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S ummar y Prospectu s
• | I VVW | Cboe BZ X
Before you invest, you may want to review the Fund ’s ’s prospectus, which contains more information abou t the Fund and its risks. You can find the Fund’s prospectus ( includin g amendments and supplements ) an d o ther information about the Fund, includin g the Fund ’s ’s statement of additional information and shareholder reports, online at https://www.blackrock.com/prospectus. You can also g et this in fo formation a t n o cost by by callin g 1-800-iShares ( 1-800-474-2737 ) or by by sendin g an e-mail request t o iSharesETFs@blackrock.com, or from your financial professional. The Fund ’s ’s prospectus and statement o f additional in fo formation, both dated February ry 27, 2026, as amended and supplemented fr from time to time , are incorporated by by reference into ( le g ally ly made a part of) f) this Summary ry Prospectus. Information on th e Fund ’s ’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at h ttps://www.i S hares.com.
T he Securities and Exchan g e Commission has not approved or disapproved these securities or passed upo n the adequac y o f this prospectus. An y representation to the contrar y is a criminal o ff ense .
(as revised October 15, 2026)
iShares IVV Premium Income+ ETF
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i S HARE S ®
T ic k e r: IVV W S tock Exchan g e: Cboe BZX
Investment Obj bj ect i v e
F ees and Expense s
The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory a g reement between iShares Trust (the “ Trust ” ) and BlackRock Fund Advisors ( “ BFA” A” ) (the “ Investment Advisory Agreement ” ) provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition an d d isposition of portfolio securities and the execution of portfolio transactions, includin g brokera g e commissions, (v) distribution fees o r expenses, and (vi) litigation expenses and any extraordinary expenses. The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Ex p enses reflect the Fund’s pro ra ta share of the fees and expenses incurred indirectly by the Fund as a result of investin g in other investment companies. The impact o f Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included i n the Fund’s ratio of expenses to average net assets. Both figures are shown in th e Fi Financial Highlights section of the Fund’s prospectus (the “Prospectus” ).
Yo You may pay other fees , such as brokerage commissions and other fees to financial intermediaries , which are not reflected i n the tables and exam p les below . A nnual Fund Operatin g Expense s (ongoing expenses that you pay each year as a
1 p ercenta g e of the value of y our investments ) 1
M ana g emen t F ees
D is tr i but ion and Serv i ce ( 12b-1 ) Fees
O the r E x p enses
Ac q u i red Fun d F ees and Ex p enses
To Tota l Annua l Fu nd O perat i n g Ex p ense s 0. 22 % N o n e 0 . 00 % 0. 03 % 0. 25 %
1 O peratin g expenses paid by BFA under the Investment Advisory A g reement exclude Acquired Fund Fees and Expenses, i f any . Example . This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds . The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of thos e periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the s ame. Althou g h your actual costs may be h ig her or lower, based on these assumpt i ons, your costs would be:
1Y e ar 3 Y e ar s 5 Y e ar s 1 0Y e ar s $ 2 6 $ 80 $ 141 $ 318
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IVV Premium Income+ ETF
The iShares IVV Premium Income+ ETF (the “Fund”) seeks to track the investment results o f an index that re f lects a strategy o f holding the i S hares C ore S &P 500 ETF while writing (selling) one-month call options to generate income .
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P o rtf o li o Turn o v e r . The Fund or the Underly i n g Fund may pa y transact i on costs, such as comm i ss i ons, when i t bu y s and sells s ecurities (or “turns over” its port f olio). A higher port f olio turnove r rate f or the Fund or the Underlyin g Fund may indicate hi g her transact i on costs and may cause the Fund or the Underly i n g Fund to incur increased expenses. These costs, which are not re f lecte d in the Annual Fund Operating Expenses or in the Example (excep t costs to the Underlying Fund included as part of acquired fun d f ees and expenses), a ff ect the Fund’s per f ormance. During the most recent fiscal y ear, the Fund’s portfolio turnover rate was 1% of the avera g e value of its portfolio. To the extent the Underlyin g Fund incurs costs f rom high port f olio turnover, such costs may have a negative effect on the performance of the Fund.
