open/document-extraction

Added by Kamaji | Added: 2026-10-15 23:15 | Views: 0 | Model: dorsalhub/pdf-extractor

This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.

iShares Trust

Supplement dated October 15, 2026 to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information (the “SAI”) for the iShares ® iBonds ® Dec 2026 Term Corporate ETF* (IBDR) iShares ® iBonds ® Dec 2026 Term Treasury ETF* (IBTG) iShares ® iBonds ® 2026 Term High Yield and Income ETF* (IBHF) (each a “Fund” and together the “Funds”)

*The iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2026 Term Treasury ETF and iShares iBonds 2026 Term High Yield and Income ETF may also conduct business as, respectively, the iBonds Dec 2026 Term Corporate ETF, iBonds Dec 2026 Term Treasury ETF and iBonds 2026 Term High Yield and Income ETF.

Shares of each Fund are listed and trade on a national securities exchange, as stated below (each a “Listing Exchange”):

Fund Listing Exchange iShares iBonds Dec 2026 Term Corporate ETF NYSE Arca, Inc.

iShares iBonds Dec 2026 Term Treasury ETF The Nasdaq Stock Market LLC

iShares iBonds 2026 Term High Yield and Income ETF Cboe BZX Exchange, Inc.

On June 23, 2016, December 3, 2019 and June 10, 2020, respectively, in connection with the establishment of the iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2026 Term Treasury ETF and iShares iBonds 2026 Term High Yield and Income ETF, the Board of Trustees of the Trust approved the planned liquidation, dissolution and termination of the Funds. As a result, the last day of trading in each Fund on its Listing Exchange will be December 15, 2026. The Listing Exchanges will suspend trading in the Funds before the open of trading on December 16, 2026, and shares of the Funds will no longer be available for new investments as of this date. Proceeds of the liquidation are currently scheduled to be sent to shareholders on December 18, 2026. Each Fund’s final net asset value, as calculated on December 15, 2026, will include any costs associated with the liquidation expected to be borne by the Fund.

Because shares of each Fund will not be traded on its Listing Exchange during the period between December 16, 2026 and December 18, 2026, we cannot assure you that there will be a trading market for your shares. Further, during this period, each Fund will be in the process of closing down and liquidating its portfolio, which may result in the Fund not being able to track its Underlying Index (by December 16, 2026, the Underlying Index value will be represented almost entirely by cash as no securities will remain in the Underlying Index). After December 15, 2026, shareholders that remain invested in a Fund will receive the entire amount of their pro rata share of the liquidation proceeds on or about December 18, 2026, subject to their brokerage firm’s processes.

Shareholders may sell their holdings of a Fund prior to December 16, 2026 and may incur the usual and customary brokerage commissions associated with the sale of the Fund shares. If you still hold shares of a Fund on December 18, 2026, the Fund will automatically redeem your shares for cash based on the net asset value as of the close of business on December 15, 2026, which will include any dividends or distributions calculated as of that date.

Page 2

If you are subject to federal income tax, the liquidation of a Fund will result in one or more taxable events for you. A sale or exchange of Fund shares prior to the liquidation will generally give rise to a capital gain or loss to you for federal income tax purposes. In connection with the liquidation, a Fund may declare tax exempt or taxable distributions of its investment income and/or taxable distributions of its net capital gain. Any liquidation proceeds paid to you should generally be treated as received by you in exchange for your shares and will therefore generally give rise to a capital gain or loss depending on your tax basis. Please refer to the “Taxes” disclosure beginning on page 122 of each Fund’s SAI and consult your own tax advisor about the potential tax consequences of a Fund’s liquidation, including any state, local, foreign or other tax consequences.

If you have any questions, please call 1-800-iShares (1-800-474-2737).

iShares ® is a registered trademark of BlackRock Fund Advisors or its affiliates. IS-A-IBDR-IBTG-IBHF-1026

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Page 3

[THIS PAGE INTENTIONALLY LEFT BLANK]

Page 4

[THIS PAGE INTENTIONALLY LEFT BLANK]

Page 5

FEBRUARY 27, 2026

Prospectus

iShares Trust

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

Page 6

iShares iBonds Dec 2026 Term Treasury ETF .............................

S-1

iShares iBonds Dec 2027 Term Treasury ETF .............................

S-7

iShares iBonds Dec 2028 Term Treasury ETF .............................

S-13

iShares iBonds Dec 2029 Term Treasury ETF .............................

S-19

iShares iBonds Dec 2030 Term Treasury ETF .............................

S-25

iShares iBonds Dec 2031 Term Treasury ETF .............................

S-31

iShares iBonds Dec 2032 Term Treasury ETF .............................

S-37

iShares iBonds Dec 2033 Term Treasury ETF .............................

S-43

iShares iBonds Dec 2034 Term Treasury ETF .............................

S-49

iShares iBonds Dec 2035 Term Treasury ETF .............................

S-55

iShares iBonds Dec 2044 Term Treasury ETF .............................

S-60

iShares iBonds Dec 2045 Term Treasury ETF .............................

S-66

iShares iBonds Dec 2054 Term Treasury ETF .............................

S-71

iShares iBonds Dec 2055 Term Treasury ETF .............................

S-77

iShares Treasury Floating Rate Bond ETF ..................................

S-82

iShares U.S. Treasury Bond ETF ..............................................

S-88

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

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

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

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

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

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

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

Index Providers and Disclaimers .................................................

Table of Contents

Fund Summaries

Page 7

[THIS PAGE INTENTIONALLY LEFT BLANK]

Page 8

iSHARES ® iBONDS ® DEC 2026 TERM TREASURY ETF

Ticker: IBTG Stock Exchange: Nasdaq

Investment Objective

The iShares iBonds Dec 2026 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2026.

Fees and Expenses

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

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2026. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust and BFA.

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (ongoing expenses that you pay each year as a 1 percentage of the value of your investments) 1

Management Fees

Distribution and Service (12b-1) Fees Other Expenses

Acquired Fund Fees and Expenses

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%

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. Fund expenses (and any applicable waivers) are calculated only through December 15, 2026 because the Fund is scheduled to cease operations and liquidate by that date. 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:

Maturity $6

S-1

Page 9

Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 7% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to meet its investment objective generally by investing in individual securities which satisfy the criteria of the ICE 2026 Maturity US Treasury Index (the “Underlying Index”). The Underlying Index consists of publicly-issued U.S. Treasury securities that are scheduled to mature between January 1, 2026 and December 15, 2026, inclusive. The Fund may also invest in short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund is a term fund that will terminate on or about December 15, 2026, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.

