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S ummar y Prospectu s
• iS h a r es | IWMW | 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 .
IWM Premium Income+ ETF
(as revised October 15, 2026)
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T ic k e r: IWM 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. 20 % N o n e 0 . 00 % 0.1 9% 0.3 9%
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 $ 40 $ 125 $ 21 9 $ 493
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The iShares IWM Premium Income+ ETF (the “Fund”) seeks to track the investment results of an index that reflects a strate g y of holdin g the iShares Russell 2000 ETF while writin g (sellin g ) one-month call options to g enerate income .
i S HARE S ® IWM Premium Income+ ETF
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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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Th e F u n d see k s t o tr ac k th e inv es tm e nt r esu lt s o f th e C boe FTSE Russell IWM 2% OTM BuyWrite Index (the “Underlyin g Index”). The Underlyin g Index is desi g ned to measure the performance of holdin g the iShares Russell 2000 ETF (“IWM” or the “Underlyin g Fund”) while writin g (sellin g ) call options on the Russell 2000 Index (the “Underlyin g Fund’s underlyin g index” or “RUT”) to g enerate income. The Underlyin g Index consists of four tranches of options, each rollin g on a weekly sta gg ered schedule. A “Premium Income+” strate g y is intended to reflect a focus on g eneratin g option premium income versus a g reater mix of income and g rowth . As of October 31, 2025, a significant portion of the Underlying Index i s i nd i rectly represented, throu g h i ts hold i n g s i n the Underlyin g Fund, by securities of companies in the financial s erv i ces, healthcare and i ndustr i als sectors. The components of the Underlyin g Index, includin g 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
The Underly i n g 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 small-capitalization sector of the U.S. equity market, as defined by FTSE Russel. The Underlyin g Fund’s underlyin g index is a float-adjusted capitalization-wei g hted index of equity securities issued by the approximately 1,921 smallest i ssuers i n the Russell 3000 Index. The secur i t i es i n the Underly i n g Fund’s underlyin g index represent a broad ran g e of industries . 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 tion s
The options in the index are re f erred to generally as Flexible Exchange O ptions ( “ FLEX O ptions ” ). FLEX O ptions 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 f our tranches o f call options with staggered f our-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 102% o f the closing value o f the RUT on the applicable roll date. I f , on the business day prior to the applicable roll date, the premium percentage o f the 102% call option is below
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 RUT. The roll date i s the day that the Underly i n g Index settles the exp i r i n g call o p tion f or the a pp licable tranche and writes a new call o p tion f or that tranche’s new f our-week cycle scheduled to expire on the last tradin g day of the week fallin g four weeks from that roll date. Each tranche will have a roll date occurrin g on a different week from any other tranche. The Underlyin g Index is rebalanced weekly s o that each tranche continues to re p resent an e q ual share of the Underlyin g Index at the close of tradin g on each weekly roll date . By wr i t i n g a call opt i on, the Underly i n g Index rece i ves a prem i um a nd g ives 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 g ains of the Underlyin g Fund above the strike price but will fully participate in any market losses if the Underlyin g Fund declines in v a l ue.
I ndexin g Strate gy
T he Fund seeks to track the investment results of the Underlyin g Index before fees and expenses of the Fund. BFA uses a r epresentat 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 nvesting in a representative sample o f securities or other i nstruments intended to collectively have an investment pro f ile s imilar to that of an applicable underlyin g index. The instruments s elected are expected to have, i n the a gg re g ate, i nvestment characteristics ( based on factors such as market capitalization a nd industry weightings), f undamental characteristics (such as r eturn 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 t o th ose of an applicable underlying index. The Fund may or may not hold a ll o f the components o f the Underlying 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 may purchase and hold cash and cash equivalents, includin g shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not i ncluded i n the Underly i n g Index when BFA bel i eves that s uch instruments will help the Fund track the per f ormance o f the Underlying Index over time, including in light o f expected liquidity or trading costs, anticipated additions to or deletions f rom the Underly i ng Index, or other reasons as determ i ned by BFA . The Fund intends f or its short option position in the RUT to be f ully offset, or “covered,” by the lon g position that the Fund holds in s hares of the Underlyin g Fund. At times, however, there may be
f ive basis points of the closin g price of the RUT on such business
Di s tributi o n s
T he Fund expects to make monthly d i str i but i ons typ i cally consisting o f net investment income and amounts attributable to opt i on prem i ums rece i ved by the Fund, generally up to the extrinsic value o f such options when traded. The amount o f the Fund’s monthly distribution will vary f rom month to month based on the amount o f option premiums received, dividends received f rom the Underlying Fund and other Fund-speci f ic and market f actors. The Fund will also make distributions o f net realized s ecurities gains, i f any, at least once per year. The Fund is likely to distribute an amount greater than its earnings and pro f its, r esulting in a return o f capital .