Principal Investment Strate g ie s
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The Fund seeks to track the investment results o f the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index (the “Underlying Index”). The Underlyin g Index is desi g ned to measure the performance of holding the i S hares C ore S &P 500 ETF ( “ IVV ” or the “ Underlying Fund”) while writing (selling) call options on the S&P 500 Index (the “Underlyin g Fund’s underlyin g index” or “SPX”) to g enerate income. The Underlyin g Index consists of four tranches o f options, each rolling on a weekly staggered schedule. A “ Premium Income+” strategy is intended to reflect a focus on generating option premium income versus a g reater mix of income and g rowth . As o f October 31, 2025, a signi f icant portion o f the Underlying Index i s i nd i rectly represented, through i ts hold i ngs i n the Underlyin g Fund, by securities of companies in the consumer g oods and serv i ces and technolo g y sectors. The components o f the Underlying Index, including those indirectly represented throu g h i ts hold i n g s i n the Underly i n g Fund, are l i kely to chan g e o v e r t i m e.
The Underly i ng Fund
BFA i s the i nvestment adv i ser to the Underly i ng Fund and rece i ves a management f ee f rom the Underlying Fund. Shares o f the Underlying Fund are listed on NY S E Arca . The Written Call O p tions
The options in the index are re f erred to generally as Flexible Exchange Options (“FLEX Options”). FLEX Options provide the ab i l i ty to custom i ze key opt i on contract terms such as str i ke pr i ce, style and exp i rat i on date. The Underly i ng Index ut i l i zes “ European-style ” call options, meaning they are exercisable at the str i ke pr i ce only on the exp i rat i on date. The Underly i ng Index utilizes four tranches of call options with sta gg ered four-week expiration cycles, and each tranche represents an equal share o f the Underly i ng Index. Each call opt i on i n the Underly i ng Index has a strike price equal to 101% of the closin g value of the SPX on the applicable roll date. If, on the business da y prior to the applicable
roll date, the premium percenta g e o f the 101% call option is below five basis points of the closin g price of the SPX on such business day, the Underly i n g Index w i ll i nstead select a new call opt i on w i th the strike price equal to 100% o f the closin g value o f the SPX. The roll date i s the day that the Underly i n g Index settles the exp i r i n g call option for the applicable tranche and writes a new call option f or that tranche’s new f our-week cycle scheduled to expire on the last trading day o f the week f alling f our weeks f rom that roll date. Each tranche will have a roll date occurrin g on a different week from an y other tranche . The Underly i ng Index i s rebalanced weekly so that each tranche continues to represent an equal share of the Underlyin g Index at the close of tradin g on each weekly roll date . By wr i t i ng a call opt i on, the Underly i ng Index rece i ves a prem i um and gives up the economic exposure to increases in the value o f the Underly i n g Fund above the str i ke pr i ce at exp i rat i on. By wr i t i n g the call opt i ons, the Underly i n g Index w i ll not part i c i pate i n market gains o f the Underlying Fund above the strike price but will f ully participate in any market losses i f the Underlying Fund declines in v a l ue.
D i str i but i ons
The Fund expects to make monthly d i str i but i ons typ i cally consisting of net investment income and amounts attributable to opt i on prem i ums rece i ved by the Fund, g enerally up to the extrinsic value o f such options when traded. The amount o f the Fund’s monthly distribution will vary from month to month based on the amount of option premiums received, dividends received f rom the Underlyin g Fund and other Fund-specific and market f actors. The Fund will also make distributions o f net realized s ecurities gains, if any, at least once per year. The Fund is likely to distribute an amount g reater than its earnin g s and profits, resultin g i n a return o f capital .
Index i ng Strategy
The Fund seeks to track the investment results o f the Underlying Index before fees and expenses of the Fund. BFA uses a representat i ve sampl i n g i ndex i n g strate g y to mana g e the Fund. “ Representative sampling ” is an indexing strategy that involves i nvestin g in a representative sample of securities or other i nstruments intended to collectivel y have an investment profile s imilar to that o f an applicable underlying index. The instruments s elected are expected to have, i n the aggregate, i nvestment characteristics (based on factors such as market capitalization and industry wei g htin g s), fundamental characteristics (such as return var i ab i l i ty and y i eld) and l i qu i d i ty measures s i m i lar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlyin g Index. The Fund may use der i vat i ves to ga i n or reduce exposure to the components o f the Underlying Index or exposure to one or more market risk f actors associated with such components. Subject to the limits descr i bed here i n, the Fund ma y purchase and hold cash and cash equivalents, including shares o f money market f unds advised by BFA or its a ff iliates, and may also purchase and hold instruments n ot i ncluded i n the Underly i n g Index when BFA bel i eves that s uch instruments will hel p the Fund track the p erformance of the Underlying Index over time, including in light o f expected liquidity or trading costs, anticipated additions to or deletions from the Underly i n g Index, or other reasons as determ i ned by BFA . The Fund intends f or its short option position in the SPX to be f ully o ff set, or “covered,” by the long position that the Fund holds in s hares of the Underlyin g Fund. At times, however, there may be
The Underly i ng Fund i s an ETF that seeks to track the i nvestment results of the Underlyin g Fund’s underlyin g index, which measures the performance of the lar g e-capitalization sector of the U.S. equity market, as determined by S &P Dow Jones Indices LL C ( “S PDJI ” ) . The securities in the Underlyin g Fund’s underlyin g index are weighted based on the f loat adjusted market value o f their outstanding shares. The Underlying Fund ’ s underlying index consists of securities from a broad range of industries .
