buffer with respect to securities of large-capitalization companies. For purposes of the Fund’s 80% policy, “large-capitalization companies” are those within the range of capitalization of the Underlying Fund’s Index.

The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the “1940 Act”).

Summary of Principal Risks

The Fund has characteristics unlike those of many traditional products and may not be appropriate for all investors. 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 (either directly or through its investments in the Underlying Fund), any of which may adversely affect the Fund’s 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.

Approximate Buffer Risk. There can be no guarantee that the Fund will be successful in its strategy to provide downside protection against Underlying Fund losses. The Fund does not

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provide principal protection or non-principal protection, and, despite the Approximate Buffer, an investor may experience significant losses on their investment, including the loss of their entire investment. If an investor purchases Fund shares after an Outcome Period begins or sells Fund shares prior to the end of an Outcome Period, the Approximate Buffer that the Fund seeks to provide may not be available. In periods of extreme market volatility, the Fund’s return may be subject to significantly less downside protection than the Approximate Buffer.

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.

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make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Fund with any clearing member as margin for FLEX Options or futures may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the Underlying Fund, the Fund’s or the Underlying Fund’s clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member’s customers for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults, the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy.

Counterparty Risk. Derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.

Derivatives are subject to the risk of mispricing or improper valuation, particularly if there is not a liquid secondary market for the instrument. Certain derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. The use of derivatives also exposes the Fund to additional operational and legal risks.

Large Shareholder and Large-Scale Redemption Risk. Certain shareholders of the Fund, including an Authorized Participant, a

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third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to time own or manage a substantial amount of Fund shares, or may hold their investment in the Fund for a limited period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.

which may result in losses for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.

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Performance Information

As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report.

Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Ms. Armstrong, Mr. Montalvo, and Mr. McClements have been Portfolio Managers of the Fund since 2025.

Portfolio Managers. Erin Armstrong, Orlando Montalvo, and Kyle McClements (the “Portfolio Managers”) are primarily responsible

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iSHARES ® LARGE CAP MAX BUFFER DEC ETF

Ticker: DMAX Stock Exchange: Cboe BZX

As described in this prospectus, the iShares Large Cap Max Buffer Dec ETF (the “Fund”) seeks to provide the following pre-determined outcomes (the “Outcomes”) for an investment that is held for an entire Outcome Period: (1) exposure to the share price return of the Underlying Fund up to the Approximate Cap, and (2) downside protection against approximately 100% of Underlying Fund losses through an Approximate Buffer. Please see below for the definitions of key terms. Underlying Fund : iShares Core S&P 500 ETF Underlying Fund’s Index : S&P 500 Index Outcome Period : January 1 through December 31 Approximate Cap : The approximate upside limit on the share price return of the Underlying Fund during the Outcome Period, which will reset at the start of each Outcome Period Approximate Buffer : The downside protection, as sought by the Fund, for approximately 100% of Underlying Fund losses if the Fund is held for the entire Outcome Period

Investment Objective

The iShares Large Cap Max Buffer Dec ETF (the “Fund”) seeks to track the share price return of the iShares Core S&P 500 ETF (the “Underlying Fund”) up to an approximate upside limit, while seeking to maximize the downside protection against price declines of the Underlying Fund over an approximate 12-month period beginning at the end of each December.

Fees and Expenses

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates, through November 30, 2029. The contractual waiver may be terminated prior to November 30, 2029 only upon written agreement of the Trust and BFA.

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.

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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

Acquired Fund Fees and Expenses

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.50% None 0.00% 0.03% 0.53% 0.03% 0.50%

1 Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any.

1 Year 3 Years 5 Years 10 Years $51 $160 $283 $652

Portfolio Turnover. The Fund or the Underlying Fund may pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate for the Fund or the Underlying Fund may indicate higher transaction costs and may cause the Fund or the Underlying Fund to incur increased expenses. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example (except costs to the Underlying Fund included as part of Acquired Fund Fees and Expenses), affect the Fund’s performance. From inception (December 31, 2024) to the most recent fiscal year end, the Fund’s portfolio turnover rate was 3% of the average value of its portfolio.

Principal Investment Strategies

an investment in the Fund is appropriate only for investors willing to bear those losses. The Fund will be offered indefinitely and is not intended to terminate after one or more Outcome Periods.

The Current Outcome Period

The current Outcome Period started on January 1, 2025 and ends on December 31, 2025. For the current Outcome Period, the Approximate Cap is 108.40% before taking into account any fees or expenses charged to, or transaction costs incurred by, the Fund or the Underlying Fund. When the Fund’s annualized management fee of 0.50% of its average daily net assets is taken into account, the Approximate Cap for the current Outcome Period is reduced to 107.90%. The returns that the Fund seeks to provide do not take into account the costs associated with buying shares of the Underlying Fund and any other expenses incurred by the Fund. Please visit the Fund’s page on www.iShares.com for more information about the potential outcomes of an investment in the Fund during the current Outcome Period, including the remaining Approximate Cap.

The Underlying Fund

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The prospectus and other reports of the Underlying Fund are available at www.sec.gov and www.iShares.com. Shares of the Underlying Fund are listed on NYSE Arca, Inc.

The Fund’s Use of Options

An options contract is an agreement between a buyer and seller that gives the purchaser of the option the right but not the obligation to buy (in the case of a call option) or sell (in the case of a put option) a particular financial instrument at a specified future date for an agreed-upon price, commonly known as the “strike price”. If the Fund buys a call option, it pays a premium and receives the right, but not the obligation, to purchase shares of the Underlying Fund or other reference asset at a strike price by or on the expiration date. When the Fund buys a put option, it pays a premium and receives the right, but not the obligation, to sell shares of the Underlying Fund or other reference asset at a strike price by or on the expiration date. When the Fund writes (sells) a call option, it receives a premium and gives the purchaser of the option the right to purchase from the Fund shares of the Underlying Fund or other reference asset at a strike price by or on the expiration date. If the Fund writes (sells) a put option, it receives a premium and gives the purchaser of the option the right to sell to the Fund shares of the Underlying Fund or other reference asset at a strike price by or on expiration date.

Outcomes Targeted by the Fund

For each Outcome Period, the Fund obtains exposure to the share price return of the Underlying Fund by holding shares of the Underlying Fund and futures that reference the price performance of the Underlying Fund’s Index. The Approximate Buffer and Approximate Cap are typically created by trading a combination of put and call options, as described below, at the close of the last trading day of the prior Outcome Period.

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Outcome Period

The Outcomes for an Outcome Period apply only to Fund shares that are held over the entire Outcome Period. An investor who purchases Fund shares after the beginning of an Outcome Period or who sells Fund shares before the end of an Outcome Period may not fully realize the Outcomes for the Outcome Period and may be exposed to greater risk of loss and less potential gain. This is because, while the Outcomes are fixed levels that are calculated in relation to the Underlying Fund’s price and the Fund’s NAV at the start of each Outcome Period and generally remain constant throughout the Outcome Period, an investor who transacts in Fund shares during the Outcome Period will likely do so at a price that is different from the Fund’s NAV at the start of the Outcome Period.

For example, if an investor purchases Fund shares during an Outcome Period at a time when the Underlying Fund’s share price has increased from its price at the beginning of the Outcome Period, the investor’s upside limit may be lower than the Approximate Cap and the investor may experience losses prior to reaching the downside protection offered by the Approximate Buffer. Conversely, if an investor purchases Fund shares during an Outcome Period at a time when the Underlying Fund’s share price has decreased from its price at the beginning of the Outcome Period, the Fund may require a larger increase in the Underlying Fund’s share price before it reaches the Approximate Cap.

Fund and Underlying Fund Performance

The Fund’s market value and NAV may not correlate with the Underlying Fund and the Underlying Fund’s Index. In periods of extreme market volatility, the Fund’s return may be subject to an upside limit significantly below the Approximate Cap and to significantly less downside protection than the Approximate Buffer. Investors may lose their entire investment, and an investment in the Fund is appropriate only for investors willing to bear those losses.

Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities or other instruments that provide exposure to securities of large-capitalization companies or that provide for the Approximate Cap or the Approximate Buffer with respect to securities of large-capitalization companies. For purposes of the Fund’s 80% policy, “large-capitalization companies” are those within the range of capitalization of the Underlying Fund’s Index.