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S ummary o f Principal Risk s
As with any investment, you could lose all or part o f 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 ng 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 Underlyin g Index in part by writin g covere d call options on the Option Index in return f or the receipt o f prem i ums. In so do i ng, the Fund g i ves up the opportun i ty t o
extin g uish 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 o f capital gains . 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 mi g ht have received had th e opt i ons been ext i ngu i shed . The Fund uses o p t i ons that are struck once p er month, and th e timing of changes in the price of the Underlying Fund and th e O ption Index may affect the Fund’s performance. For example, i f the Underlying Fund or the O ption Index experiences a drop i n price followed b y a quick rebound, the Fund ma y be unable to full y participate in the rebound if the rebound occurs immediately after the Fund’s roll date. In addition, if trading is suspended, the Fun d may be unable to purchase an offsetting option for purposes of 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 defined under FINRA Rule 2360, in part due to th e nature of the underlier ( i. i. e . , the Option Index ) . Instead, the Fund i s expected to post margin with a clearing broker to satis fy 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 ng broke r could default on its obligation to return the margin posted in connection with the options written b y 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 kel y decrease . Risk of Investing in the U.S . Investin g in U.S. issuers subjects the Fund to legal, regulatory, pol i t i cal, currency, secur i ty, an d economic risks that are specific to the U.S. Certain changes in th e U.S., such as a weakenin g of the U.S. economy or a decline in it s financial markets, may have an adverse effect on U.S. issuers . Small-Cap i tali liz izati tio ion Compan ie ies Ri Ris is k . C ompared to mid- and large-cap i tal i zat i on compan i es, small-cap i tal i zat i on compan i e s may be less stable and more suscept i ble to advers e developments. The securities o f 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
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dividends, and other factors. Options written b y 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 di ff erent than those f or the options used i n the Underly i ng Index. The Fund may also wr i te opt i ons that are not on the RUT 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 ng Index. In certa i n c i rcumstances, the Fund may not write any options, primarily i f the option is f ar “out o f the money” (i.e., the strike price exceeds the price o f the Underlyin g Fund) and would generate m i n i mal prem i um i ncome . In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in components of the Underlying Index. Investments 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 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’ not i ce to shareholders .
Th e F u n d w i ll co n ce ntr a t e its 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 n g Index i s concentrated. For purposes of this limitation, securities of the U.S. g overnment ( i nclud i n g i ts a g enc i es and i nstrumental i t i es) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry .
The covered call strategy may be subject to imper f ect matching o r price correlation between the written options on the Option Inde x and the Underlyin g 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). I f trading is suspended, the Fund may be unable to w r i te or purchase opt i ons at t i mes that ma y be des i rable or advanta g eous to the Fund to do so. If the Fund is unable t o
to bear the risk o f declines in the value o f the Underlyin g Fund , w hich is closely correlated to the value o f the Option Index. Th e premiums received f rom the options ma y not be su ff icient to o ff set an y losses sustained f rom the volatilit y o f the Option Inde x and the Underlyin g Fund over time. In addition, the Fund’s ability to sell shares of the Underlying Fund is limited while the option i s in effect unless the Fund extin g uishes the option position throu g h the purchase o f an o ff setting identical option prior to the expiration of the written option .
a notional mismatch due to differences between the Underlyin g Fund and the RUT w i th respect to pr i c i n g , track i n g error,
bene f it f rom potential increases in the value o f the Option Inde x above the exercise p rice o f the o p tions. The Fund also continue s
The Underlying Index is a product o f Cboe Global Indices, LLC ( the “Index Provider” or “Cboe”) and Russell, 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 wei g htin g s of the components of the Underlyin g Index and publishes information re g ardin g the market value of the Underly i ng Index . Industry Concentration Policy.