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S ummary o f Principal Risk s
As with any investment, you could lose all or part of you r investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is sub j ect to certain risks , including the principal risks noted below, any o f which ma y adversely affect the Fund’s net asset value per share (“NAV”), trad i n g pr i ce, y i eld, total return and ab i l i ty to meet i ts i nvestment objective. Certain key risks are prioritized below (with other s followin g in alphabetical order), but the relative si g nificance of any risk is di ff icult to predict and may change over time. You shoul d review each risk factor carefully.
Covered Call Opti tio ion Ri Ris isk. k. The Fund seeks to tracks the performance of the Underlying Index in part by writing covere d call o p tions on the O p tion Index in return for the recei p t of prem i ums. In so do i ng, the Fund g i ves up the opportun i ty t o b enefit from potential increases in the value of the Option Inde x above the exercise price o f the options. The Fund also continues
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a notional mismatch due to di ff erences between the Underlyin g Fund and the S PX with respect to pricin g , trackin g error, dividends, and other f actors. Options written by the Fund are g enerally expected to be cash-settled upon exp i rat i on or closed out throu g h offsettin g transactions. The Fund does not expect to phys i cally settle outstand i n g opt i on pos i t i ons. In add i t i on, the Fund may write options on di ff erent dates than the Underlying Index ’ s roll date and may use strike prices, contract sizes, or maturity dates that are different than those for the options used i n the Underly i n g Index. The Fund may also wr i te opt i ons that are not on the SPX but that have investment and f undamental character i st i cs, i n the aggregate, s i m i lar to the opt i ons used i n the Underly i n g Index. In certa i n c i rcumstances, the Fund may not write an y options, primaril y if the option is far “out of the mone y ” (i.e., the strike price exceeds the price o f the Underlying Fund) and would generate m i n i mal prem i um i ncome . In accordance with Rule 35d-1 under the Investment Compan y A ct o f 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% o f the value of its net assets, plus the amount of any borrowin g s for investment purposes, in components of the Underlyin g Index. Investments i n der i vat i ves and other i nvestments w i ll be counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of the Underlyin g Index or exposure to one or more market risk f actors 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’ n o t ice t o s h a r e h o l de r s. T he Underlying Index is a product o f Cboe Global Indices, LLC (the “Index Provider” or “Cboe”) and SPDJI, the index provider for the Underlyin g Fund, which are independent of the Fund and BFA. The Index Prov i der determ i nes the compos i t i on and relative weightings o f the components o f the Underlying Index and publishes information re g ardin g the market value of the Underly i n g Index .
investments (i.e., hold 25% or more of its total assets) in a particular industry or g roup of industries to approximately the s ame extent that the Underly i ng Index i s concentrated. For purposes o f this limitation, securities o f the U.S. government ( i nclud i n g i ts a g enc i es and i nstrumental i t i es) and repurchase a g reements collateralized by U.S. g overnment securities are not considered to be issued by members o f any industry .