The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the “1940 Act”).

Summary of Principal Risks

The Fund has characteristics unlike those of many traditional products and may not be appropriate for all investors. 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 (either directly or through its investments in the Underlying Fund), any of which may adversely affect the Fund’s 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.

Approximate Buffer Risk. There can be no guarantee that the Fund will be successful in its strategy to provide downside protection against Underlying Fund losses. The Fund does not

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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.

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their clients’ obligations to the Underlying Fund, the Fund’s or the Underlying Fund’s clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member’s customers for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults, the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy.

Counterparty Risk. Derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.

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.

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circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase the Fund’s brokerage costs and/or have a material effect on the market price of Fund shares.

Outcome Period Risk. The Approximate Buffer and Approximate Cap for an Outcome Period apply to Fund shares held over the

entire Outcome Period. If an investor purchases Fund shares after an Outcome Period begins or sells Fund shares prior to the end of an Outcome Period, the returns realized by the investor will not match those that the Fund seeks to provide.

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increased government scrutiny and may be subject to adverse government or legal action.

Performance Information

As of the date of this Prospectus, the Fund does not have a full calendar year of performance information to report.

Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer.

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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More Information About the Funds

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

Each Fund’s investment objective may be changed without shareholder approval. Each Fund does not seek to replicate the performance of a specified index.

Fund Investment Objective iShares Large Cap Accelerated Outcome ETF 1

The iShares Large Cap Accelerated Outcome ETF seeks to provide approximately twice the positive share price return of the Underlying Fund, up to an approximate upside limit, while seeking to approximately track the negative share price return of the Underlying Fund, over each full calendar quarter. iShares Large Cap Max Buffer Mar ETF

The iShares Large Cap Max Buffer Mar ETF seeks to track the share price return of the iShares Core S&P 500 ETF (the “Underlying Fund”) up to an approximate upside limit, while seeking to maximize the downside protection against price declines of the Underlying Fund over an approximate 12-month period beginning at the end of each March. iShares Large Cap Max Buffer Jun ETF

The iShares Large Cap Max Buffer Jun ETF seeks to track the share price return of the iShares Core S&P 500 ETF (the “Underlying Fund”) up to an approximate upside limit, while seeking to maximize the downside protection against price declines of the Underlying Fund over an approximate 12-month period beginning at the end of each June. iShares Large Cap Max Buffer Sep ETF

The iShares Large Cap Max Buffer Sep ETF seeks to track the share price return of the iShares Core S&P 500 ETF (the “Underlying Fund”) up to an approximate upside limit, while seeking to maximize the downside protection against price declines of the Underlying Fund over an approximate 12-month period beginning at the end of each September. iShares Large Cap Max Buffer Dec ETF

The iShares Large Cap Max Buffer Dec ETF seeks to track the share price return of the iShares Core S&P 500 ETF (the “Underlying Fund”) up to an approximate upside limit, while seeking to maximize the downside protection against price declines of the Underlying Fund over an approximate 12-month period beginning at the end of each December.

1 On April 17, 2025, the name of the Fund changed from the iShares Large Cap Accelerated ETF to the iShares Large Cap Accelerated Outcome ETF. ETFs are funds that trade like other publicly traded securities. Shares of each Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. The market price for a share of a Fund may be different from the Fund’s most recent NAV.

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

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Additional Information About the Funds’ Risks

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

iShares Large Cap Accelerated Outcome ETF

iShares Large Cap Max Buffer Mar ETF

iShares Large Cap Max Buffer Jun ETF

iShares Large Cap Max Buffer Sep ETF

iShares Large Cap Max Buffer Dec ETF

Principal Risk | • Other Risk

Accelerated Return Risk Approximate Buffer Risk Approximate Cap Risk Asset Class Risk Assets Under Management (AUM) Risk Authorized Participant Concentration Risk Clearing Member Default Risk Close-Out Risk for Qualified Financial Contracts •••••

Communications Companies Risk ••••• Concentration Risk Consumer Goods and Services Companies Risk Counterparty Risk Derivatives Risk Equity Securities Risk Financial Companies Risk ••••• Futures Contract Risk Geographic and Security Risks ••••• Healthcare Companies Risk ••••• Illiquid Investments Risk ••••• Industrial Companies Risk ••••• Investment in Underlying Fund Risk Issuer Risk Large-Capitalization Companies Risk Large Shareholder and Large-Scale Redemption Risk Management Risk Market Risk Market Trading Risk Non-Diversification Risk Operational and Technology Risks Options Risk Outcome Period Risk Ownership Limitations Risk ••••• Risk of Investing in the U.S. Securities Lending Risk

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iShares Large Cap Accelerated Outcome ETF

iShares Large Cap Max Buffer Mar ETF

iShares Large Cap Max Buffer Jun ETF

iShares Large Cap Max Buffer Sep ETF

iShares Large Cap Max Buffer Dec ETF

Principal Risk | • Other Risk

Small Fund Risk Tax Risk Technology Companies Risk Valuation Risk

Approximate Buffer Risk. For a Fund that seeks to provide downside protection against Underlying Fund losses, there can be no guarantee that the Fund will be successful in this strategy. Such a Fund does not provide principal protection or non-principal protection, and, despite the Approximate Buffer, an investor may experience significant losses on their investment, including the loss of their entire investment. If an investor purchases Fund shares after an Outcome Period begins or sells Fund shares prior to the end of an Outcome Period, the Approximate Buffer that a Fund seeks to provide may not be available. In periods of extreme market volatility, a Fund’s return may be subject to significantly less downside protection than the Approximate Buffer.

Approximate Cap Risk . A Fund that seeks to provide returns that are subject to an Approximate Cap faces risks associated with such an investment strategy. The level of the Approximate Cap depends on prevailing market conditions ( e.g ., volatility, interest rates, dividends, and other factors) at the time that it is set. The Approximate Cap may rise or fall from one Outcome Period to the next, sometimes to a significant extent, and is unlikely to remain the same for consecutive Outcome Periods. If the Underlying Fund experiences gains in excess of the Approximate Cap for an Outcome Period, the Fund will not participate in any gains beyond the Approximate Cap and will underperform the Underlying Fund. In periods of extreme market volatility, a Fund’s return may be significantly below the Approximate Cap.

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

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

Authorized Participant Concentration Risk. Only an Authorized Participant may engage in creation or redemption transactions directly with a Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the business or do not place creation or redemption orders for a Fund and no other Authorized Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for a Fund that invests in securities issued by non-U.S. issuers or instruments with lower trading volume. Such assets often entail greater settlement and operational complexity and higher capital costs for Authorized Participants, which may limit the number of Authorized Participants that engage with the Fund.

Clearing Member Default Risk. Transactions in some types of derivatives, including FLEX Options and futures, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, a Fund’s counterparty is a clearing house, such as the OCC, rather than a bank or broker. Since a Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by a Fund with any clearing member as margin for FLEX Options or futures may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to an Underlying Fund, a Fund’s or the Underlying Fund’s clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member’s customers for the relevant account class. A Fund is also subject to the risk that a limited

Accelerated Return Risk. For a Fund that seeks to provide a return that is greater than the positive share price return, if any, of an Underlying Fund, there can be no guarantee that the Fund will be successful in its strategy . If an investor purchases Fund shares after the beginning of an Outcome Period or does not stay invested in the Fund for the entirety of the Outcome Period, the returns realized by the investor may not match those that the Fund seeks to achieve.

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number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults, a Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If a Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy.

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

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

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

Concentration Risk. A Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes. A Fund with investment concentration may be more adversely affected by the underperformance of those assets, may experience greater price volatility and may be more susceptible to adverse economic, market, political or regulatory impacts on those assets compared to a fund that does not concentrate its investments.

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

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

Counterparty Risk. Derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty. The OCC acts as guarantor and central counterparty with respect to the FLEX Options. As a result, the ability of a Fund to meet its objective depends on the OCC being able to meet its obligations. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, a Fund could suffer significant losses.