Qualifying securities are U.S. Treasury notes and bonds having $1 billion or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market Account (“SOMA”). In addition, the securities in the Underlying Index must have a fixed coupon schedule and be denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills and Separate Trading of Registered Interest and Principal of Securities (STRIPS). However, the amounts outstanding of qualifying securities in the Underlying Index are not reduced by any individual components of such securities ( i.e ., coupon or principal) that have been stripped after inclusion in the Underlying Index. Securities issued or marketed primarily to retail investors do not qualify for inclusion in the Underlying Index.

The Underlying Index is market value-weighted based on amounts outstanding reduced by amounts held by the Federal Reserve SOMA times price plus accrued interest. Accrued interest is calculated assuming next-day settlement.

The Underlying Index is rebalanced on the last calendar day of the month, based on information available up to and including the third business day before the last business day of the month. New issues must settle on or before the following calendar month end rebalancing date in order to qualify for inclusion for such following month ( e.g ., an issue must settle on or before November 30 in order to be included in the index on October 31). The securities in the Underlying Index are updated on the last calendar day of each month. Cash flows from bond payments that are received during the month are retained in the Underlying Index until the end of the month and then are removed as part of the rebalancing. When cash or a security is removed as part of the rebalancing, it effectively increases the weighting of the remaining securities in the Underlying Index, and the Fund is required to invest in the remaining securities to bring its holdings in line with the Underlying Index. Cash does not earn any reinvestment income while it is held in the Underlying Index.

The Fund will invest at least 80% of its assets in the component securities of the Underlying Index, and the Fund will invest at least 90% of its assets in U.S. Treasury securities that BFA believes will help the Fund track the Underlying Index, in each case except as described below. The Fund will invest no more than 10% of its assets in futures, options and swaps contracts that BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index.

The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. In the last six months of operation, as the bonds held by the Fund mature, the proceeds will typically be reinvested by the Fund in investments already in the Underlying Index but may also be invested in other cash and cash equivalents as determined by BFA. To the extent that the Fund invests in money market or similar funds, it will incur the fees and expenses of such funds.

By December 15, 2026, the Fund is expected to consist almost entirely of cash. On or around this date, the Fund will wind up and terminate. After appropriate provision is made for any Fund liabilities, its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. The Fund’s termination was approved by a majority of the Trust’s Board of Trustees (the “Board”) and does not require additional approval by Fund shareholders. The Board may extend the termination date if a majority of the Board determines the extension to be in the best interest of the Fund.

BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.

Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.

BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments that collectively has an investment profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return variability, duration ( i.e. , an instrument’s price sensitivity to a change in interest rates), maturity or credit ratings 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 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 owned, maintained and administered by ICE Data Indices, LLC (the “Index Provider” or “IDI”), which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the

S-2

Page 10

components of the Underlying Index and publishes information regarding the market value of the Underlying Index.

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.

U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in the U.S. government’s financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal.

Interest Rate Risk . Interest rate risk refers to the risk of fluctuations in the value of a fixed-income security due to changes in the general level of interest rates. Interest rate changes can be sudden and unpredictable and are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for fixed-income securities. An increase in interest rates generally will cause the value of fixed-income securities to decline. Securities with longer maturities generally are more sensitive to interest rate changes and subject to greater fluctuations in value. Changes in interest rates may have unpredictable effects on fixed-income markets and result in heightened volatility and lower liquidity for certain instruments, which may adversely affect a Fund’s performance. During periods of very low or negative interest rates, a Fund may be unable to maintain positive returns or pay dividends to shareholders.

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

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.

Cash Management Risk . If a significant amount of the Fund’s assets is invested in cash and cash equivalents, the Fund may underperform other funds that do not similarly invest in cash and cash equivalents for investment purposes and/or to collateralize derivative instruments. Further, the Fund may face increased credit risk with respect to the bank or other counterparty holding such assets and the risk that the counterparty may be unable or unwilling (or perceived as such) to honor its obligations.

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.

Declining Yield Risk. In the months leading up to the Fund’s planned termination date, the Fund’s yield may move toward prevailing money market rates and may be lower than the yields of the bonds previously held by the Fund and lower than prevailing yields for bonds in the market.

Income Risk. The Fund’s income may decline due to falling interest rates or other factors. This can occur because the Fund may be required to invest in lower-yielding bonds when a bond in the Fund’s portfolio matures, is near maturity, is called or is prepaid, when bonds in the Underlying Index are substituted, or when the Fund otherwise needs to purchase additional bonds. The Index Provider’s substitution of bonds in the Underlying Index may

S-3

Page 11

occur, for example, when the time to maturity for the bond no longer matches the Underlying Index’s stated maturity guidelines.

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

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

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

issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.

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.

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.

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

S-4

Page 12

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

10% 5% 0% -5% -10% -15%

2 0 21 2 0 22 2 0 2 3 2 0 2 4 2 0 2 5

-3.04% -8.23%

4.31% 3.89% 4.57%

Return (%) Period Ended During the periods shown in the chart: Best Quarter 2.97% December 31, 2023 Worst Quarter -4.81% March 31, 2022

Average Annual Total Returns (for the periods ended December 31, 2025)

One Year Five Years

Since Fund Inception (Inception Date: 2/25/2020) Return Before Taxes 4.57% 0.17% 1.03% Return After Taxes on Distributions 2.87% -1.00% -0.02% Return After Taxes on Distributions and Sale of Fund Shares 2.69% -0.38% 0.33% ICE BofA US Broad Market Index (Returns do not reflect deductions for fees, expenses or taxes) 7.15% -0.42% 0.36% ICE 2026 Maturity US Treasury Index (Spliced) 1 (Returns do not reflect deductions for fees, expenses or taxes) 4.63% 0.20% 1.06%

1 The ICE 2026 Maturity US Treasury Index (Spliced) reflects the performance of the standard pricing variant of the ICE 2026 Maturity US Treasury Index through February 28, 2021; the 4 PM pricing variant of the ICE 2026 Maturity US Treasury Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE 2026 Maturity US Treasury Index, which now utilizes pricing as of 4 PM, thereafter.