Industr y Concentration Polic y. Th e F u n d w i ll co n ce ntr a t ei t s
to bear the risk o f declines in the value o f the Underlying Fund ,
which is closel y correlated to the value of the Option Index. Th e premiums received f rom the options may not be su ff icient t o offset any losses sustained from the volatility of the Option Inde x and the Underlyin g Fund over time. In addition, the Fund ’ s ability to sell shares of the Underlyin g Fund is limited while the option i s in e ff ect unless the Fund extin g uishes the option position throu g h the purchase o f an o ff setting identical option prior to th e expiration of the written option . The covered call strate g y may be subject to imperfect matchin g o r price correlation between the written options on the O ption Inde x and the Underlying Fund, which could reduce the Fund’s returns . Exchanges may suspend the trading o f options ( f or example, due to volatile markets or if trading in other index-related instrument s is halted). If tradin g is suspended, the Fund may be unable t o wr i te or purchase opt i ons at t i mes that ma y be des i rable o r advantageous to the Fund to do so. If the Fund is unable t o extinguish the option position before exercise, the Fund may b e required to sell shares o f the Underlying Fund, which may result i n i ncreased transact i on costs, track i ng error, over- or under investment, and potentially the realization of capital g ains . Further, th i s could lead to sell i ng the correspond i ng opt i ons at a less favorable price than the Fund might have received had th e options been extin g uished . The Fund uses opt i ons that are struck once per month, and th e timing o f changes in the price o f the Underlying Fund and th e O ption Index may affect the Fund’s performance. For example, i f the Underlyin g Fund or the Option Index experiences a drop i n price f ollowed by a quick rebound, the Fund may be unable to f ully participate in the rebound if the rebound occurs immediately after the Fund’s roll date. In addition, i f trading is suspended, the Fun d may be unable to purchase an offsetting option for purposes o f clos i ng out an ex i st i ng wr i tten opt i on at the or i g i nally schedule d t i me and date . The opt i ons wr i tten b y the Fund are not expected to be treated a s “covered” as de f ined under FINRA Rule 2360, in part due to th e nature of the underlier ( i.e . , the Option Index). Instead, the Fund i s expected to post mar g in with a clearin g broker to satisf y regulatory marg i n requ i rements w i th respect to the wr i tte n opt i ons. The Fund i s subject to the r i sk that the clear i n g broke r could de f ault on its obligation to return the margin posted in connection with the options written by the Fund. In the event o f such a de f ault, the Fund could experience lengthy delays i n recovering its assets or obtain no recovery at all, and the value o f an i nvestment i n Fund shares would l i kely decrease . Risk o f Investing in the U.S . Investing in U.S. issuers subjects the Fund to le g al, re g ulatory, pol i t i cal, currency, secur i ty, an d economic risks that are speci f ic to the U.S. Certain changes in th e U.S., such as a weakening of the U.S. economy or a decline in it s f inancial markets, may have an adverse e ff ect on U.S. issuers . Large-Cap i tali liz izati tio ion Compan ie ies Ri Ris isk. k. Large-cap i tal i zat i o n compan i es may be less able than smaller-cap i tal i zat i o n compan i es to adapt to chang i ng market cond i t i ons an d compet i t i ve challen g es. Lar g e-cap i tal i zat i on compan i es may b e more mature and subject to more l i m i ted growth potent i a l compared w i th smaller-cap i tal i zat i on compan i es. Th e per f ormance o f large-capitalization companies could trail the overall performance of the broader securities markets.
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object i ve. Errors i n i ndex data, i ndex computat i ons or th e construction of the Underlyin g Index in accordance with it s methodology may occur, and the Index Provider may not identi fy or correct them promptly or at all, wh i ch may have an advers e i mpact on the Fund and i ts shareholders. Unusual market conditions or other unforeseen circumstances (such as natural di sasters, pol i t i cal unrest or war ) may i mpact the Index Prov i de r or a th i rd-party data prov i der and could cause the Index Prov i de r to postpone a scheduled rebalance. Th i s could cause the U nderlying Index to vary f rom its normal or expected composition . A sset Class Ri Ris isk. k. The secur i t i es and other assets i n th e U nderlying Index or in the Fund’s port f olio may underper f orm i n comparison to financial markets generally, a particular financia l market, another i ndex, or other asset classes . A uthori riz ized Parti tic ic ip ipant Concentrati tio ion Ri Ris isk. A n “Authorized Participant” is a member or participant of a clearin g a g ency registered with the S E C , which has a written agreement with the Fund or one of its service providers that allows the Authorize d Participant to place orders f or the purchase and redemption o f creation units (“Creation Units”). Only an Authorized Participant may en g a g e i n creat i on or redempt i on transact i ons d i rectly w i t h the Fund. There are a limited number o f institutions that may act as Authorized Participants for the Fund, including on an agenc y b asis on behal f o f other market participants. No Authorize d Part i c i pant i s obl i gated to engage i n creat i on or redempt i on transact i ons. To the extent that Author i zed Part i c ip ants ex i t the b usiness or do not place creation or redemption orders f or th e Fund and no other Author i zed Part i c i pant places orders, Fun d s hares are more l i kely to trade at a prem i um or d i scount to NAV AV and possibly face trading halts or delisting.