Derivatives Risk. A Fund’s use of derivatives ( e.g. , futures, forwards, swaps, options) may be riskier than other types of investments and may not have the intended effect on a Fund’s performance. Derivatives can be sensitive to changes in economic and market conditions, and they may increase a Fund’s volatility. A Fund also may experience reduced returns as a result of transaction costs and losses on derivatives positions. There is the risk of imperfect correlation between the value of a derivative and that of the asset underlying the derivative. Derivatives may create investment leverage, which could result in losses that significantly exceed a Fund’s original investment. Due to their complexity, derivatives are subject to the risk of mispricing or improper valuation. The possible lack of a liquid secondary market for derivatives and the resulting inability of a Fund to sell or otherwise close a derivatives position could expose a Fund to losses and could make derivatives more difficult for a Fund to value accurately.

Certain derivatives are subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, a Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Regulatory requirements may delay or restrict a Fund’s exercise of remedies if a derivative counterparty were to default, which could adversely impact the Fund.

The use of derivatives exposes a Fund to operational risks, such as documentation and settlement issues, systems failures, inadequate controls and human error. Derivatives also involve legal risks, including insufficient documentation, insufficient capacity or authority of a

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counterparty, and the legality and enforceability of a contract. Derivatives expose a Fund to derivative liquidity risks relating to potential liquidity demands for a Fund to make margin, collateral, or settlement payments.

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

Financial Companies Risk. Financial services companies are subject to extensive governmental regulation and intervention, which may change frequently and may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by, among other things, interest rates, economic conditions, credit rating downgrades, adverse public perception and exposure concentration. Increased risk-taking by financial companies may result in greater overall risk in the global financial sector. Certain events may cause an unusually high degree of volatility in financial markets and pose the risk of large losses for financial services companies.

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

A Fund that rolls futures contracts is subject to additional risk. If the market for the futures contracts is in “contango,” meaning that the price of futures contracts in nearer months is lower than the price of contracts in distant months, the sale of a near-term month contract will be at a lower price than the cost of the longer-term contract, resulting in a cost to roll the contract. A Fund may also lose money in rolling a futures contract if the two contracts are trading at different prices as compared to fair value – for example, if the futures contract held by the Fund is trading at a discount to fair value and the new contract being rolled into is trading at a premium to fair value. A Fund may not roll futures contracts on a predefined schedule; instead, BFA may determine to roll to another futures contract in an attempt to generate maximum yield. There can be no guarantee that such a strategy will produce the desired results.

In addition, U.S. regulations limit the types of foreign-listed futures contracts that U.S. investors are allowed to invest in. As a result, a Fund may not be able to gain the exposure it seeks through certain non-U.S. futures contracts.

Geographic and Security Risks. Issuers in a Fund’s portfolio may be located in, or otherwise connected to, parts of the world affected by natural disasters, such as severe heat, earthquakes, tornadoes, volcanic eruptions, wildfires, droughts, floods, hurricanes and tsunamis. In addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely affect the issuers, markets and economies to which a Fund is exposed, which may adversely affect the value of the Fund.

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

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

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

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

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

Investment in Underlying Fund Risk. For a Fund that invests in an Underlying Fund, the Fund’s investment performance and risks are likely to be directly related to those of the Underlying Fund. A Fund’s NAV will change with changes in the value of an Underlying Fund and other assets that the Fund holds. The shares of an Underlying Fund may trade at a premium or discount to the Underlying Fund’s NAV. Investors in a Fund that invests in an Underlying Fund will indirectly bear the expenses charged by the Underlying Fund, and an investment in the Fund may entail more expenses than a direct investment in the Underlying Fund (except to the extent that certain fees are waived by BFA). An investor in such a Fund may receive taxable gains from portfolio transactions by an Underlying Fund, as well as taxable gains from transactions in the shares of an Underlying Fund that are held by the Fund.

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

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

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

Management Risk. A Fund that is actively managed or that has an outcome strategy is subject to the risk that BFA’s investment process, techniques, models and/or and risk analyses in making investment decisions for the Fund will not produce the desired results. The securities or other assets selected by BFA may result in returns that are inconsistent with the Fund’s investment objective, and the Fund may

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underperform the market or any relevant benchmark. In addition, legislative, regulatory, or tax developments may affect the investment techniques available to BFA in connection with managing such a Fund and may also adversely affect the ability of the Fund to achieve its investment objective.

Market Risk. A Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. The value of a financial instrument or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the particular instrument or asset, or factors that affect one or more issuers, counterparties, exchanges, countries or other geographic units, markets, industries, or asset classes. Local, regional or global events such as war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events could have a significant impact on a Fund and its investments and could result in increased premiums or discounts to a Fund’s NAV. Changes in market and economic conditions generally do not have the same impact on all types of instruments and assets.

Market Trading Risk. A Fund faces numerous market trading risks, any of which may lead to its 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 the NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund shares.

Absence of an Active Primary Market. Although Fund shares are listed for trading on one or more stock exchanges, there can be no assurance that an active primary trading market for Fund shares will develop or be maintained by market makers or Authorized Participants.

Secondary Listing Risks. A Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other than the U.S. stock exchange where the Fund’s primary listing is maintained. Fund shares also may be available to non-U.S. investors through funds or structured investment vehicles similar to depositary receipts. There can be no assurance that a Fund’s shares will continue to trade on any such stock exchange or in any market or that a Fund’s shares will continue to meet the requirements for exchange listing or market trading. A Fund’s shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and market standards of the market where they or their broker direct their trades for execution. Certain information that is available to investors who trade Fund shares on a U.S. stock exchange during regular U.S. market hours may not be available to investors who trade in other markets, which may result in secondary market prices in such markets being less efficient.

Secondary Market Trading Risk. Shares of a Fund may trade in the secondary market at times when the Fund does not accept orders to create or redeem shares. At such times, shares may trade in the secondary market with more significant premiums or discounts to NAV than might be experienced at times when the Fund accepts creation and redemption orders. Securities held by a Fund may be traded in markets that close at a different time than an exchange on which Fund shares are traded. Liquidity in those securities may be reduced after the applicable closing time. As a result, during the time when the exchange is open but after the applicable market closing, fixing or settlement time, there may be wider bid/ask spreads on the exchange and a greater premium or discount to NAV.

In stressed market conditions, the market for a Fund’s shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, and an investor may be unable to sell their Fund shares.

Secondary market trading in Fund shares may be halted by a stock exchange because of market conditions or for other reasons. In times of extraordinary market volatility, Fund shares may be subject to trading halts pursuant to “circuit breaker” rules of a stock exchange or market. If there is a trading halt or unanticipated closure of an exchange or market, an investor may be unable to purchase or sell Fund shares. In addition, if trading in certain securities or financial instruments is restricted, this may disrupt a Fund’s creation/redemption process, affect the price at which Fund shares trade in the secondary market, and result in a Fund being unable to trade certain securities or financial instruments. In such circumstances, a Fund may be unable to rebalance its portfolio or accurately price its portfolio holdings and may incur substantial trading losses.

Shares of a Fund, similar to shares of other issuers listed on a stock exchange, may be sold short and are therefore subject to the risk of increased volatility and price decreases associated with being sold short. In addition, trading activity in derivative products based on a Fund may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.

Fund Shares May Trade at Prices Other Than NAV. V. Shares of a Fund trade on stock exchanges at prices at, above or below the Fund’s most recent NAV. A Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s portfolio holdings. The trading price of a Fund’s shares fluctuates throughout trading hours based on both market supply of and demand for Fund shares and the underlying value of the Fund’s portfolio holdings or NAV. As a result, the trading prices of a Fund’s shares may deviate significantly from NAV during times of market volatility, significant redemption requests, or other unusual market conditions

However, because Fund shares can be created and redeemed in Creation Units at NAV, BFA believes that large discounts or premiums to a Fund’s NAV are not likely to be sustained over the long term (unlike shares of many closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAVs). While the creation/redemption feature is designed to make it more likely that a Fund’s shares normally will trade on stock exchanges at prices close to the Fund’s next calculated NAV, exchange prices are not expected to correlate exactly with the Fund’s NAV due to timing reasons, supply and demand imbalances and other factors. In addition, disruptions to creations and redemptions, including disruptions at market makers, Authorized Participants, or other market participants, and during periods of significant market volatility, may result in trading prices for shares of a Fund that differ significantly from its NAV. Authorized Participants

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may be less willing to create or redeem a Fund’s shares if there is a lack of an active market for such shares or the Fund’s underlying investments, which may contribute to the Fund’s shares trading at a premium or discount to NAV.