After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.

S-5

Page 13

Management

Investment Adviser. BlackRock Fund Advisors.

Portfolio Managers. Jonathan Graves, James Mauro and Marcus Tom (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Mr. Graves, Mr. Mauro and Mr. Tom have been Portfolio Managers of the Fund since 2025, 2020 and 2025, respectively.

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. Certain states and localities may exempt from tax distributions attributable to interest from U.S. federal government obligations.

Payments to Broker-Dealers and Other Financial Intermediaries

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

S-6

Page 14

iSHARES ® iBONDS ® DEC 2027 TERM TREASURY ETF

Ticker: IBTH Stock Exchange: Nasdaq

Investment Objective

The iShares iBonds Dec 2027 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2027.

Fees and Expenses

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2027. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust and BFA.

Management Fees

Distribution and Service (12b-1) Fees Other Expenses

Acquired Fund Fees and Expenses

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%

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. Fund expenses (and any applicable waivers) are calculated only through December 15, 2027 because the Fund is scheduled to cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year Maturity $7 $13

S-7

Page 15

Principal Investment Strategies

The Fund seeks to meet its investment objective generally by investing in individual securities which satisfy the criteria of the ICE 2027 Maturity US Treasury Index (the “Underlying Index”). The Underlying Index consists of publicly-issued U.S. Treasury securities that are scheduled to mature between January 1, 2027 and December 15, 2027, inclusive. The Fund may also invest in short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund is a term fund that will terminate on or about December 15, 2027, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.

By December 15, 2027, the Fund is expected to consist almost entirely of cash. On or around this date, the Fund will wind up and terminate. After appropriate provision is made for any Fund liabilities, its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. The Fund’s termination was approved by a majority of the Trust’s Board of Trustees (the “Board”) and does not require additional approval by Fund shareholders. The Board may extend the termination date if a majority of the Board determines the extension to be in the best interest of the Fund.

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

S-8

Page 16

components of the Underlying Index and publishes information regarding the market value of the Underlying Index.

Summary of Principal Risks

S-9

Page 17

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.

S-10

Page 18

Performance Information

Calendar Year-by-Year Returns

10% 5% 0% -5% -10% -15%

2 0 21 2 0 22 2 0 2 3 2 0 2 4 2 0 2 5

-3.46%

-9.79%

4.38% 3.19% 5.38%

Return (%) Period Ended During the periods shown in the chart: Best Quarter 3.73% December 31, 2023 Worst Quarter -5.25% March 31, 2022

Average Annual Total Returns (for the periods ended December 31, 2025)

One Year Five Years

Since Fund Inception (Inception Date: 2/25/2020) Return Before Taxes 5.38% -0.23% 0.67% Return After Taxes on Distributions 3.71% -1.39% -0.36% Return After Taxes on Distributions and Sale of Fund Shares 3.17% -0.68% 0.06% ICE BofA US Broad Market Index (Returns do not reflect deductions for fees, expenses or taxes) 7.15% -0.42% 0.36% ICE 2027 Maturity US Treasury Index (Spliced) 1 (Returns do not reflect deductions for fees, expenses or taxes) 5.43% -0.20% 0.72%

1 The ICE 2027 Maturity US Treasury Index (Spliced) reflects the performance of the standard pricing variant of the ICE 2027 Maturity US Treasury Index through February 28, 2021; the 4 PM pricing variant of the ICE 2027 Maturity US Treasury Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE 2027 Maturity US Treasury Index, which now utilizes pricing as of 4 PM, thereafter.

S-11

Page 19

Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

S-12

Page 20

iSHARES ® iBONDS ® DEC 2028 TERM TREASURY ETF

Ticker: IBTI Stock Exchange: Nasdaq

Investment Objective

The iShares iBonds Dec 2028 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2028.

Fees and Expenses

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2028. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust and BFA.

Management Fees

Distribution and Service (12b-1) Fees Other Expenses

Acquired Fund Fees and Expenses

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%

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. Fund expenses (and any applicable waivers) are calculated only through December 15, 2028 because the Fund is scheduled to cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year Maturity $7 $21

S-13

Page 21

Principal Investment Strategies

The Fund seeks to meet its investment objective generally by investing in individual securities which satisfy the criteria of the ICE 2028 Maturity US Treasury Index (the “Underlying Index”). The Underlying Index consists of publicly-issued U.S. Treasury securities that are scheduled to mature between January 1, 2028 and December 15, 2028, inclusive. The Fund may also invest in short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund is a term fund that will terminate on or about December 15, 2028, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.

Qualifying securities are U.S. Treasury notes and bonds having $1 billion or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market Account (“SOMA”). In addition, the securities in the Underlying Index must have a fixed coupon schedule and be denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills and Separate Trading of Registered Interest and Principal of Securities (STRIPS). However, the amounts outstanding of qualifying securities in the Underlying Index are not reduced by any individual components of such securities ( i.e. , coupon or principal) that have been stripped after inclusion in the Underlying Index. Securities issued or marketed primarily to retail investors do not qualify for inclusion in the Underlying Index.

By December 15, 2028, the Fund is expected to consist almost entirely of cash. On or around this date, the Fund will wind up and terminate. After appropriate provision is made for any Fund liabilities, its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. The Fund’s termination was approved by a majority of the Trust’s Board of Trustees (the “Board”) and does not require additional approval by Fund shareholders. The Board may extend the termination date if a majority of the Board determines the extension to be in the best interest of the Fund.

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

S-14

Page 22

components of the Underlying Index and publishes information regarding the market value of the Underlying Index.

Summary of Principal Risks

S-15

Page 23

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.