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A sset Class Ri Ris isk. k. The secur i t i es and other assets i n th e Underlyin g Index or in the Fund’s portfolio may underperform i n comparison to f inancial markets generally, a particular f inancia l market, another i ndex, or other asset classes .
securities or other assets o f one or more issuers , countries o r other geograph i c un i ts, markets, i ndustr i es, project types, or asset classes.
Dis is tributio io n Tax Ris is k. k. T he Fund currentl y expects to make d i str i but i ons on a regular bas i s. Wh i le the Fund w i ll normally pa y its income as distributions, the Fund’s distributions may excee d the Fund’s income and gains f or the Fund’s taxable year. The Fund may be required to reduce its distributions if it has insufficien t in co m e . Di s tri bu ti o n s in e x cess o f th e F u n d ’ s cu rr e nt a n d accumulated earnings and pro f its will be treated as a return o f capital. Distributions in excess of the Fund’s minimum distributio n requirements, but not in excess o f the Fund’s earnings and pro f its , wi ll be taxable to Fund shareholders and w i ll not const i tut e nontaxable returns of ca p ital. A return of ca p ital distributio n generally will not be taxable but will reduce the shareholder ’ s cos t bas i s and w i ll result i nah i gher cap i tal ga i n or lower cap i tal los s w hen 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 , further distributions will be treated as capital g ain, if the Fun d shareholder holds shares o f the Fund as capital assets. Becaus e the Fund’s distributions may consist of return of capital, the Fun d may not be an appropriate investment f or investors who do no t w ant 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 of capital in a g iven 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 ma y be more volatile than those of othe r asset classes. The value o f a security may decline f or a number o f 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. Common 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 o n payments in the event of an issuer’s bankruptcy.
Fi Fin inanc ia ial Compan ie ies Ri Ris isk . F i nanc i al serv i ces compan i es ar e subject to extens i ve governmental regulat i on and i ntervent i on , w hich ma y adversel y affect their profitabilit y , the scope of thei r activities, the prices they can charge, the amount o f capital an d l i qu i d assets they must ma i nta i n and the i rs i ze, amon g other
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Market Ri Ris is k . The Fund could lose mone y over short per i ods du e to short-term market movements and over lon g er per i ods dur i n g more prolonged market downturns. Local, reg i onal or globa l e vents such as war, acts o f terrorism, pandemics or other publi c health issues, recessions, the prospect or occurrence of a sovereign de f ault or other f inancial crisis, or other events could have a significant impact on the Fund and its investments an d c ould result in increased p remiums or discounts to the Fund’s NAV.
be more volatile than that of a fund with a g reater investment in large- or m i d-cap i tal i zat i on stocks .
Co n ce ntrati tio nRi Ris k. T he Fund ma y be suscept i ble to an i ncreased risk o f loss, including losses due to adverse events that a ff ect the Fund’s investments more than the market as a whole , t o th ee xt e nt th a t th e F u n d’s inv es tm e nt sa r e co n ce ntr a t ed in th e
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 party in the transaction wil l 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 le g al r i sks .
Deri ri vati ti ves Ri Ris isk. k. The Fund’s use of derivatives ( e. g ., futures , forwards, swaps, options) may be riskier than other types o f investments and ma y not have the intended e ff ect on the Fund’ s performance. 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 p ositions. There is the risk o f imper f ect correlation between the value o fa derivative and that of the asset underlying the derivative. Der i vat i ves may create i nvestment leverage, wh i ch could result in losses that significantly exceed the Fund’s original investment . Derivatives are subject to the risk of mispricin g or imprope r object i ve. Errors i n i ndex data, i ndex computat i ons or th e construction of the Underlying 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 m p act on the Fund and i ts shareholders. Unusual market conditions or other un f oreseen circumstances (such as natura l 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 Underlyin g Index to vary from its normal or expected composition .