Costs of Buying or Selling Fund Shares. Buying or selling Fund shares on an exchange involves two types of costs that apply to all securities transactions. When buying or selling Fund shares through a broker, you will likely incur a brokerage commission and other charges. In addition, you may incur the cost of the “spread,” which is the difference between what investors are willing to pay for Fund shares (the “bid” price) and the price at which they are willing to sell Fund shares (the “ask” price). The spread varies over time for Fund shares based on trading volume and market liquidity. It is generally narrower if a Fund has more trading volume and market liquidity and wider if a Fund has less trading volume and market liquidity. Increased market volatility also may cause wider spreads. In addition, there may be regulatory and other charges that are incurred as a result of trading activity. Because of the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment results, and an investment in Fund shares may not be advisable for investors who anticipate regularly making small investments through a brokerage account.

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

Operational and Technology Risks. A Fund and the entities with which it interacts directly or indirectly are susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These entities include, but are not limited to, a Fund’s adviser, administrator, distributor, other service providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, Authorized Participants, listing exchanges, other financial market operators, and governmental authorities. Operational and technology risks for the issuers in which a 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. A Fund may incur substantial costs in order to mitigate operational and technology risks.

Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in any of the following: financial losses; interference with a Fund’s ability to calculate its NAV; disclosure of confidential information; impediments to trading; submission of erroneous trades by a Fund or erroneous subscription or redemption orders; the inability of a Fund or its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render records of a Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares, and other data integral to a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing errors that threaten information and technology systems relied upon by a Fund or its service providers, as well as market events that occur at a pace that overloads these systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into such technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. A Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies. AI technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules and the associated risks to a Fund.

While a 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 in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls. Each Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent limitations in such plans and systems, including the possibility that certain risks that may affect a Fund have not been identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or that incidents will go undetected. A Fund cannot control the systems, information security or other cybersecurity of the issuers in which it invests or its service providers, counterparties, and other third parties whose activities affect the Fund.

Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.

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Options Risk . Investments in options are considered speculative. When a Fund purchases an option, it may lose the total premium paid for it if the price of the underlying security or other reference asset related to the option decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price (in the case of a put option). When a Fund sells an option, it may experience a substantial loss if the price of the underlying security or other reference asset increased to a level significantly above the exercise price (in the case of a call option) or decreased to a level significantly below the exercise price (in the case of a put option). If a put or call option purchased by a Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund.

FLEX Options Risk. FLEX Options are subject to the risk that they may be less liquid than certain other instruments, such as standardized options. In less liquid markets for the FLEX Options, terminating FLEX Options may require the payment of a premium or acceptance of a discounted price and may take longer to complete. In a less liquid market for FLEX Options, the liquidation of a large number of options may significantly impact the price of the options and may adversely impact the value of an investment in a Fund. There is also a risk that a Fund will be unable to maintain the proportional relationship based on the number of exchange-traded options in the Fund’s portfolio or that adverse tax law changes will negatively impact the treatment of FLEX Options. Additionally, to the extent market participants are not willing or able to enter into FLEX Option transactions with a Fund at prices that reflect the market price of Fund shares, the Fund’s NAV and the share price of the Fund could be negatively impacted.

Ownership Limitations Risk. If certain aggregate and/or fund-level ownership thresholds are reached through transactions undertaken by BFA, its affiliates or a Fund, or as a result of third-party transactions or actions by an issuer or regulator, the ability of BFA and its affiliates on behalf of clients (including a Fund) to purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law, regulation or rules or otherwise impaired. The capacity of a Fund to invest in certain securities or other assets may be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and performance of a Fund’s portfolio holdings.

For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in certain international markets. Such limits also may apply where the investing entity (such as a Fund) is subject to corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In certain circumstances, aggregate and/or fund-level amounts invested or voted by BFA and its affiliates for client funds and accounts managed by BFA (including a Fund) may not exceed the relevant limits without the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However, there is no guarantee that permission will be granted or that, once granted, it will not be modified or revoked at a later date with minimal or no notice. In other cases, exceeding such thresholds may cause BFA and its affiliates, a Fund or other client accounts to suffer disadvantages or business restrictions.

Ownership limitations are highly complex. It is possible that, despite BFA’s intent to either comply with or be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or non disapproval that was obtained.

Risk of Investing in the U.S. Investing in U.S. issuers involves legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. A decrease in imports or exports, changes in trade regulations, inflation, an economic recession, financial system stress, or political turmoil, among other risks, may have an adverse effect on the U.S. economy and the securities listed on U.S. exchanges. The U.S. is also subject to the risk of natural disasters, such as droughts, earthquakes, fires and floods. U.S. security risks include acts of terrorism, internal unrest and a deterioration in relations between the U.S. and certain countries. Any of these may adversely affect the U.S. economy, financial markets or issuers.

Governmental agencies project that the U.S. will maintain elevated public debt levels for the foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, the costs of servicing such debt may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system.

Securities Lending Risk. A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. A 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 a Fund.

Small Fund Risk. When a Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. A Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. In addition, a Fund may face the risk of being delisted if it does not meet certain requirements set by the listing exchange. If a Fund were required to delist from

