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iShares MSCI USA Small-Cap ETF

MSML | NYSE Arca

Summary Prospectus — August 31, 2026 (as revised

October 5, 2026)

Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus and other information about the Fund, including the Fund’s statement of additional information and reports to shareholders, online at www.blackrock.com/prospectus. You can also get this information at no cost by calling 1-800-iShares (1-800-474-2737) or by sending an email request to iSharesETFs@blackrock.com, or from your financial professional. The Fund’s prospectus and statement of additional information, both dated August 31, 2026, as amended and supplemented from time to time, are incorporated by reference into this Summary Prospectus.

Investment Objective

The iShares MSCI USA Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities.

Fees and Expenses

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

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 1

Management Fee 0.04% Other Expenses 0.00% Total Annual Fund Operating Expenses 0.04%

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:

Expense Example 1 Year 3 Years 5 Years 10 Years Example Fund Costs $4 $13 $23 $51

Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. The Fund has changed its fiscal year end from April 30 to August 31. During the most recent fiscal year ended April 30, 2026, the Fund's portfolio turnover rate was 30% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI USA Small Cap Index (the “Underlying Index”), which measures the performance of the small-capitalization segment of the U.S. equities market, as determined by MSCI Inc. (“MSCI” or the “Index Provider”). The Underlying Index represents approximately 14% of the free float-adjusted market capitalization in the U.S. The Underlying Index is free float-adjusted market-capitalization weighted.

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As of August 31, 2026, the Underlying Index had approximately 1,634 constituents, and a significant portion of the Underlying Index was represented by securities of companies in the financial, industrials and technology industries or sectors. The components of the Underlying Index are likely to change over time.

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

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

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

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

Industry Concentration Policy. The Fund will concentrate its investments ( i.e. , hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.

Summary of Principal Risks

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

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

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

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

Market Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other

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

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

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

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

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

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

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

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.

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

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

Operational and Technology Risks. The Fund is directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders

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

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

Technology Companies Risk. Technology companies and companies that rely heavily on technological advances may have limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.

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

Performance Information

The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).

Calendar Year-by-Year Returns (%)

23.42 13.01

-13.81

29.37

6.10

17.59

-19.13

19.66 11.37 11.93

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Return (%) Period Ended Calendar Year-to-Date Return 16.81% June 30, 2026 During the periods shown in the chart: Best Quarter 26.29% December 31, 2020 Worst Quarter -33.15% March 31, 2020

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Average Annual Total Returns (%) (for the periods ended December 31, 2025) One Year Five Years Ten Years Fund Inception: 6/28/2004 Return Before Taxes 11.93% 7.24% 8.88% Return After Taxes on Distributions 11.49% 6.81% 8.43% Return After Taxes on Distributions and Sale of Fund Shares 7.26% 5.57% 7.12% MSCI US Broad Market Index 1 (Returns do not reflect deductions for fees, expenses or taxes) 17.21% 13.28% 14.37% MSCI USA Small Cap Index (Spliced) 2 (Returns do not reflect deductions for fees, expenses or taxes) 11.86% 7.14% 8.91% Morningstar US Market Index 1 (Returns do not reflect deductions for fees, expenses or taxes) 17.35% 13.29% 14.40% 1 The Fund is changing its broad-based index from the Morningstar US Market Index to the MSCI US Broad Market Index in connection with changing its Underlying Index as Fund management believes the MSCI US Broad Market Index is more representative of the investments in which the Fund will invest. The Fund will no longer compare its performance to the Morningstar US Market Index effective approximately one year from October 5, 2026. 2 The MSCI USA Small Cap Index (Spliced) reflects the performance of the Morningstar US Small Core Index through March 21, 2021, the Morningstar US Small Cap Extended Market Index through October 5, 2026 and the MSCI USA Small Cap Index thereafter, which reflects the times when each index was the Underlying Index of the Fund. After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.

Management

Investment Adviser. BlackRock Fund Advisors.

Portfolio Managers. The following individuals (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund:

Portfolio Manager

Portfolio Manager of the Fund Since

Title with Investment Adviser Jennifer Hsui 2012 Managing Director Matt Waldron 2025 Managing Director Peter Sietsema 2025 Managing Director Steven White 2025 Managing Director

Purchase and Sale of Fund Shares

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

Tax Information

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

Payments to Broker-Dealers and Other Financial Intermediaries

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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©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