S-16

Page 24

Performance Information

Calendar Year-by-Year Returns

10% 5% 0% -5% -10% -15%

2 0 21 2 0 22 2 0 2 3 2 0 2 4 2 0 2 5

-3.49%

-11.36%

4.62% 2.46%

6.27%

Return (%) Period Ended During the periods shown in the chart: Best Quarter 4.35% December 31, 2023 Worst Quarter -5.63% March 31, 2022

Average Annual Total Returns (for the periods ended December 31, 2025)

One Year Five Years

Since Fund Inception (Inception Date: 2/25/2020) Return Before Taxes 6.27% -0.52% 0.42% Return After Taxes on Distributions 4.60% -1.61% -0.57% Return After Taxes on Distributions and Sale of Fund Shares 3.69% -0.87% -0.11% ICE BofA US Broad Market Index (Returns do not reflect deductions for fees, expenses or taxes) 7.15% -0.42% 0.36% ICE 2028 Maturity US Treasury Index (Spliced) 1 (Returns do not reflect deductions for fees, expenses or taxes) 6.33% -0.48% 0.46%

1 The ICE 2028 Maturity US Treasury Index (Spliced) reflects the performance of the standard pricing variant of the ICE 2028 Maturity US Treasury Index through February 28, 2021; the 4 PM pricing variant of the ICE 2028 Maturity US Treasury Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE 2028 Maturity US Treasury Index, which now utilizes pricing as of 4 PM, thereafter.

S-17

Page 25

Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

S-18

Page 26

iSHARES ® iBONDS ® DEC 2029 TERM TREASURY ETF

Ticker: IBTJ Stock Exchange: Nasdaq

Investment Objective

The iShares iBonds Dec 2029 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2029.

Fees and Expenses

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2029. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust and BFA.

Management Fees

Distribution and Service (12b-1) Fees Other Expenses

Acquired Fund Fees and Expenses

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%

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. Fund expenses (and any applicable waivers) are calculated only through December 15, 2029 because the Fund is scheduled to cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year 3 Years Maturity $7 $23 $29

S-19

Page 27

Principal Investment Strategies

The Fund seeks to meet its investment objective generally by investing in individual securities which satisfy the criteria of the ICE 2029 Maturity US Treasury Index (the “Underlying Index”). The Underlying Index consists of publicly-issued U.S. Treasury securities that are scheduled to mature between January 1, 2029 and December 15, 2029, inclusive. The Fund may also invest in short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund is a term fund that will terminate on or about December 15, 2029, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.

Qualifying securities are U.S. Treasury notes and bonds having $1 billion or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market Account (“SOMA”). In addition, the securities in the Underlying Index must have a fixed coupon schedule and be denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills and Separate Trading of Registered Interest and Principal of Securities (STRIPS). However, the amounts outstanding of qualifying securities in the Underlying Index are not reduced by any individual components of such securities ( i.e. , coupon or principal) that have been stripped after inclusion in the Underlying Index. Securities issued or marketed primarily to retail investors do not qualify for inclusion in the Underlying Index.

By December 15, 2029, the Fund is expected to consist almost entirely of cash. On or around this date, the Fund will wind up and terminate. After appropriate provision is made for any Fund liabilities, its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. The Fund’s termination was approved by a majority of the Trust’s Board of Trustees (the “Board”) and does not require additional approval by Fund shareholders. The Board may extend the termination date if a majority of the Board determines the extension to be in the best interest of the Fund.

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

S-20

Page 28

components of the Underlying Index and publishes information regarding the market value of the Underlying Index.

Summary of Principal Risks

S-21

Page 29

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.

S-22

Page 30

Performance Information

Calendar Year-by-Year Returns

10% 5% 0% -5% -10% -15% -20%

2 0 21 2 0 22 2 0 2 3 2 0 2 4 2 0 2 5

-3.57%

-12.56%

4.50% 1.83%

6.92%

Return (%) Period Ended During the periods shown in the chart: Best Quarter 4.97% December 31, 2023 Worst Quarter -5.93% March 31, 2022

Average Annual Total Returns (for the periods ended December 31, 2025)

One Year Five Years

Since Fund Inception (Inception Date: 2/25/2020) Return Before Taxes 6.92% -0.83% 0.19% Return After Taxes on Distributions 5.27% -1.93% -0.81% Return After Taxes on Distributions and Sale of Fund Shares 4.07% -1.10% -0.29% ICE BofA US Broad Market Index (Returns do not reflect deductions for fees, expenses or taxes) 7.15% -0.42% 0.36% ICE 2029 Maturity US Treasury Index (Spliced) 1 (Returns do not reflect deductions for fees, expenses or taxes) 6.99% -0.80% 0.23%

1 The ICE 2029 Maturity US Treasury Index (Spliced) reflects the performance of the standard pricing variant of the ICE 2029 Maturity US Treasury Index through February 28, 2021; the 4 PM pricing variant of the ICE 2029 Maturity US Treasury Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE 2029 Maturity US Treasury Index, which now utilizes pricing as of 4 PM, thereafter.

S-23

Page 31

Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

S-24

Page 32

iSHARES ® iBONDS ® DEC 2030 TERM TREASURY ETF

Ticker: IBTK Stock Exchange: Nasdaq

Investment Objective

The iShares iBonds Dec 2030 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2030.

Fees and Expenses

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2030. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust and BFA.

Management Fees

Distribution and Service (12b-1) Fees Other Expenses

Acquired Fund Fees and Expenses

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%

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. Fund expenses (and any applicable waivers) are calculated only through December 15, 2030 because the Fund is scheduled to cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year 3 Years Maturity $7 $23 $38

S-25

Page 33

Principal Investment Strategies

The Fund seeks to meet its investment objective generally by investing in individual securities which satisfy the criteria of the ICE 2030 Maturity US Treasury Index (the “Underlying Index”). The Underlying Index consists of publicly-issued U.S. Treasury securities that are scheduled to mature between January 1, 2030 and December 15, 2030, inclusive. The Fund may also invest in short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund is a term fund that will terminate on or about December 15, 2030, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.

Qualifying securities are U.S. Treasury notes and bonds having $1 billion or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market Account (“SOMA”). In addition, the securities in the Underlying Index must have a fixed coupon schedule and be denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills and Separate Trading of Registered Interest and Principal of Securities (STRIPS). However, the amounts outstanding of qualifying securities in the Underlying Index are not reduced by any individual components of such securities ( i.e. , coupon or principal) that have been stripped after inclusion in the Underlying Index. Securities issued or marketed primarily to retail investors do not qualify for inclusion in the Underlying Index.