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          "x": 119,
          "y": 100
        },
        "id": "5e586ff9-25ff-412f-bf8b-0678e36d760c",
        "page_number": 1,
        "text": "to the currently effective Prospectus, Summary Prospectus and Statement of Additional Information"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 750,
          "x": 127,
          "y": 116
        },
        "id": "c1b8edda-29cf-4f7c-bc9b-06260936525d",
        "page_number": 1,
        "text": "(\u201cSAI\u201d) for the iShares Large Cap 10% Target Buffer Sep ETF (STEN), iShares Large Cap Max Buffer"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 695,
          "x": 154,
          "y": 131
        },
        "id": "5dab3d04-2378-46ea-a8ab-2e477cc21fde",
        "page_number": 1,
        "text": "Sep ETF (SMAX) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a \u201cFund\u201d)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 764,
          "x": 116,
          "y": 154
        },
        "id": "06494832-f238-4948-9c2c-fe88cb513659",
        "page_number": 1,
        "text": "As described in the Fund\u2019s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 747,
          "x": 116,
          "y": 170
        },
        "id": "201d6aa8-1e98-4de4-8d13-de036e77b153",
        "page_number": 1,
        "text": "outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 385,
          "x": 116,
          "y": 185
        },
        "id": "71ffa609-4e36-4f8f-b1f5-a951415b0d1c",
        "page_number": 1,
        "text": "ascribed to them in each Fund\u2019s Prospectus and SAI."
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 677,
          "x": 116,
          "y": 209
        },
        "id": "11a03cc6-ceea-4239-8905-ef34a084d1e6",
        "page_number": 1,
        "text": "An investment in each Fund over the course of the Outcome Period is subject to such Fund\u2019s"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 354,
          "x": 116,
          "y": 224
        },
        "id": "c6df8d7d-d3d7-4b80-833c-b02a0cc2702d",
        "page_number": 1,
        "text": "Approximate Cap as set forth in the table below."
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 631,
          "x": 183,
          "y": 245
        },
        "id": "6961683f-8249-4d99-a4cc-70ef30341889",
        "page_number": 1,
        "text": "Fund (Ticker) Outcome Period Approximate Cap"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 224,
          "x": 124,
          "y": 266
        },
        "id": "f6afd5c4-2c99-4ce9-bd93-69dae043b6a6",
        "page_number": 1,
        "text": "iShares Large Cap 10% Target"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 165,
          "x": 162,
          "y": 281
        },
        "id": "a25dc667-10db-4184-90e1-3ba4ac9073b5",
        "page_number": 1,
        "text": "Buffer Sep ETF (STEN)"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 92,
          "x": 434,
          "y": 266
        },
        "id": "eaa68126-9917-4cb7-8360-d7e2ae59bde0",
        "page_number": 1,
        "text": "Oct. 1, 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 122,
          "x": 419,
          "y": 282
        },
        "id": "5dc499b5-ed25-4c71-9b1a-d6b2868cbdf2",
        "page_number": 1,
        "text": "to Sep. 30, 2027"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 261,
          "x": 616,
          "y": 266
        },
        "id": "56805a72-224f-4794-a8b0-6858ec39a105",
        "page_number": 1,
        "text": "19.25% (gross of management fee)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 245,
          "x": 624,
          "y": 281
        },
        "id": "699e59d6-aab5-49fa-ad22-22e054929110",
        "page_number": 1,
        "text": "18.75% (net of management fee)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 218,
          "x": 127,
          "y": 304
        },
        "id": "1e67a988-dc91-4bac-a166-7934bfa2c064",
        "page_number": 1,
        "text": "iShares Large Cap Max Buffer"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 124,
          "x": 182,
          "y": 320
        },
        "id": "b465ca1e-bc21-4a9d-9f43-2dcd53351130",
        "page_number": 1,
        "text": "Sep ETF (SMAX)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 92,
          "x": 434,
          "y": 305
        },
        "id": "61e2130c-4f7f-447f-b46a-7a9e9fee8e71",
        "page_number": 1,
        "text": "Oct. 1, 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 122,
          "x": 419,
          "y": 320
        },
        "id": "f46b891a-cae6-450b-a0fd-607926a604dc",
        "page_number": 1,
        "text": "to Sep. 30, 2027"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 254,
          "x": 619,
          "y": 304
        },
        "id": "6c95b39a-9c3c-46e9-8802-73126185e272",
        "page_number": 1,
        "text": "9.77% (gross of management fee)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 238,
          "x": 627,
          "y": 320
        },
        "id": "b7db749b-e627-494a-8b74-762e07061cda",
        "page_number": 1,
        "text": "9.27% (net of management fee)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 224,
          "x": 124,
          "y": 343
        },
        "id": "d4708726-7505-4e3f-bcc9-d14cc12984f5",
        "page_number": 1,
        "text": "iShares Large Cap Accelerated"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 168,
          "x": 160,
          "y": 359
        },
        "id": "2d5abdde-a69b-4cb6-a5bc-dd924e488fcc",
        "page_number": 1,
        "text": "Outcome ETF (TWOX)"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 92,
          "x": 434,
          "y": 344
        },
        "id": "59d6b693-0070-4aca-84ca-ef5c9bd91276",
        "page_number": 1,
        "text": "Oct. 1, 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 124,
          "x": 418,
          "y": 359
        },
        "id": "61711535-7658-4092-80da-af6c2ff60abf",
        "page_number": 1,
        "text": "to Dec. 31, 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 254,
          "x": 619,
          "y": 343
        },
        "id": "5711177c-d237-46cd-a33a-84b6788eae27",
        "page_number": 1,
        "text": "6.90% (gross of management fee)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 238,
          "x": 627,
          "y": 359
        },
        "id": "aebc6df5-d38b-4e61-bff0-c83986011230",
        "page_number": 1,
        "text": "6.78% (net of management fee)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 712,
          "x": 117,
          "y": 390
        },
        "id": "36209985-629e-4f7d-b946-1cb6359f7256",
        "page_number": 1,
        "text": "Each Fund\u2019s Prospectus, Summary Prospectus and SAI are amended to revise all references to the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 655,
          "x": 116,
          "y": 405
        },
        "id": "fcaa2cbb-00ef-491b-acee-7b1cb1466021",
        "page_number": 1,
        "text": "Outcome Period and Approximate Cap, when applicable, to reflect the information above."
      },
      {
        "block_type": "box",
        "box": {
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          "width": 521,
          "x": 117,
          "y": 428
        },
        "id": "cda488ba-24d6-43e4-8885-6f7866dc722b",
        "page_number": 1,
        "text": "If you have any questions, please call 1-800-iShares (1-800-474-2737)."
      },
      {
        "block_type": "box",
        "box": {
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          "width": 40,
          "x": 117,
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        },
        "id": "9135097d-a6d5-4c96-adaf-96c379a29aae",
        "page_number": 1,
        "text": "iShares"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 8,
          "x": 158,
          "y": 869
        },
        "id": "cf2206a6-f8f4-436c-b089-ae2c6e757c61",
        "page_number": 1,
        "text": "\u00ae"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 406,
          "x": 170,
          "y": 869
        },
        "id": "18621aa7-f5e8-4243-80d1-0f4a3842738a",
        "page_number": 1,
        "text": "is a registered trademark of BlackRock Fund Advisors and its affiliates."
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 110,
          "x": 773,
          "y": 887
        },
        "id": "11063f5c-fa0f-4730-aab8-154467d75ffc",
        "page_number": 1,
        "text": "IS-A-OC-Cap-1026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 265,
          "x": 368,
          "y": 911
        },
        "id": "4892a589-fc38-4125-ac6b-69b5c05e5063",
        "page_number": 1,
        "text": "PLEASE RETAIN THIS SUPPLEMENT"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 186,
          "x": 407,
          "y": 926
        },
        "id": "67774d43-92f2-4304-97af-0a5edcca43ed",
        "page_number": 1,
        "text": "FOR FUTURE REFERENCE"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 103,
          "x": 450,
          "y": 69
        },
        "id": "81e42594-3aba-4071-9da4-3c185b301597",
        "page_number": 2,
        "text": "iShares Trust"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 300,
          "x": 352,
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        },
        "id": "e3d1b51a-139d-4eda-83ba-e94e2dcccc49",
        "page_number": 2,
        "text": "Supplement dated September 22, 2026"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 765,
          "x": 119,
          "y": 100
        },
        "id": "d03a39d8-a326-42f7-ab01-6f3b9a8f3696",
        "page_number": 2,
        "text": "to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 750,
          "x": 127,
          "y": 116
        },
        "id": "0a9a6d83-f55c-44e2-960a-5137fd1653ef",
        "page_number": 2,
        "text": "(\u201cSAI\u201d) for the iShares Large Cap 10% Target Buffer Sep ETF (STEN), iShares Large Cap Max Buffer"
      },
      {
        "block_type": "box",
        "box": {
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          "x": 154,
          "y": 131
        },
        "id": "fe18cc35-2d2f-4d30-8642-a9d186501490",
        "page_number": 2,
        "text": "Sep ETF (SMAX) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a \u201cFund\u201d)"
      },
      {