Concentrati tio ion Ri Ris isk. k. The Fund may be suscept i ble to a n increased risk of loss, including losses due to adverse events tha t affect the Fund’s investments more than the market as a whole , to the extent that the Fund ’ s investments are concentrated in th e s ecurities or other assets of one or more issuers, countries o r other geograph i c un i ts, markets, i ndustr i es, project types, o r asset classes . Consumer Goods and Servi vic ices Compan ie ies Ri Ris isk. k. C onsume r goods and services companies face risks related to changes i n consumer preferences and disposable income, commodity prices , government regulat i on, supply cha i nd i srupt i ons, damage to bran d or reputat i on, econom i c slowdown and labor shorta g es, amon g other th i ngs .
not f ul f ill its contractual obligations. The use o f derivatives als o exposes the Fund to add i t i onal operat i onal and legal r i sks . D is istri rib ibuti tio ion Tax Ri Ris isk. k. Th e Fun d current l y expects to ma k e d i str i but i ons on a regular bas i s. Wh i le the Fund w i ll normally pay its income as distributions, the Fund’s distributions may excee d the Fund’s income and gains for the Fund’s taxable year. The Fund may be required to reduce its distributions if it has insufficien t income. Distributions in excess o f the Fund’s current and accumulated earnings and profits will be treated as a return of ca p ital. Distributions in excess of the Fund’s minimum distributio n requirements, but not in excess of the Fund’s earnings and profits , w i ll be t a x ab l e t o F u n ds h a r e h o l de r sa n d w i ll n o t co n s t i t u t e nontaxable returns o f capital. A return o f capital distributio n generally will not be taxable but will reduce the shareholder’s cos t basis and will result in a hi g her capital g ain or lower capital los s when those Fund shares on wh i ch the d i str i but i on was rece i ved are sold. Once a Fund shareholder’s cost basis is reduced to zero , f urther distributions will be treated as capital gain, i f the Fund shareholder holds shares of the Fund as capital assets. Becaus e the Fund’s distributions may consist of return of capital, the Fun d ma y not be an appropriate investment f or investors who do no t want the i r pr i nc i pal i nvestment i n the Fund to decrease over t i me or who do not wish to receive return o f capital in a given period . Equ i ty Securi ri ti tie ies Ri Ris is k . Equ i ty secur i t i es are subject to changes in value, and their values may be more volatile than those o f othe r asset classes. The value of a security may decline for a number of reasons that may d i rectly relate to the i ssuer as well as due to general industry or market conditions. C ommon stock i s subordinated to preferred securities and debt in a company’s capital structure. C ommon stock has the lowest priority, and th e greatest r i sk, w i th respect to d i v i dends and any l i qu i dat i on pa y ments in the event of an issuer’s bankruptc y . Investment in in Underlyi yin ing Fund Ri Ris isk. T he Fund i nvests i n th e Underlyin g Fund, so the Fund’s investment performance and risk s are likely to be directly related to those of the Underlying Fund . The Fund’s NAV will change with changes in the value of th e Underly i ng Fund and other assets that the Fund holds. The share s of the Underlying Fund may trade at a premium or discount to the Underlyin g Fund’s NAV. Investors in the Fund will indirectly bea r the expenses charged by the Underly i ng Fund, and an i nvestmen t i n the Fund ma y enta i l more expenses than a d i rect i nvestment in the Underly i ng Fund . Issuer Ri Ris is k . The performance of the Fund depends on th e per f ormance o f individual securities or other assets to which th e Fund has exposure. The value of securities or other assets ma y
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Marke ke tRi Ris k . The Fund could lose mone y over short per i ods du e to short-term market movements and over longer per i ods dur i n g more prolon g ed market downturns. Local, re gi onal or g loba l events such as war, acts o f terrorism, p andemics or other p ublic h ealth issues, recessions, the prospect or occurrence o f a soverei g n de f ault or other f inancial crisis, or other events could h ave a significant impact on the Fund and its investments an d could result in increased premiums or discounts to the Fund’s NAV AV.