By December 15, 2030, the Fund is expected to consist almost entirely of cash. On or around this date, the Fund will wind up and terminate. After appropriate provision is made for any Fund liabilities, its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. The Fund’s termination was approved by a majority of the Trust’s Board of Trustees (the “Board”) and does not require additional approval by Fund shareholders. The Board may extend the termination date if a majority of the Board determines the extension to be in the best interest of the Fund.

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

S-26

Page 34

components of the Underlying Index and publishes information regarding the market value of the Underlying Index.

Summary of Principal Risks

S-27

Page 35

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.

S-28

Page 36

Performance Information

Calendar Year-by-Year Returns

10% 5% 0% -5% -10% -15% -20%

2 0 21 2 0 22 2 0 2 3 2 0 2 4 2 0 2 5

-3.69%

-14.72%

4.01% 1.20%

7.47%

Return (%) Period Ended During the periods shown in the chart: Best Quarter 5.52% December 31, 2023 Worst Quarter -6.72% March 31, 2021

Average Annual Total Returns (for the periods ended December 31, 2025)

One Year Five Years

Since Fund Inception (Inception Date: 7/14/2020) Return Before Taxes 7.47% -1.46% -1.69% Return After Taxes on Distributions 5.81% -2.56% -2.72% Return After Taxes on Distributions and Sale of Fund Shares 4.40% -1.57% -1.71% ICE BofA US Broad Market Index (Returns do not reflect deductions for fees, expenses or taxes) 7.15% -0.42% -0.27% ICE 2030 Maturity US Treasury Index (Spliced) 1 (Returns do not reflect deductions for fees, expenses or taxes) 7.52% -1.41% -1.65%

1 The ICE 2030 Maturity US Treasury Index (Spliced) reflects the performance of the standard pricing variant of the ICE 2030 Maturity US Treasury Index through February 28, 2021; the 4 PM pricing variant of the ICE 2030 Maturity US Treasury Index from March 1, 2021 through November 30, 2023; and the standard pricing variant of the ICE 2030 Maturity US Treasury Index, which now utilizes pricing as of 4 PM, thereafter.

S-29

Page 37

Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

S-30

Page 38

iSHARES ® iBONDS ® DEC 2031 TERM TREASURY ETF

Ticker: IBTL Stock Exchange: Nasdaq

Investment Objective

The iShares iBonds Dec 2031 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2031.

Fees and Expenses

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2031. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust and BFA.

Management Fees

Distribution and Service (12b-1) Fees Other Expenses

Acquired Fund Fees and Expenses

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%

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. Fund expenses (and any applicable waivers) are calculated only through December 15, 2031 because the Fund is scheduled to cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year 3 Years 5 Years Maturity $7 $23 $40 $47

S-31

Page 39

Principal Investment Strategies

The Fund seeks to meet its investment objective generally by investing in individual securities which satisfy the criteria of the ICE 2031 Maturity US Treasury Index (the “Underlying Index”). The Underlying Index consists of publicly-issued U.S. Treasury securities that are scheduled to mature between January 1, 2031 and December 15, 2031, inclusive. The Fund may also invest in short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund is a term fund that will terminate on or about December 15, 2031, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.

By December 15, 2031, the Fund is expected to consist almost entirely of cash. On or around this date, the Fund will wind up and terminate. After appropriate provision is made for any Fund liabilities, its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. The Fund’s termination was approved by a majority of the Trust’s Board of Trustees (the “Board”) and does not require additional approval by Fund shareholders. The Board may extend the termination date if a majority of the Board determines the extension to be in the best interest of the Fund.

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

S-32

Page 40

components of the Underlying Index and publishes information regarding the market value of the Underlying Index.

Summary of Principal Risks

S-33

Page 41

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.

S-34

Page 42

Performance Information

Calendar Year-by-Year Returns

20% 10% 0% -10% -20% -30%

2 0 22 2 0 2 3 2 0 2 4 2 0 2 5

-15.59%

3.71% 0.23%

7.96%

Return (%) Period Ended During the periods shown in the chart: Best Quarter 6.19% December 31, 2023 Worst Quarter -6.66% March 31, 2022

Average Annual Total Returns (for the periods ended December 31, 2025)

One Year

Since Fund Inception (Inception Date: 7/13/2021) Return Before Taxes 7.96% -1.21% Return After Taxes on Distributions 6.24% -2.46% Return After Taxes on Distributions and Sale of Fund Shares 4.69% -1.45% ICE BofA US Broad Market Index (Returns do not reflect deductions for fees, expenses or taxes) 7.15% -0.13% ICE 2031 Maturity US Treasury Index (Spliced) 1 (Returns do not reflect deductions for fees, expenses or taxes) 8.03% -1.15%

1 The ICE 2031 Maturity US Treasury Index (Spliced) reflects the performance of the 4 PM pricing variant of the ICE 2031 Maturity US Treasury Index through November 30, 2023 and the standard pricing variant of the ICE 2031 Maturity US Treasury Index, which now utilizes pricing as of 4 PM, thereafter . After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.

S-35

Page 43

Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

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

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

S-36

Page 44

iSHARES ® iBONDS ® DEC 2032 TERM TREASURY ETF

Ticker: IBTM Stock Exchange: Nasdaq

Investment Objective

The iShares iBonds Dec 2032 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2032.

Fees and Expenses

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2032. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust and BFA.

Management Fees

Distribution and Service (12b-1) Fees Other Expenses

Acquired Fund Fees and Expenses

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%

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. Fund expenses (and any applicable waivers) are calculated only through December 15, 2032 because the Fund is scheduled to cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year 3 Years 5 Years Maturity $7 $23 $40 $56

S-37

Page 45

Principal Investment Strategies

The Fund seeks to meet its investment objective generally by investing in individual securities which satisfy the criteria of the ICE 2032 Maturity US Treasury Index (the “Underlying Index”). The Underlying Index consists of publicly-issued U.S. Treasury securities that are scheduled to mature between January 1, 2032 and December 15, 2032, inclusive. The Fund may also invest in short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund is a term fund that will terminate on or about December 15, 2032, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.