        "block_type": "box",
        "box": {
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          "y": 154
        },
        "id": "a15f8f38-07e5-4c5c-be3c-9020ae804415",
        "page_number": 2,
        "text": "As described in the Fund\u2019s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 747,
          "x": 116,
          "y": 170
        },
        "id": "479e6aec-4278-48a8-8380-be2f9d4468fa",
        "page_number": 2,
        "text": "outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 385,
          "x": 116,
          "y": 185
        },
        "id": "fe1b9fa9-80ac-41b0-b8c5-32970a974a03",
        "page_number": 2,
        "text": "ascribed to them in each Fund\u2019s Prospectus and SAI."
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 766,
          "x": 116,
          "y": 209
        },
        "id": "2b9b0958-4936-4c38-a775-c261c287c7c8",
        "page_number": 2,
        "text": "The table below shows an estimated range for the Approximate Cap for each Fund\u2019s upcoming Outcome"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 743,
          "x": 117,
          "y": 224
        },
        "id": "9dae05d7-f9bc-496d-a920-4cc9a23e2680",
        "page_number": 2,
        "text": "Period as estimated by the Fund\u2019s investment adviser using information available as of the date of this"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 741,
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          "y": 240
        },
        "id": "0ea53528-2b88-413d-bc6a-6d5ea34b5b01",
        "page_number": 2,
        "text": "supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 753,
          "x": 117,
          "y": 255
        },
        "id": "b2692579-6c30-460f-b304-6bce52417bb6",
        "page_number": 2,
        "text": "Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 706,
          "x": 116,
          "y": 271
        },
        "id": "2a17ef3d-716d-496c-9abb-46a22cca7d86",
        "page_number": 2,
        "text": "for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 735,
          "x": 117,
          "y": 286
        },
        "id": "44f04219-0b1c-4fde-8aa2-710e32fc56ca",
        "page_number": 2,
        "text": "included in a supplement filing following the close of business on the last business day of the current"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 127,
          "x": 116,
          "y": 302
        },
        "id": "6f16fdd5-24ba-4ba6-b481-06c205421c1b",
        "page_number": 2,
        "text": "Outcome Period."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 106,
          "x": 186,
          "y": 330
        },
        "id": "33421b74-d315-4ebb-b8fc-fd14ddfaeca2",
        "page_number": 2,
        "text": "Fund (Ticker)"
      },
      {
        "block_type": "box",
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          "width": 154,
          "x": 368,
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        },
        "id": "74ea8e82-bcc2-44ef-8f44-f5059581f97a",
        "page_number": 2,
        "text": "Upcoming Outcome"
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      {
        "block_type": "box",
        "box": {
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          "width": 52,
          "x": 419,
          "y": 340
        },
        "id": "d521c5a1-da62-4367-81df-98dbf1847c12",
        "page_number": 2,
        "text": "Period"
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      {
        "block_type": "box",
        "box": {
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          "width": 267,
          "x": 575,
          "y": 330
        },
        "id": "7caa62af-4b3c-41c7-b089-3adb67dab0a5",
        "page_number": 2,
        "text": "Estimated Approximate Cap Range"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 223,
          "x": 127,
          "y": 368
        },
        "id": "77c6fb7b-2c5d-4b5c-82ed-f5fac6dba51a",
        "page_number": 2,
        "text": "iShares Large Cap 10% Target"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 164,
          "x": 165,
          "y": 383
        },
        "id": "1cd87457-c0a3-4687-857f-a3ec8496e11c",
        "page_number": 2,
        "text": "Buffer Sep ETF (STEN)"
      },
      {
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          "x": 399,
          "y": 368
        },
        "id": "86197d8e-1717-4357-80d9-f2e732b58bf8",
        "page_number": 2,
        "text": "Oct. 1, 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 122,
          "x": 384,
          "y": 384
        },
        "id": "6a0fc0bd-78bd-4b96-bfc1-2d285adfaa90",
        "page_number": 2,
        "text": "to Sep. 30, 2027"
      },
      {
        "block_type": "box",
        "box": {
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          "x": 543,
          "y": 364
        },
        "id": "68ccc141-1efe-4721-a966-7c6f670c14c1",
        "page_number": 2,
        "text": "18.20% - 20.26% (gross of management fee)"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 316,
          "x": 551,
          "y": 387
        },
        "id": "ae0858d0-8c6e-49e9-8e81-5e778dc06ddf",
        "page_number": 2,
        "text": "17.70% - 19.76% (net of management fee)"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 217,
          "x": 130,
          "y": 414
        },
        "id": "06831fd4-462e-482b-af81-072a4f15b71f",
        "page_number": 2,
        "text": "iShares Large Cap Max Buffer"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 124,
          "x": 185,
          "y": 430
        },
        "id": "3fda2213-7e9d-4874-bd57-b4090c4f5777",
        "page_number": 2,
        "text": "Sep ETF (SMAX)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 92,
          "x": 399,
          "y": 415
        },
        "id": "b9aac81f-a7d3-4da3-a639-096db2ae354e",
        "page_number": 2,
        "text": "Oct. 1, 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 122,
          "x": 384,
          "y": 430
        },
        "id": "5d372a03-0bb6-443f-915c-529029b5f5c6",
        "page_number": 2,
        "text": "to Sep. 30, 2027"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 315,
          "x": 551,
          "y": 410
        },
        "id": "a2270ee5-13d3-4318-8be8-8bdd2db4a3d0",
        "page_number": 2,
        "text": "8.88% - 9.95% (gross of management fee)"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 299,
          "x": 559,
          "y": 433
        },
        "id": "46b63e63-be29-4e28-afa2-166ecda97be6",
        "page_number": 2,
        "text": "8.38% - 9.45% (net of management fee)"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 224,
          "x": 127,
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        },
        "id": "e689b551-654d-4512-b837-e2f5d573df2a",
        "page_number": 2,
        "text": "iShares Large Cap Accelerated"
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      {
        "block_type": "box",
        "box": {
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          "x": 163,
          "y": 476
        },
        "id": "5cf45cff-db5c-4d70-bb77-cf5489e5a40b",
        "page_number": 2,
        "text": "Outcome ETF (TWOX)"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 92,
          "x": 399,
          "y": 461
        },
        "id": "be889ce5-b1a4-45cb-b1f2-9a7e6244bc06",
        "page_number": 2,
        "text": "Oct. 1, 2026"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 124,
          "x": 383,
          "y": 477
        },
        "id": "7131b113-e44f-472d-8aad-cfd58f5d2307",
        "page_number": 2,
        "text": "to Dec. 31, 2026"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 315,
          "x": 551,
          "y": 457
        },
        "id": "7262d06f-3592-4288-b120-a1116a849ee9",
        "page_number": 2,
        "text": "6.25% - 8.17% (gross of management fee)"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 299,
          "x": 559,
          "y": 480
        },
        "id": "75e905bf-4e66-455c-9192-274c7c7829a2",
        "page_number": 2,
        "text": "6.13% - 8.04% (net of management fee)"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 521,
          "x": 117,
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        },
        "id": "a64669f2-604e-4640-9e03-a9997ac54817",
        "page_number": 2,
        "text": "If you have any questions, please call 1-800-iShares (1-800-474-2737)."
      },
      {
        "block_type": "box",
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        },
        "id": "b06448a4-d658-41cc-8fd6-c5f2c7249224",
        "page_number": 2,
        "text": "iShares"
      },
      {
        "block_type": "box",
        "box": {
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          "x": 158,
          "y": 869
        },
        "id": "2e37856c-0bad-4ed4-ad8c-243fb75d56f4",
        "page_number": 2,
        "text": "\u00ae"
      },
      {
        "block_type": "box",
        "box": {
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          "x": 170,
          "y": 869
        },
        "id": "57b271c5-2894-4616-a11c-6cea3ad55c33",
        "page_number": 2,
        "text": "is a registered trademark of BlackRock Fund Advisors and its affiliates."
      },
      {
        "block_type": "box",
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          "x": 793,
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        },
        "id": "627a128f-9a7f-4114-962a-cb8724b1bea9",
        "page_number": 2,
        "text": "IS-A-iCap-0926"
      },
      {
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          "y": 911
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        "id": "cc1663ae-3da9-4757-a3ef-8f2d736c8087",
        "page_number": 2,
        "text": "PLEASE RETAIN THIS SUPPLEMENT"
      },
      {
        "block_type": "box",
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          "x": 407,
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        "id": "bee25cad-9956-416a-8487-f9cb2af787d2",
        "page_number": 2,
        "text": "FOR FUTURE REFERENCE"
      },
      {
        "block_type": "box",
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          "y": 71
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        "id": "4f6f23c2-cf6e-4133-81f9-f1df7b91c044",