In Index-Related Ri Ris isk. k. The Index Prov i der may rely on var i ou s sources o f in f ormation to assess the criteria o f components o f th e Underlying Index, including information that may be based o n assum p tions and estimates. Neither the Fund nor BFA can offer assurances that the Index Provider’s methodology or sources o f information will provide an accurate assessment of included components or w i ll result i n the Fund meet i ng i ts i nvestment
D e rivative ves Ris is k. k. The Fund’s use o f derivatives ( e . g . ,f utures , f orwards, swaps, options ) may be riskier than other types o f investments and may not have the intended effect on the Fund’ s per f ormance. Derivatives can be sensitive to changes in economic and market conditions, and the y ma y increase the Fund’ s volat i l i ty. The Fund also may exper i ence reduced returns as a result of transaction costs and losses on derivatives positions. There is the risk o f imper f ect correlation between the value o fa derivative and that of the asset underlying the derivative. Derivatives may create investment levera g e, which could result i n losses that signi f icantly exceed the Fund’s original investment . Derivatives are subject to the risk of mispricin g or imprope r valuation, particularly i f there is not a liquid secondary market f or the instrument. Certain derivatives are subject to counterpart y risk, which is the risk that the other part y in the transaction wil l
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the realization of taxable income and/or capital g ains and caus e the Fund to make taxable d i str i but i ons to i ts shareholders earl i e r than the Fund otherw i se would have. In add i t i on, under certa in c i rcumstances, non-redeem i ng shareholders may be treated a s rece i v i ng a d i sproport i onately large taxable d i str i but i on dur i ng o r w i th respect to such year. In some c i rcumstances, the Fund ma y hold a relatively large proportion o f its assets in cash i n anticipation of large redemptions, diluting its investment returns. These large redemptions may also f orce the Fund to sell port f olio s ecur i t i es or other assets when i tm i ght not otherw i se do so , which may ne g atively impact the Fund’s NAV, increase the Fund’s b rokerage costs and/or have a material e ff ect on the marke t price of Fund shares.
Management Ri Ris isk . T he Fund generally does not attempt to tak e d efensive positions under any market conditions, includin g d eclining markets. As the Fund will not f ully replicate the U nderly i ng Index and may hold secur i t i es or other assets no t i ncluded i n the Underly i n g Index, i t i s subject to the r i sk that th e investment strategy o f BFA may not produce the intended results. There is no guarantee that the Fund’s investment results will hav e a high degree o f correlation to those o f the Underlying Index or that the Fund w i ll ach i eve i ts i nvestment ob j ect i ve.
Market Tradi din ing Ri Ris isk . T he Fund f aces numerous market trading risks, including the potential lack of an active market for Fun d s hares (includin g throu g h a tradin g halt), losses from tradin g i n s econdary markets, periods o f high volatility, and disruptions in the process of creating and redeeming Fund shares. Any of thes e f actors, among others, may lead to the Fund’s shares trading in the secondary market at a prem i um or d i scount to NAV or to th e intraday value of the Fund’s portfolio holdin g s. If you buy Fund s hares at a t i me when the market pr i ce i s at a prem i um to NAV or s ell Fund shares at a t i me when the market pr i ce i s at a d i scoun t to NAV, you may pay signi f icantly more or receive signi f icantly less than the underlying value of the Fund shares . Operati tio ional and Technology Ri Ris isks ks . T he Fund i sd i rectly an d i nd i rectly suscept i ble to operat i onal and technology r i sks , i nclud i n g those related to human errors, process i n g errors, c ommunication errors, systems f ailures, cybersecurity incidents , and the use of artificial intelligence and machine learning (“AI”) , w hich may result in losses f or the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s servic e prov i ders are requ i red to have appropr i ate operat i onal , in f ormation security and cybersecurity risk management policies and procedures, their methods of risk management may diffe r f rom those o f the Fund. Operational and technology risks f or the
issue r si n wh ic h th e F u n di nv es t s cou l da l so r esu lt i nm a t e r ia l adverse consequences for such issuers and ma y cause the Fund’ s i nvestments i n such i ssuers to lose value.