Qualifying securities are U.S. Treasury notes and bonds having $1 billion or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market Account (“SOMA”). In addition, the securities in the Underlying Index must have a fixed coupon schedule and be denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills and Separate Trading of Registered Interest and Principal of Securities (STRIPS). However, the amounts outstanding of qualifying securities in the Underlying Index are not reduced by any individual components of such securities ( i.e. , coupon or principal) that have been stripped after inclusion in the Underlying Index. Securities issued or marketed primarily to retail investors do not qualify for inclusion in the Underlying Index.

The Underlying Index is rebalanced on the last calendar day of the month, based on information available up to and including the third business day before the last business day of the month. New issues must settle on or before the following calendar month end rebalancing date in order to qualify for inclusion for such following month ( e.g. , an issue must settle on or before November 30 in order to be included in the index on October 31). The securities in the Underlying Index are updated on the last calendar day of each month. Cash flows from bond payments that are received during the month are retained in the Underlying Index until the end of the month and then are removed as part of the rebalancing. When cash or a security is removed as part of the rebalancing, it effectively increases the weighting of the remaining securities in the Underlying Index, and the Fund is required to invest in the remaining securities to bring its holdings in line with the Underlying Index. Cash does not earn any reinvestment income while it is held in the Underlying Index.

By December 15, 2032, the Fund is expected to consist almost entirely of cash. On or around this date, the Fund will wind up and terminate. After appropriate provision is made for any Fund liabilities, its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. The Fund’s termination was approved by a majority of the Trust’s Board of Trustees (the “Board”) and does not require additional approval by Fund shareholders. The Board may extend the termination date if a majority of the Board determines the extension to be in the best interest of the Fund.

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

S-38

Page 46

components of the Underlying Index and publishes information regarding the market value of the Underlying Index.

Summary of Principal Risks

S-39

Page 47

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.

S-40

Page 48

Performance Information

Calendar Year-by-Year Returns

12% 9% 6% 3% 0% -3%

2 0 2 3 2 0 2 4 2 0 2 5

3.61%

-0.07%

8.07%

Return (%) Period Ended During the periods shown in the chart: Best Quarter 6.40% December 31, 2023 Worst Quarter -4.64% September 30, 2023

Average Annual Total Returns (for the periods ended December 31, 2025)

One Year

Since Fund Inception (Inception Date: 7/6/2022) Return Before Taxes 8.07% 1.43% Return After Taxes on Distributions 6.37% -0.04% Return After Taxes on Distributions and Sale of Fund Shares 4.75% 0.45% ICE BofA US Broad Market Index (Returns do not reflect deductions for fees, expenses or taxes) 7.15% 2.97% ICE 2032 Maturity US Treasury Index (Spliced) 1 (Returns do not reflect deductions for fees, expenses or taxes) 8.11% 1.47%

1 The ICE 2032 Maturity US Treasury Index (Spliced) reflects the performance of the 4 PM pricing variant of the ICE 2032 Maturity US Treasury Index through November 30, 2023 and the standard pricing variant of the ICE 2032 Maturity US Treasury Index, which now utilizes pricing as of 4 PM, thereafter, which reflect the times when each index was the Underlying Index of the Fund.

S-41

Page 49

Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

S-42

Page 50

iSHARES ® iBONDS ® DEC 2033 TERM TREASURY ETF

Ticker: IBTO Stock Exchange: Nasdaq

Investment Objective

The iShares iBonds Dec 2033 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2033.

Fees and Expenses

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2033. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust and BFA.

Management Fees

Distribution and Service (12b-1) Fees Other Expenses

Acquired Fund Fees and Expenses

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%

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. Fund expenses (and any applicable waivers) are calculated only through December 15, 2033 because the Fund is scheduled to cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year 3 Years 5 Years Maturity $7 $23 $40 $66

S-43

Page 51

Principal Investment Strategies

The Fund seeks to meet its investment objective generally by investing in individual securities which satisfy the criteria of the ICE 2033 Maturity US Treasury Index (the “Underlying Index”). The Underlying Index consists of publicly-issued U.S. Treasury securities that are scheduled to mature between January 1, 2033 and December 15, 2033, inclusive. The Fund may also invest in short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund is a term fund that will terminate on or about December 15, 2033, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.

Qualifying securities are U.S. Treasury notes and bonds having $1 billion or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market Account (“SOMA”). In addition, the securities in the Underlying Index must have a fixed coupon schedule and be denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills and Separate Trading of Registered Interest and Principal of Securities (STRIPS). However, the amounts outstanding of qualifying securities in the Underlying Index are not reduced by any individual components of such securities ( i.e. , coupon or principal) that have been stripped after inclusion in the Underlying Index. Securities issued or marketed primarily to retail investors do not qualify for inclusion in the Underlying Index.

The Underlying Index is rebalanced on the last calendar day of the month, based on information available up to and including the third business day before the last business day of the month. New issues must settle on or before the following calendar month end rebalancing date in order to qualify for inclusion for such following month ( e.g. , an issue must settle on or before November 30 in order to be included in the index on October 31). The securities in the Underlying Index are updated on the last calendar day of each month. Cash flows from bond payments that are received during the month are retained in the Underlying Index until the end of the month and then are removed as part of the rebalancing. When cash or a security is removed as part of the rebalancing, it effectively increases the weighting of the remaining securities in the Underlying Index, and the Fund is required to invest in the remaining securities to bring its holdings in line with the Underlying Index. Cash does not earn any reinvestment income while it is held in the Underlying Index.

By December 15, 2033, the Fund is expected to consist almost entirely of cash. On or around this date, the Fund will wind up and terminate. After appropriate provision is made for any Fund liabilities, its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. The Fund’s termination was approved by a majority of the Trust’s Board of Trustees (the “Board”) and does not require additional approval by Fund shareholders. The Board may extend the termination date if a majority of the Board determines the extension to be in the best interest of the Fund.

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

S-44

Page 52

components of the Underlying Index and publishes information regarding the market value of the Underlying Index.

Summary of Principal Risks

S-45

Page 53

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.