Inde dex ex-R e lat e d Ris is k. 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 assumptions and estimates. Neither the Fund nor BFA can o ff er assurances that the Index Provider’s methodology or sources of information will p rovide an accurate assessment of included components or w i ll result i n the Fund meet i ng i ts i nvestment
A ssets Under Management (AUM) Ri Ris is k . From t i me to t i me, a n Authorized Participant (as defined below i n A uthori riz ized Parti tic ic ip ipant Concentration Risk) k), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund may invest in th e Fund and hold its investment f or a speci f ic period o f time to allow th e F u n d t o ac h ie v e si z eo r sca l e . Th e r e ca n be n o assu r a n ce th a t any such ent i ty would not redeem i ts i nvestment or that the s i z e o f the Fund would be maintained at such levels, which could ne g at i vely i mpact the Fund . A uthorized Particip ip ant Concentration Risk. An “A “Authorized Participant” is a member or participant of a clearing agency registered with the S E C , which has a written agreement with the Fund or one o f its service providers that allows the Authorize d Participant to place orders for the purchase and redemption of 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 basis on behalf of other market participants. No Authorize d Part i c i pant i s obl ig ated to en g a g e i n creat i on or redempt i on transact i ons. To the extent that Author i zed Part i c i pants ex i t the business or do not p lace creation or redem p tion orders for th e Fund and no other Author i zed Part i c i pant places orders, Fun d shares are more l i kel y to trade at a prem i um or d i scount to NAV AV and possibly face trading halts or delisting.
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Investment in in Underlyi yin ing Fund Ri Ris isk. The Fund i nvests i n the U nderlying Fund, so the Fund’s investment per f ormance and risk s are likely to be directly related to those of the Underlying Fund. The Fund’s NAV will chan g e with chan g es in the value of th e U nderly 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 th e U nderlying 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 in the Fund may entail more expenses than a direct investment i n the Underly i ng Fund.
Is Iss u e r Ris isk . T he p erformance of the Fund de p ends on the per f ormance o f individual securities or other assets to which th e Fund has exposure. The value of securities or other assets may d ecline, or per f orm di ff erently f rom the market as a whole, due t o changes in the financial condition or credit rating of the issuer or coun t erpar ty . Large Shareholder and Large-Scale Redempti tio ion Ri Ris isk. Certai n s hareholders of the Fund, includin g 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 manage a substantial amount o f Fund shares, or may hold their investment in the Fund for a limited period of time. There ca n b e no assurance that any lar g e shareholder or lar g e g roup o f s hareholders would not redeem their investment. Redemptions o f a large number of Fund shares could require the Fund to dispos e o f assets to meet the redemption requests, which can accelerat e the realization of taxable income and/or capital gains and caus e th e F u n d t o m a k e t a x ab l ed i s tri bu ti o n s t o it ss h a r e h o l de r s ea rli er 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 lar g e proportion of its assets in cash i n anticipation o f large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell portfolio s ecur i t i es or other assets when i tm i ght not otherw i se do so ,
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Healthcare Compan ie ies Ri Ris is k . T he pro f itability o f healthcare companies may be adversely affected by extensive g overnmen t regulations, restrictions on government reimbursement f o r medical expenses, rising costs of medical products and services, pricing pressure, the protection and expiration o f patents, limite d product l i nes, supply cha i n i ssues, labor shortages and produc t liability claims, amon g other factors .
Manag age gement Ris k . T he Fund g enerally does not attempt to take de f ensive positions under any market conditions, includin g declining markets. As the Fund will not fully replicate th e
a ff ected by, among other things, interest rates, economi c conditions, volatility in f inancial markets, credit rating d own g rades, adverse public perception, exposure concentratio n and counterparty r i sk.
thin g s. Financial services companies also may be si g ni f icantly which may ne g atively impact the Fund ’ s NAV, increase the Fund ’ s brokera g e costs and/or have a material e ff ect on the marke t price o f Fund shares .
currencies. The per f ormance o f such companies may also be affected by technological developments, labor relations, le gi slat i ve and re g ulatory chan g es, g overnment spend i n g pol i c i es , and changes i n domest i c and i nternat i onal econom i es .