        "page_number": 3,
        "text": "iShares"
      },
      {
        "block_type": "box",
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          "x": 554,
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      {
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        "id": "e45e9273-dbea-4b73-b789-5713057415e0",
        "page_number": 3,
        "text": "iShares Trust"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 235,
          "x": 384,
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        },
        "id": "842256e3-79eb-40a3-8d2c-436fb4ab8754",
        "page_number": 3,
        "text": "Supplement dated July 1, 2026"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 765,
          "x": 119,
          "y": 139
        },
        "id": "f5b2b573-44e1-4c61-a3e1-e7f5634681f8",
        "page_number": 3,
        "text": "to the currently effective Prospectus, Summary Prospectus and Statement of Additional Information"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 756,
          "x": 124,
          "y": 154
        },
        "id": "8f5070cf-4268-434f-bef3-83aef983a0cd",
        "page_number": 3,
        "text": "(\u201cSAI\u201d) for the iShares Large Cap Accelerated Outcome ETF (TWOX), iShares Large Cap 10% Target"
      },
      {
        "block_type": "box",
        "box": {
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          "x": 166,
          "y": 170
        },
        "id": "b5e5c4d8-517f-4ae9-97dd-1def17458157",
        "page_number": 3,
        "text": "Buffer Jun ETF (TENJ) and iShares Large Cap Max Buffer Jun ETF (MAXJ) (each, a \u201cFund\u201d)"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 764,
          "x": 116,
          "y": 193
        },
        "id": "e8233c54-07bc-4c4d-8e57-e17eee3fe9cd",
        "page_number": 3,
        "text": "As described in the Fund\u2019s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 747,
          "x": 116,
          "y": 209
        },
        "id": "2d35911a-89a9-457d-9491-c558af741aae",
        "page_number": 3,
        "text": "outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 385,
          "x": 116,
          "y": 224
        },
        "id": "d7004fa7-9485-4967-b4fa-f66f3cb16281",
        "page_number": 3,
        "text": "ascribed to them in each Fund\u2019s Prospectus and SAI."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 677,
          "x": 116,
          "y": 247
        },
        "id": "abc47ac9-51dd-45f9-9beb-a3f7f3e05359",
        "page_number": 3,
        "text": "An investment in each Fund over the course of the Outcome Period is subject to such Fund\u2019s"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 354,
          "x": 116,
          "y": 263
        },
        "id": "c1a4b6d1-920e-47e3-9fd1-20b347958079",
        "page_number": 3,
        "text": "Approximate Cap as set forth in the table below."
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 620,
          "x": 193,
          "y": 284
        },
        "id": "57efadb8-afc9-47a9-ac81-ab0a935b867b",
        "page_number": 3,
        "text": "Fund (Ticker) Outcome Period Approximate Cap"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 224,
          "x": 134,
          "y": 304
        },
        "id": "5e29fed5-3cec-4ec9-8f6d-fd727d1e83ac",
        "page_number": 3,
        "text": "iShares Large Cap Accelerated"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 168,
          "x": 170,
          "y": 320
        },
        "id": "9f3203fb-96a4-4433-838d-50dd599c109a",
        "page_number": 3,
        "text": "Outcome ETF (TWOX)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 84,
          "x": 446,
          "y": 304
        },
        "id": "b723f0e0-cd3c-4394-84ee-4bb607a994fd",
        "page_number": 3,
        "text": "Jul. 1, 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 122,
          "x": 427,
          "y": 320
        },
        "id": "bbc5400b-77b9-4141-b9e0-bf52a590ef9f",
        "page_number": 3,
        "text": "to Sep. 30, 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 253,
          "x": 613,
          "y": 304
        },
        "id": "7dbe8973-42bf-4bce-9d01-97151176f591",
        "page_number": 3,
        "text": "7.54% (gross of management fee)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 237,
          "x": 613,
          "y": 320
        },
        "id": "0d88da6e-001f-444b-b344-88ceb2d58a57",
        "page_number": 3,
        "text": "7.41% (net of management fee)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 223,
          "x": 135,
          "y": 343
        },
        "id": "242d69fe-d640-4a8c-ba49-eca5481da259",
        "page_number": 3,
        "text": "iShares Large Cap 10% Target"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 156,
          "x": 177,
          "y": 359
        },
        "id": "0c20d4ae-f734-4680-ae90-2ed3c0367add",
        "page_number": 3,
        "text": "Buffer Jun ETF (TENJ)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 84,
          "x": 446,
          "y": 343
        },
        "id": "d71fc985-aeff-4b97-9823-d48637f2ef12",
        "page_number": 3,
        "text": "Jul. 1, 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 119,
          "x": 429,
          "y": 359
        },
        "id": "bb0d1750-ee22-430a-9fb2-30434a0dc198",
        "page_number": 3,
        "text": "to Jun. 30, 2027"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 262,
          "x": 614,
          "y": 343
        },
        "id": "3a9923ea-89c8-441f-a033-cad453b377e6",
        "page_number": 3,
        "text": "19.02% (gross of management fee)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 246,
          "x": 614,
          "y": 359
        },
        "id": "02a0eb9b-74a4-4215-8d13-ac0eb9bd55fc",
        "page_number": 3,
        "text": "18.52% (net of management fee)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 217,
          "x": 138,
          "y": 382
        },
        "id": "3460f578-2cb3-460f-9022-ed349d5ac554",
        "page_number": 3,
        "text": "iShares Large Cap Max Buffer"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 116,
          "x": 196,
          "y": 397
        },
        "id": "63b4191e-75d9-46ea-99f6-c7744ee7b686",
        "page_number": 3,
        "text": "Jun ETF (MAXJ)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 84,
          "x": 446,
          "y": 382
        },
        "id": "6bc60bc7-493a-47a1-9fb5-f5e4ad5d51dd",
        "page_number": 3,
        "text": "Jul. 1, 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 119,
          "x": 429,
          "y": 398
        },
        "id": "79f4938e-a49b-4fd7-9d3b-bb8257a6c301",
        "page_number": 3,
        "text": "to Jun. 30, 2027"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 253,
          "x": 613,
          "y": 382
        },
        "id": "9d114ffc-55aa-4e59-91a1-01b15d798e37",
        "page_number": 3,
        "text": "8.54% (gross of management fee)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 237,
          "x": 613,
          "y": 397
        },
        "id": "16eb19d1-01d7-47a1-82b6-f584386391cf",
        "page_number": 3,
        "text": "8.04% (net of management fee)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 712,
          "x": 117,
          "y": 428
        },
        "id": "001d3436-664f-45db-91c9-f990aed32063",
        "page_number": 3,
        "text": "Each Fund\u2019s Prospectus, Summary Prospectus and SAI are amended to revise all references to the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 655,
          "x": 116,
          "y": 444
        },
        "id": "6bac9ca7-d49a-473d-848f-c954ea183095",
        "page_number": 3,
        "text": "Outcome Period and Approximate Cap, when applicable, to reflect the information above."
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      {
        "block_type": "box",
        "box": {
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          "width": 521,
          "x": 117,
          "y": 467
        },
        "id": "73cae6f9-8642-4119-8fa2-0b8acff41648",
        "page_number": 3,
        "text": "If you have any questions, please call 1-800-iShares (1-800-474-2737)."
      },
      {
        "block_type": "box",
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        "page_number": 3,
        "text": "iShares"
      },
      {
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        "id": "5e44c4f7-e2e0-451b-a787-d1ce5ef6d7fc",
        "page_number": 3,
        "text": "\u00ae"
      },
      {
        "block_type": "box",
        "box": {
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          "x": 170,
          "y": 869
        },
        "id": "53b297f1-6497-4187-bed0-a118f87c2fe9",
        "page_number": 3,
        "text": "is a registered trademark of BlackRock Fund Advisors and its affiliates."
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      {
        "block_type": "box",
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        },
        "id": "aba5ff5c-f6e6-4a2b-a027-7bfd5bfffcc4",
        "page_number": 3,
        "text": "IS-A-OC-Cap-0626"
      },
      {
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        "id": "e365ee78-7a3d-44b8-a9aa-c3bfb5c2d7b7",
        "page_number": 3,
        "text": "PLEASE RETAIN THIS SUPPLEMENT"
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      {
        "block_type": "box",
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          "x": 407,
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        },
        "id": "c8686aac-4c45-4f36-b911-4c8176f2ac3e",
        "page_number": 3,
        "text": "FOR FUTURE REFERENCE"
      },
      {
        "block_type": "box",
        "box": {
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          "x": 423,
          "y": 71
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        "id": "4faae662-3b5f-44be-8305-f68eb6059d63",
        "page_number": 4,
        "text": "iShares"
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      {
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        "text": "\u00ae"
      },
      {
        "block_type": "box",
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          "y": 108
        },
        "id": "1aaf9ac9-e433-4804-98bc-a64effd7d07e",
        "page_number": 4,