S-46

Page 54

Performance Information

Calendar Year-by-Year Returns

12% 9% 6% 3% 0% -3%

2 0 2 4 2 0 2 5

-0.78%

8.20%

Return (%) Period Ended During the period shown in the chart: Best Quarter 5.74% September 30, 2024 Worst Quarter -4.57% December 31, 2024

Average Annual Total Returns (for the periods ended December 31, 2025)

One Year

Since Fund Inception (Inception Date: 6/27/2023) Return Before Taxes 8.20% 3.26% Return After Taxes on Distributions 6.42% 1.61% Return After Taxes on Distributions and Sale of Fund Shares 4.83% 1.78% ICE BofA US Broad Market Index (Returns do not reflect deductions for fees, expenses or taxes) 7.15% 4.60% ICE 2033 Maturity US Treasury Index (Returns do not reflect deductions for fees, expenses or taxes) 8.27% 3.29%

S-47

Page 55

Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

S-48

Page 56

iSHARES ® iBONDS ® DEC 2034 TERM TREASURY ETF

Ticker: IBTP Stock Exchange: Nasdaq

Investment Objective

The iShares iBonds Dec 2034 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2034.

Fees and Expenses

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2034. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust and BFA.

Management Fees

Distribution and Service (12b-1) Fees Other Expenses

Acquired Fund Fees and Expenses

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%

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. Fund expenses (and any applicable waivers) are calculated only through December 15, 2034 because the Fund is scheduled to cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year 3 Years 5 Years Maturity $7 $23 $40 $77

S-49

Page 57

Principal Investment Strategies

The Fund seeks to meet its investment objective generally by investing in individual securities which satisfy the criteria of the ICE 2034 Maturity US Treasury Index (the “Underlying Index”). The Underlying Index consists of publicly-issued U.S. Treasury securities that are scheduled to mature between January 1, 2034 and December 15, 2034, inclusive. The Fund may also invest in short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund is a term fund that will terminate on or about December 15, 2034, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.

Qualifying securities are U.S. Treasury notes and bonds having $1 billion or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market Account (“SOMA”). In addition, the securities in the Underlying Index must have a fixed coupon schedule and be denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills and Separate Trading of Registered Interest and Principal of Securities (STRIPS). However, the amounts outstanding of qualifying securities in the Underlying Index are not reduced by any individual components of such securities ( i.e. , coupon or principal) that have been stripped after inclusion in the Underlying Index. Securities issued or marketed primarily to retail investors do not qualify for inclusion in the Underlying Index.

The Underlying Index is rebalanced on the last calendar day of the month, based on information available up to and including the third business day before the last business day of the month. New issues must settle on or before the following calendar month end rebalancing date in order to qualify for inclusion for such following month ( e.g. , an issue must settle on or before November 30 in order to be included in the index on October 31). The securities in the Underlying Index are updated on the last calendar day of each month. Cash flows from bond payments that are received during the month are retained in the Underlying Index until the end of the month and then are removed as part of the rebalancing. When cash or a security is removed as part of the rebalancing, it effectively increases the weighting of the remaining securities in the Underlying Index, and the Fund is required to invest in the remaining securities to bring its holdings in line with the Underlying Index. Cash does not earn any reinvestment income while it is held in the Underlying Index.

By December 15, 2034, the Fund is expected to consist almost entirely of cash. On or around this date, the Fund will wind up and terminate. After appropriate provision is made for any Fund liabilities, its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. The Fund’s termination was approved by a majority of the Trust’s Board of Trustees (the “Board”) and does not require additional approval by Fund shareholders. The Board may extend the termination date if a majority of the Board determines the extension to be in the best interest of the Fund.

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

S-50

Page 58

components of the Underlying Index and publishes information regarding the market value of the Underlying Index.

Summary of Principal Risks

S-51

Page 59

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.

S-52

Page 60

Performance Information

Calendar Year-by-Year Returns

12%

2 0 2 5

8.18%

Return (%) Period Ended During the periods shown in the chart: Best Quarter 4.02% March 31, 2025 Worst Quarter 0.94% December 31, 2025

Average Annual Total Returns (for the periods ended December 31, 2025)

One Year

Since Fund Inception (Inception Date: 6/11/2024) Return Before Taxes 8.18% 5.80% Return After Taxes on Distributions 6.46% 4.24% Return After Taxes on Distributions and Sale of Fund Shares 4.82% 3.76% ICE BofA US Broad Market Index (Returns do not reflect deductions for fees, expenses or taxes) 7.15% 6.03% ICE 2034 Maturity US Treasury Index (Returns do not reflect deductions for fees, expenses or taxes) 8.23% 5.87%

S-53

Page 61

Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

S-54

Page 62

iSHARES ® iBONDS ® DEC 2035 TERM TREASURY ETF

Ticker: IBTQ Stock Exchange: Nasdaq

Investment Objective

The iShares iBonds Dec 2035 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2035.

Fees and Expenses

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2035. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust and BFA.

Management Fees

Distribution and Service (12b-1) Fees Other Expenses 2

Acquired Fund Fees and Expenses 2

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%

1 Operating expenses paid by BFA under the Investment Advisory Agreement exclude Acquired Fund Fees and Expenses, if any. 2 Based on estimated amounts for the current fiscal year. 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. Fund expenses (and any applicable waivers) are calculated only through December 15, 2035 because the Fund is scheduled to cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year 3 Years 5 Years Maturity $7 $23 $40 $88

S-55

Page 63

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. From inception (March 25, 2025) to the most recent fiscal year end, the Fund’s portfolio turnover rate was 88% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to meet its investment objective generally by investing in individual securities which satisfy the criteria of the ICE 2035 Maturity US Treasury Index (the “Underlying Index”). The Underlying Index consists of publicly-issued U.S. Treasury securities that are scheduled to mature between January 1, 2035 and December 15, 2035, inclusive. The Fund may also invest in short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund is a term fund that will terminate on or about December 15, 2035, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.

Qualifying securities are U.S. Treasury notes and bonds having $1 billion or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market Account (“SOMA”). In addition, the securities in the Underlying Index must have a fixed coupon schedule and be denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills and Separate Trading of Registered Interest and Principal of Securities (STRIPS). However, the amounts outstanding of qualifying securities in the Underlying Index are not reduced by any individual components of such securities ( i.e. , coupon or principal) that have been stripped after inclusion in the Underlying Index. Securities issued or marketed primarily to retail investors do not qualify for inclusion in the Underlying Index.