Tax Ri Risk . T he tax rules and l i m i tat i ons that appl y to the Fund w i ll cause some or all o f its income and g ain to be taxable as ordinary i ncome or at ordinary income rates, may accelerate its reco g nition of income and g ain, and may defer its use of losses , all of which are expected to have negative tax consequences for the Fund and Fund i nvestors. The Fund expects that i ts ownersh ip o f shares o f the Underlying Fund and sale o f call options on th e O ption Index generally will constitute “straddles” (offsettin g p ositions with respect to personal property ) under section 1092 o f the Internal Revenue Code (“IRC”). The straddle rules generally d o not apply if all the straddle’s offsettin g positions consist of “quali f ied covered call options” (as de f ined under the IRC) and th e stock to be purchased under the opt i ons, and the straddle i s no t part o f a larger straddle. Unlike certain other f unds that utilize covered call strateg i es, the Fund does not ant i c i pate that th i s except i on w i ll be ava i lable because, as a g eneral matter, the cal l options it writes are not expected to be treated as “quali f ie d covered call options.” The straddle rules usually will terminate the Fund’s holding periods f or its shares o f the Underlying Fund tha t become part of a straddle before the long-term capital gain hold i n g per i od (more than one year) has been reached, wh i ch is expected to eliminate the Fund’s ability to recognize long-ter m capital g ains from a sale or other disposition of such shares. Th e straddle rules also usually will de f er recognition o f realized losse s and require the capitalization of certain interest expenses an d carryin g char g es. Similarly, “wash sale” rules may apply to defe r the recognition o f loss by the Fund f rom the disposition o f stoc k or secur i t i es at a loss i n a case i n wh i ch i dent i cal or substant i all y i dent i cal stock or secur i t i es (or an opt i on to acqu i re suc h property) i s or has been acqu i red w i th i n a prescr i bed per i od. As a result of the fore g oin g , an investor may be subject to si g nificantl y greater amounts of tax as a result of the investment than would apply to an investment in a fund en g a g ed in a different investmen t s t ra t egy.
Technology Compan ie ies Ri Ris isk . Te Technology compan i es an d compan i es that rely heav i ly on technolog i cal advances may hav e limited product lines, markets, financial resources, suppl y chain s and personnel. These companies typically face intens e compet i t i on, potent i ally rap i d product obsolescence and changes in product cycles and customer preferences. They may fac e unexpected r i sks and costs assoc i ated w i th technolog i cal developments, such as artificial intelligence and machine learning . Technolo g y compan i es also depend heav i ly on i ntellectua l property rights and may be adversely a ff ected by the loss o r impairment of those rights. Technology companies may fac e i ncreased government scrut i ny and may be subject to adverse government or legal act i on . Tracki kin ing Error Ri Ris isk . T he Fund may be subject to “ tracking error, ” which is the divergence of the Fund’s performance from that o f the Underlyin g Index. Trackin g error may occur due to a number o f f actors, including di ff erences between the securities and other assets held in the Fund’s portfolio and those included in the Underlying Index; di ff erences in the timing and methodologie s used to value secur i t i es and other assets; transact i on costs and other expenses i ncurred by the Fund that the Underly i n g Inde x does not incur; the Fund’s holding of uninvested cash; difference s
S -5
decline, or per f orm di ff erentl yf rom the market as a whole, due t o changes in the f inancial condition or credit rating o f the issuer or coun t erpar t y . Large Shareholder and Large-Scale Redempti tio ion Ri Ris isk. C e rt a i n shareholders o f the Fund, including an Authorized Participant, a third-party investor, the Fund’s adviser, an a ff iliate o f the Fund’ s adviser, a market maker, or another entity, may from time to time own or mana g e a substantial amount of Fund shares, or may hold their investment in the Fund f or a limited period o f time. There ca n be no assurance that any lar g e shareholder or lar g e g roup of shareholders would not redeem their investment. Redemptions o f a large number of Fund shares could require the Fund to dispos e of assets to meet the redem p tion re q uests, which can accelerate
Page 7
Underly i n g Fund, the Fund may exper i ence i ncreased track i n g error as compared to i nvest i n g d i rectly i n the secur i t i es or other assets included in the underlying index o f the Underlying Fund. A Fund that tracks an index with ex p osure to swa p s, o p tions, f utures and/or other derivatives may experience higher tracking e rr o r th a n ETF s th a t do n o t tr ac k suc h i n de x es . Per f ormance In f ormatio n
The p erformance information below illustrates how the Fund’s p erformance has varied over different p eriods and p rovides some indicatio n 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 an d the Underlying Index. Returns assume the reinvestment o f any dividends and distributions. The Fund’s returns re f lect the impact o f any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) d oes not necessarily indicate how the Fund will perform in the future. Updated performance information, includin g 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
15% 12% 9% 6% 3% 0%
2 0 2 5
11.61%
R eturn ( % ) Per i od Ende d D ur i n g the per i ods shown i n the chart: Best Q uarte r 5 .43 % December 31 , 2025 Worst Q uarter - 3.01 % March 31, 2025
A verage Annua l Tota l Return s (for the periods ended December 31 , 2025 )
O ne Yea r
Since Fun d Ince p tio n ( Incept i on Date: 3/14/2024 ) Return Be f ore Taxe s 11.61 % 13.33 % Return A f ter Taxes on Distribution s 3.79 % 6.17 % R e t u rn Aft e rTa Ta x es o n Di s tri bu ti o n sa n d S a l eo fF u n d Sh a r es 6 .6 9 % 7.13 % S &P To To tal Mark e t Ind e x ( Returns do not reflect deductions for fees, expenses or taxes ) 1 7 . 05% 18 . 12 % Cboe S&P 500 Enhanced 1% OTM Bu y Write Index ( Returns do not reflect deductions for fees, expenses or taxes ) 1 1.84 % 13.60 %
After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do no t 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 a f ter-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-de f erred arrangements , s uch as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assumin g that an investor has sufficient capital g ains 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 return s b efore taxes and/or returns after taxes on distributions .