In Industri ria ial Compan ie ies Ri Ris isk. k. Industrial companies f ace a number of risks, includin g supply chain and distribution disruptions, bus i ness i nterrupt i ons, product obsolescence, th i rd-party vendor r i sks, c y ber attacks, trade d i sputes, product recalls, l i ab i l i t y claims, scarcity of materials or parts, excess capacity, chan g es in consumer preferences, and volatilit y in commodit y prices an d the secondary market at a prem i um or d i scount to NAV or to the intraday value o f the Fund’s port f olio holdings. I f you buy Fun d shares at a t i me when the market pr i ce i s at a prem i um to NAV or sell Fund shares at a t i me when the market p r i ce i s at a d i scount to NAV, you may pay signi f icantly more or receive signi f icantl y less than the underlying value of the Fund shares . Operational and Technology gy Risks ks . T he Fund is directl y 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 , communication errors, s y stems f ailures, c y bersecurit y incidents , and the use of artificial intelligence and machine learning (“AI”), which ma y result in losses for the Fund and its shareholders o r 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 policie s and procedures, their methods of risk management may diffe r f rom those o f the Fund. Operational and technology risks f or th e i ssuers i n wh i ch the Fund i nvests could also result i n mater i a l adverse consequences for such issuers and may cause the Fund’ s i nvestments i n such i ssuers to lose value . Small Fund Ri Ris isk. k. W hen the Fund ’ s size is small, the Fund may exper i ence low trad i ng volume and w i de b i d/ask spreads. Th e Fund’s performance near its inception date ma y not represen t how the Fund will per f orm in the f uture or with a larger asse t base. A Fund that holds fixed-income securities may buy smaller sized bonds known as “ odd lots, ” which may be purchased or sol d at a discount to similar “round lot” bonds. The prices used by th e Fund ma y differ from the value that would be realized if thes e securities were sold, and the impact o f such pricing di ff erences o n a Fund’s performance may be hei g htened when the Fund’s size is small. In addition, the Fund may f ace the risk o f being delisted i f i t does not meet certa i n requ i rements set by the l i st i ng exchange . Any resultin g liquidation of the Fund could lead to elevate d transaction costs f or the Fund and negative tax consequences f o r i t ss h a r e h o l de r s.
Tax Ris is k . The tax rules and l i m i tat i ons that apply to the Fund w i l l cause some or all o f its income and gain to be taxable as ordinar y i ncome or at ord i nary i ncome rates, may accelerate i t s reco g nition of income and g ain, and may defer its use of losses ,
Underly i ng Index and may hold secur i t i es or other assets no t i ncluded i n the Underly i n g Index, i t i s subject to the r i sk that th e investment strategy o f BFA may not produce the intended results . There is no guarantee that the Fund’s investment results will hav e a high degree o f correlation to those o f the Underlying Index o r that the Fund w i ll ach i eve i ts i nvestment ob j ect i ve . Market Tradi din ing Ri Ris isk . T he Fund f aces numerous market trading risks, including the potential lack of an active market for Fun d shares (includin g throu g h a tradin g halt), losses from tradin g i n secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund shares. Any of these f actors, among others, may lead to the Fund’s shares trading in
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and require the capitalization of certain interest expenses an d carrying charges. Similarly, “wash sale” rules may apply to de f er the recognition of loss by the Fund from the disposition of stock 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 such property) i s or has been acqu i red w i th i n a prescr i bed per i od. As a result o f the f oregoing, an investor may be subject to signi f icantly greater amounts of tax as a result of the investment than woul d apply to an investment in a fund en g a g ed in a different investmen t st ra t egy .
shareholders; tax gains or losses; differences between th e amount and/or timin g of withholdin g taxes on dividends reflecte d in the Underlying Index from the Fund’s obligation, if any, fo r forei g n withholdin g taxes; the requirements for the Fund t o maintain pass-through tax treatment; port f olio transaction s carried out to minimize the distribution of capital gains t o shareholders; the acceptance of custom baskets; chan g es to th e 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 be heightened during times o f increased market volatility or other unusual market cond i t i ons. To the extent that the Fund seeks to achieve its investment objective throu g h investments in the Underly i ng Fund, the Fund may exper i ence i ncreased track i n g error as compared to i nvest i ng 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 i ndex w i th exposure to swaps, opt i ons , futures and/or other derivatives may experience hi g her trackin g error than ETFs that do not track such i ndexes. Unt i l the Fund reaches greater scale, i t may exper i ence h i gher track i ng erro r than is typical f or similar index ETFs .