Investment Company Act file No.: 811-09729 IS-SP-MSML-1026

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        "text": "transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any"
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        "text": "extraordinary expenses."
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        "text": "You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not"
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        "text": "reflected in the table and example below."
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        "text": "Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)"
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        "text": "Management Fee"
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        "text": "0.04%"
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        "text": "Other Expenses"
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        "text": "Total Annual Fund Operating Expenses"
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        "text": "Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any."
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        "text": "Example."
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        "text": "This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in"
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        "id": "e6bdebf1-c8a3-4028-8e1f-64ef71674dae",
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        "text": "other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your"
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        "text": "shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the"
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        "text": "Fund\u2019s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions,"
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        "text": "your costs would be:"
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        "text": "Expense Example"
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        "text": "1 Year 3 Years 5 Years 10 Years"
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        "text": "$4 $13 $23 $51"
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        "text": "Portfolio Turnover."
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        "text": "The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or \u201cturns"
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        "text": "over\u201d its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when"
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        "text": "Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in"
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        "text": "the Example, affect the Fund\u2019s performance. The Fund has changed its fiscal year end from April 30 to August 31. During the"
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        "text": "most recent fiscal year ended April 30, 2026, the Fund\u0027s portfolio turnover rate was 30% of the average value of its portfolio."
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        "text": "Principal Investment Strategies"
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        "text": "The Fund seeks to track the investment results of the MSCI USA Small Cap Index (the \u201cUnderlying Index\u201d), which measures"
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        "text": "the performance of the small-capitalization segment of the U.S. equities market, as determined by MSCI Inc. (\u201cMSCI\u201d or the"
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        "text": "\u201cIndex Provider\u201d). The Underlying Index represents approximately 14% of the free float-adjusted market capitalization in the"
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        "text": "As of August 31, 2026, the Underlying Index had approximately 1,634 constituents, and a significant portion of the"
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        "text": "Underlying Index was represented by securities of companies in the financial, industrials and technology industries or"
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        "text": "sectors. The components of the Underlying Index are likely to change over time."
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        "text": "The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a"
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        "text": "representative sampling indexing strategy to manage the Fund. \u201cRepresentative sampling\u201d is an indexing strategy that"
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        "text": "involves investing in a representative sample of securities or other instruments intended to collectively have an investment"
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        "text": "characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index."
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        "text": "The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce"
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        "text": "components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including"
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        "text": "shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in"
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        "text": "In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the \u201c1940 Act\u201d), under normal"
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        "text": "circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for"
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        "text": "investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be"
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        "text": "Underlying Index or exposure to one or more market risk factors associated with such components. The Fund\u0027s 80%"
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        "text": "investment policy may be changed by the Trust\u0027s Board of Trustees (the \u201cBoard\u201d) upon 60 days\u0027 notice to shareholders."
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        "text": "The Fund may lend securities representing up to one-third of the value of the Fund\u0027s total assets (including the value of any"
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        "text": "collateral received)."
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        "text": "The Underlying Index is sponsored by MSCI, which is independent of the Fund and BFA. The Index Provider determines the"
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        "text": "composition and relative weightings of the components of the Underlying Index and publishes information regarding the"
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        "text": "Industry Concentration Policy."
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        "text": "The Fund will concentrate its investments ("
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        "text": "i.e."
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        "id": "bb51f2d8-5b2c-42f3-a8b5-fa9aa4eb572c",
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        "text": ", hold 25% or more of its total assets) in a"
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        "text": "particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For"
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        "text": "purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase"
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        "text": "agreements collateralized by U.S. government securities are not considered to be issued by members of any industry."
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        "text": "Summary of Principal Risks"
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        "text": "As with any investment, you could lose all or part of your investment in the Fund, and the Fund\u0027s performance could trail that"
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        "id": "f8eb61fc-7b26-4084-81a4-00b07b4e311f",
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        "text": "of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may"
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        "text": "adversely affect the Fund\u0027s net asset value per share (\u201cNAV\u201d), trading price, yield, total return and ability to meet its"
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        "text": "investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative"
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        "text": "significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully."
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        "text": "Risk of Investing in the U.S."
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        "text": "Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and"
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        "id": "fa28060d-6d52-4fc7-942e-32d3a5309bad",
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        "text": "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"
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        "text": "in its financial markets, may have an adverse effect on U.S. issuers."
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        "text": "Small-Capitalization Companies Risk."
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        "text": "Compared to mid- and large-capitalization companies, small-capitalization"
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        "text": "companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization"
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        "text": "companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund\u2019s"
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        "text": "share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks."
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        "text": "Equity Securities Risk."
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        "text": "Equity securities are subject to changes in value, and their values may be more volatile than those of"
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        "text": "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"
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        "text": "due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company\u2019s"
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        "text": "capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation"
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        "text": "payments in the event of an issuer\u2019s bankruptcy."
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        "text": "Market Risk."
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        "text": "The Fund could lose money over short periods due to short-term market movements and over longer periods"
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        "text": "public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events"
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        "text": "could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the"
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        "text": "Fund\u2019s NAV."
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        "text": "The Index Provider may rely on various sources of information to assess the criteria of components of the"
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        "text": "Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can"
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        "text": "offer assurances that the Index Provider\u2019s methodology or sources of information will provide an accurate assessment of"
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        "text": "included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or"
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        "text": "the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not"
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        "text": "identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual"
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        "text": "Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could"
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        "text": "cause the Underlying Index to vary from its normal or expected composition."
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        "text": "Asset Class Risk."
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        "text": "The securities and other assets in the Underlying Index or in the Fund\u2019s portfolio may underperform in"
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        "text": "comparison to financial markets generally, a particular financial market, another index, or other asset classes."
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        "text": "Authorized Participant Concentration Risk."
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        "text": "An \u201cAuthorized Participant\u201d is a member or participant of a clearing agency"
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        "text": "registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the"
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        "id": "db9ee547-a4a9-4717-b600-efefec6f2013",
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        "text": "Authorized Participant to place orders for the purchase and redemption of creation units (\u201cCreation Units\u201d). Only an"
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        "id": "5ff3dca8-7ab3-4cd5-b450-8f528d9ddf8f",
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        "text": "Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number"
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        "id": "64c700c9-7658-4150-b7ee-c1f66c9f18a1",
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        "text": "of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market"
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        "text": "participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that"
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        "id": "0a081375-6c7f-4eac-955f-209c7d49a739",
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        "text": "Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized"
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        "id": "88684322-1fbf-46d5-989f-85a283afae07",
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        "text": "Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading"
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        "text": "halts or delisting."
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        "text": "Concentration Risk."
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        "id": "050ce6e6-68e6-4d8c-83f0-f069b1a7ec57",
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        "text": "The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that"
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        "text": "affect the Fund\u2019s investments more than the market as a whole, to the extent that the Fund\u2019s investments are concentrated in"
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