S - 6
i nterest rece i ved b y the Fund or d i str i but i ons pa i d to Fun d shareholders; tax g ains or losses; differences between the amount and/or timin g o f withholdin g taxes on dividends re f lected in the Underlyin g Index f rom the Fund’s obli g ation, i f any, f or f oreign withholding taxes; the requirements f or the Fund to maintain pass-through tax treatment; port f olio transaction s carried out to minimize the distribution of capital gains to shareholders; the acceptance o f custom baskets; changes to the Underlying Index; and impacts to the Fund of complying wit h
certa i n re g ulatory requ i rements or l i m i ts. Track i n g error r i sk may b e hei g htened durin g times o f increased market volatility or other u n usua lm a rk e t co n di t io n s .To To th ee xt e nt th a t th e F u n d see k s t o ach i eve i ts i nvestment object i ve throu g h i nvestments i n the
in the timin g o f the accrual or the valuation o f dividends o r
Page 8
M ana g emen t
Inv es tm e nt Adv ise r . Bl ac kR oc kF u n d A d v iso r s . Port f olio Managers. Erin Armstrong, Kyle Mc C lements and O rlando Montalvo (the “Port f olio Mana g ers”) are primaril y responsible f or the day-to-day management o f the Fund. Each Portfolio Manager supervises a portfolio management team. Ms . Armstrong, Mr. McClements and Mr. Montalvo have been Port f oli o M anagers of the Fund since 2025, 2025 and 2024, respectively .
Purchase and Sale o f Fund Share s
The Fund is an ETF. Individual shares of the Fund ma y onl y b e b ou g ht and sold i n the secondary market throu g h a broker-dealer . Because ETF shares trade at market pr i ces rather than at NAV , s hares may trade at a pr i ce greater than NAV (a prem i um) or les s than NAV ( ad i scount ) . An i nvestor may i ncur costs attr i butable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund ( bid ) and the lowest price a selle r is willing to accept f or shares o f the Fund (ask) when buying o r s elling shares in the secondary market (the “bid-ask spread”) .
Tax In fo rmati o n
The Fund i ntends to make d i str i but i ons that ma y be taxable to y o u as ord i nary i ncome or cap i tal g a i ns, unless you are i nvest i n g throu g h a tax-deferred arran g ement such as a 401(k) plan or a n IRA, i n wh i ch case, your d i str i but i ons g enerally w i ll be taxed whe n w i thdrawn .
Payments to Broker-Dealers and Other Financia l Int e rm e diari es
I f you purchase shares o f the Fund through a broker-dealer o r other financial intermediary (such as a bank), BFA or other relate d companies may pay the intermediary for marketin g activities an d presentations, educational training programs, con f erences, th e development of technology platforms and reporting systems o r other services related to the sale or promotion o f the Fund. Thes e payments may create a conflict of interest by influencing th e broker-dealer or other i ntermed i ar y and y our salesperson t o recommend the Fund over another i nvestment. Ask you r salesperson or visit y our financial intermediar y ’s website for more in f ormation.
S -7
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For more in f ormation visit www.iShares.com or call 1-800-474-273 7
Investment Compan y Act file No.: 811-09729
IS - S
P-IVVW-1
026
G o paperless. . . I t’s Easy, Economical and G reen ! G o to www. i cs d e li very.com
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