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Tracki kin ing Error Ri Ris is k . T he Fund may be subject to “ trackin g error, ” which is the diver g ence o f the Fund’s per f ormance f rom that o f the Underlying Index. Tracking 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 p ort f olio and those included in the Underlying Index; di ff erences in the timing and methodologie s used to value securities and other assets ; transaction costs and other expenses i ncurred by the Fund that the Underly i ng Inde x does not incur; the Fund’s holding of uninvested cash; difference s in the timing o f the accrual or the valuation o f dividends o r i nterest rece i ved b y the Fund or d i str i but i ons pa i d to Fun d
stock to be purchased under the opt i ons, and the straddle i s not part of a larger straddle. Unlike certain other funds 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 general matter, the cal l o p tions it writes are not ex p ected to be treated as “ q ualifie d covered call options. ” The straddle rules usuall y will terminate the Fund’s holding periods for its shares of the Underlying Fund that become part o f a straddle be f ore the long-term capital gain hold i ng per i od (more than one year) has been reached, wh i ch is expected to eliminate the Fund’s ability to reco g nize lon g -term capital gains f rom a sale or other disposition o f such shares. Th e straddle rules also usually will defer reco g nition of realized losses
all o f which are expected to have ne g ative tax consequences f or the Fund and Fund i nvestors. The Fund expects that i ts ownersh i p o f shares o f the Underlying Fund and sale o f call options on th e Option Index generally will constitute “straddles” (o ff settin g positions with respect to personal property ) under section 1092 o f the Internal Revenue C ode ( “ IR C” ). The straddle rules g enerally d o not apply i f all the straddle’s o ff setting positions consist o f “qualified covered call options” (as defined under the IRC) and th e
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Per f ormance In f ormatio n
The p er f ormance in f ormation below illustrates how the Fund’s p er f ormance has varied over di ff erent p eriods and p rovides some indicatio n o f the risks o f investin g in the Fund. The bar chart shows how the per f ormance o f the Fund has varied f rom one calendar year to another over the p eriods shown. The table com p ares the Fund’s p erformance to that of an a pp ro p riate broad-based securities market index an d the Underlyin g 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 per f ormance i f not in e ff ect. Past per f ormance (be f ore and a f ter 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
12%
9%
6%
3%
0%
2 0 2 5
7.69%
R eturn ( % ) Per i od Ende d D ur i ng the per i ods shown i n the chart: B est Q uarter 9.16% S eptember 30, 202 5 W orst Q uarter - 5.48 % March 31, 2025
A vera g e Annual Total Return s ( f or the periods ended December 31 , 2025 )
O ne Yea r
S i nce Fun d Ince p tio n ( Incept i on Date: 3/14/2024 ) R eturn Be f ore Taxe s 7.69 % 7.71 % R eturn A f ter Taxes on Distributions 3 .08 % 3.21 % Re 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 4 . 63% 4 . 04 % Ru sse ll 3000 Ind ex ( Returns do not re f lect deductions f or f ees, expenses or taxes ) 1 7 . 15% 18 . 14% Cboe FTSE Russell IWM 2% OTM Bu y Wr i te Inde x ( Returns do not re f lect deductions f or f ees, expenses o r taxes ) 7 .81% 7.70%
A f ter-tax returns in the table above are calculated using the historical highest individual U.S. f ederal 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 after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares throu g h tax-deferred arran g ements , 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 f rom the sales o f Fund shares. As a result, Fund returns a f ter taxes on distributions and sales o f Fund shares may exceed Fund return s b efore taxes and/or returns after taxes on distributions .
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Page 9
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.
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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-IWMW-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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