        "text": "iShares Trust"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 251,
          "x": 376,
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        "id": "288b3ea7-c2e8-4298-bdad-cd483586650e",
        "page_number": 4,
        "text": "Supplement dated June 23, 2026"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 765,
          "x": 119,
          "y": 139
        },
        "id": "2d948c48-0078-4c93-9b33-fd09559a98a5",
        "page_number": 4,
        "text": "to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 742,
          "x": 131,
          "y": 154
        },
        "id": "de6d264b-f90f-41cb-812f-26eddb54c081",
        "page_number": 4,
        "text": "(\u201cSAI\u201d) for the iShares Large Cap 10% Target Buffer Jun ETF (TENJ), iShares Large Cap Max Buffer"
      },
      {
        "block_type": "box",
        "box": {
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          "y": 170
        },
        "id": "b47e8793-2e1c-458e-8aec-442f3f33e453",
        "page_number": 4,
        "text": "Jun ETF (MAXJ) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a \u201cFund\u201d)"
      },
      {
        "block_type": "box",
        "box": {
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          "x": 116,
          "y": 193
        },
        "id": "8d15a989-14f6-4067-8914-59815874c349",
        "page_number": 4,
        "text": "As described in the Fund\u2019s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 747,
          "x": 116,
          "y": 209
        },
        "id": "174a9fb2-3f69-4f0c-81a2-736ec1ac17b5",
        "page_number": 4,
        "text": "outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 385,
          "x": 116,
          "y": 224
        },
        "id": "3c8d29c3-32f7-4a13-b40a-f978dc1f4aa3",
        "page_number": 4,
        "text": "ascribed to them in each Fund\u2019s Prospectus and SAI."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 766,
          "x": 116,
          "y": 247
        },
        "id": "52620961-d289-435a-b49c-6ac9dd873c40",
        "page_number": 4,
        "text": "The table below shows an estimated range for the Approximate Cap for each Fund\u2019s upcoming Outcome"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 743,
          "x": 117,
          "y": 263
        },
        "id": "8e612fd4-79ea-4faa-96c5-a4c7957a8ef2",
        "page_number": 4,
        "text": "Period as estimated by the Fund\u2019s investment adviser using information available as of the date of this"
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      {
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        },
        "id": "432df55a-96fc-4111-9f69-b39dd7c4375b",
        "page_number": 4,
        "text": "supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each"
      },
      {
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          "width": 753,
          "x": 117,
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        "id": "ab4164eb-2515-4b05-bb05-d98e1a405c43",
        "page_number": 4,
        "text": "Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap"
      },
      {
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          "y": 309
        },
        "id": "31e5dc55-57cb-4e76-8052-c55b7f54fb7a",
        "page_number": 4,
        "text": "for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be"
      },
      {
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          "x": 117,
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        },
        "id": "1854c45d-f213-4ab3-87ff-5db32c758253",
        "page_number": 4,
        "text": "included in a supplement filing following the close of business on the last business day of the current"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 127,
          "x": 116,
          "y": 340
        },
        "id": "5f863e0d-fa81-464b-9997-e6d55e649db3",
        "page_number": 4,
        "text": "Outcome Period."
      },
      {
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        "box": {
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          "width": 340,
          "x": 191,
          "y": 364
        },
        "id": "2d0ef50e-fc95-4b88-a7ec-707c558ac7f1",
        "page_number": 4,
        "text": "Fund (Ticker) Upcoming Outcome"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 52,
          "x": 427,
          "y": 377
        },
        "id": "0cc7ed38-dc46-44ed-807d-836a67ca97c0",
        "page_number": 4,
        "text": "Period"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 268,
          "x": 577,
          "y": 364
        },
        "id": "1b292482-ccd6-4a2f-895c-71f987671ca4",
        "page_number": 4,
        "text": "Estimated Approximate Cap Range"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 223,
          "x": 133,
          "y": 395
        },
        "id": "127b1d04-ea04-4b2a-ba7a-dc871983046e",
        "page_number": 4,
        "text": "iShares Large Cap 10% Target"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 156,
          "x": 167,
          "y": 410
        },
        "id": "ee981391-738a-4d53-ad73-0f9db32d0485",
        "page_number": 4,
        "text": "Buffer Jun ETF (TENJ)"
      },
      {
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          "x": 411,
          "y": 395
        },
        "id": "b747fb44-229a-429b-9a9b-bf5704ed916c",
        "page_number": 4,
        "text": "Jul. 1, 2026"
      },
      {
        "block_type": "box",
        "box": {
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          "x": 394,
          "y": 411
        },
        "id": "d76021ae-0ef1-4b5e-bfd1-c63aed2a3723",
        "page_number": 4,
        "text": "to Jun. 30, 2027"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 333,
          "x": 545,
          "y": 395
        },
        "id": "ffdb62f3-dd91-45f1-b7d0-1985e994368b",
        "page_number": 4,
        "text": "17.55% - 19.59% (gross of management fee)"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 317,
          "x": 553,
          "y": 410
        },
        "id": "1af267c7-d0ec-4eac-b2d0-ff115145a139",
        "page_number": 4,
        "text": "17.05% - 19.09% (net of management fee)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 217,
          "x": 136,
          "y": 433
        },
        "id": "f1c78aa5-1241-4909-86a0-74d63b0861ec",
        "page_number": 4,
        "text": "iShares Large Cap Max Buffer"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 116,
          "x": 186,
          "y": 449
        },
        "id": "5db24951-b737-4239-aa79-20c12536576b",
        "page_number": 4,
        "text": "Jun ETF (MAXJ)"
      },
      {
        "block_type": "box",
        "box": {
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          "x": 411,
          "y": 433
        },
        "id": "e1ae94d3-76c1-4787-aa58-688a430d6c99",
        "page_number": 4,
        "text": "Jul. 1, 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 118,
          "x": 394,
          "y": 450
        },
        "id": "2b3dfebc-39d2-4ae7-bfa1-680ffaa230e4",
        "page_number": 4,
        "text": "to Jun. 30, 2027"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 315,
          "x": 553,
          "y": 433
        },
        "id": "42e8d05d-7717-4220-847d-d953fd6112fa",
        "page_number": 4,
        "text": "7.55% - 8.59% (gross of management fee)"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 299,
          "x": 561,
          "y": 449
        },
        "id": "d217f7b4-14ae-440b-9826-4112e95e0690",
        "page_number": 4,
        "text": "7.05% - 8.09% (net of management fee)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 223,
          "x": 133,
          "y": 472
        },
        "id": "361ace64-a124-41b6-bd45-61fcec4dedbb",
        "page_number": 4,
        "text": "iShares Large Cap Accelerated"
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      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 168,
          "x": 160,
          "y": 488
        },
        "id": "8e54effe-0e3f-4b1e-9c17-5a1fdecd9835",
        "page_number": 4,
        "text": "Outcome ETF (TWOX)"
      },
      {
        "block_type": "box",
        "box": {
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          "x": 411,
          "y": 472
        },
        "id": "e1bcd0c8-c76c-4827-95dd-028dbd4580f0",
        "page_number": 4,
        "text": "Jul. 1, 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 122,
          "x": 392,
          "y": 488
        },
        "id": "d8916498-50d0-4c04-a72a-c14dfa7f82d8",
        "page_number": 4,
        "text": "to Sep. 30, 2026"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 315,
          "x": 553,
          "y": 472
        },
        "id": "91c7606e-70b5-4c85-9502-ae8e2d5521d2",
        "page_number": 4,
        "text": "6.07% - 7.99% (gross of management fee)"
      },
      {
        "block_type": "box",
        "box": {
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          "width": 299,
          "x": 561,
          "y": 488
        },
        "id": "6c114f4d-f773-4f0b-84b9-40ccdab32d12",
        "page_number": 4,
        "text": "5.95% - 7.86% (net of management fee)"
      },
      {
        "block_type": "box",
        "box": {
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          "x": 117,
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        },
        "id": "9144c7fe-d688-47a0-b6c9-110005450efb",
        "page_number": 4,
        "text": "If you have any questions, please call 1-800-iShares (1-800-474-2737)."
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      {
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        "page_number": 4,
        "text": "iShares"
      },
      {
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          "x": 158,
          "y": 869
        },
        "id": "761a8367-32c0-4a05-bcc7-2a68f62a82bb",
        "page_number": 4,
        "text": "\u00ae"
      },
      {
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        "box": {
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          "width": 406,
          "x": 170,
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        },
        "id": "05ee0392-e0b0-465c-b6ec-1d9ec03def82",
        "page_number": 4,
        "text": "is...