The Underlying Index is rebalanced on the last calendar day of the month, based on information available up to and including the third business day before the last business day of the month. New issues must settle on or before the following calendar month end rebalancing date in order to qualify for inclusion for such following month ( e.g. , an issue must settle on or before November 30 in order to be included in the index on October 31). The securities in the Underlying Index are updated on the last calendar day of each month. Cash flows from bond payments that are received during the month are retained in the Underlying Index until the end of the month and then are removed as part of the rebalancing. When cash or a security is removed as part of the rebalancing, it effectively increases the weighting of the remaining securities in the Underlying Index, and the Fund is required to invest in the remaining securities to bring its holdings in line with the Underlying Index. Cash does not earn any reinvestment income while it is held in the Underlying Index.

By December 15, 2035, the Fund is expected to consist almost entirely of cash. On or around this date, the Fund will wind up and terminate. After appropriate provision is made for any Fund liabilities, its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. The Fund’s termination was approved by a majority of the Trust’s Board of Trustees (the “Board”) and does not require additional approval by Fund shareholders. The Board may extend the termination date if a majority of the Board determines the extension to be in the best interest of the Fund.

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

S-56

Page 64

components of the Underlying Index and publishes information regarding the market value of the Underlying Index.

Summary of Principal Risks

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

S-57

Page 65

Index Provider’s substitution of bonds in the Underlying Index may occur, for example, when the time to maturity for the bond no longer matches the Underlying Index’s stated maturity guidelines.

Performance Information

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

S-58

Page 66

Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement such as a 401(k) plan or an individual retirement account (“IRA”), in which case, your distributions generally will be taxed when withdrawn. Certain states and localities may exempt from tax distributions attributable to interest from U.S. federal government obligations.

Payments to Broker-Dealers and Other Financial Intermediaries

S-59

Page 67

iSHARES ® iBONDS ® DEC 2044 TERM TREASURY ETF

Ticker: IBGA Stock Exchange: Nasdaq

Investment Objective

The iShares iBonds Dec 2044 Term Treasury ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds maturing in 2044.

Fees and Expenses

The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included in the Fund’s ratio of expenses to average net assets. Both figures are shown in the Financial Highlights section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates through the termination date of the Fund, on or about December 15, 2044. The contractual waiver may be terminated prior to the Fund’s termination only upon the written agreement of the Trust and BFA.

Management Fees

Distribution and Service (12b-1) Fees Other Expenses

Acquired Fund Fees and Expenses

Total Annual Fund Operating Expenses

Fee Waiver and/or Expense Reimbursement

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.07% None 0.00% 0.00% 0.07% (0.00)% 0.07%

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. Fund expenses (and any applicable waivers) are calculated only through December 15, 2044 because the Fund is scheduled to cease operations and liquidate by that date. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year 3 Years 5 Years 10 Years $7 $23 $40 $90

S-60

Page 68

Principal Investment Strategies

The Fund seeks to meet its investment objective generally by investing in individual securities which satisfy the criteria of the ICE 2044 Maturity US Treasury Index (the “Underlying Index”). The Underlying Index consists of publicly-issued U.S. Treasury securities that are scheduled to mature between January 1, 2044 and December 15, 2044, inclusive. The Fund may also invest in short-term paper, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The Fund is a term fund that will terminate on or about December 15, 2044, at which time it will distribute its remaining net assets to shareholders pursuant to a plan of liquidation. The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.

Qualifying securities are U.S. Treasury notes and bonds having $1 billion or more of outstanding face value, excluding amounts held by the Federal Reserve System Open Market Account (“SOMA”). In addition, the securities in the Underlying Index must have a fixed coupon schedule and be denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills and Separate Trading of Registered Interest and Principal of Securities (STRIPS). However, the amounts outstanding of qualifying securities in the Underlying Index are not reduced by any individual components of such securities ( i.e. , coupon or principal) that have been stripped after inclusion in the Underlying Index. Securities issued or marketed primarily to retail investors do not qualify for inclusion in the Underlying Index.

The Underlying Index is rebalanced on the last calendar day of the month, based on information available up to and including the third business day before the last business day of the month. New issues must settle on or before the following calendar month end rebalancing date in order to qualify for inclusion for such following month ( e.g. , an issue must settle on or before November 30 in order to be included in the index on October 31). The securities in the Underlying Index are updated on the last calendar day of each month. Cash flows from bond payments that are received during the month are retained in the Underlying Index until the end of the month and then are removed as part of the rebalancing. When cash or a security is removed as part of the rebalancing, it effectively increases the weighting of the remaining securities in the Underlying Index, and the Fund is required to invest in the remaining securities to bring its holdings in line with the Underlying Index. Cash does not earn any reinvestment income while it is held in the Underlying Index.

By December 15, 2044, the Fund is expected to consist almost entirely of cash. On or around this date, the Fund will wind up and terminate. After appropriate provision is made for any Fund liabilities, its net assets will be distributed to then-current shareholders pursuant to a plan of liquidation. The Fund’s termination was approved by a majority of the Trust’s Board of Trustees (the “Board”) and does not require additional approval by Fund shareholders. The Board may extend the termination date if a majority of the Board determines the extension to be in the best interest of the Fund.

Truncated: This annotation is too large to fit. View the raw JSON.

{
  "annotation_id": "bf96c896-6a4c-4026-b494-ad884f271745",
  "date_created": "2026-10-15T23:15:11.754000Z",
  "date_modified": "2026-10-15T23:15:11.754000Z",
  "file_hash": "5df7cc1d9a201398e43f37cabf27f880757415a6832136c7fad8c187756a5d1a",
  "private": false,
  "record": {
    "attributes": {
      "chunk_type": "page_range",
      "end_page": 132,
      "start_page": 1
    },
    "blocks": [
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 103,
          "x": 450,
          "y": 69
        },
        "id": "6185b9ba-814e-48ab-a19f-ac75f234c7c7",
        "page_number": 1,
        "text": "iShares Trust"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 269,
          "x": 367,
          "y": 92
        },
        "id": "c48a556d-d580-4e41-8c11-8154cd5688b0",
        "page_number": 1,
        "text": "Supplement dated October 15, 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 431,
          "x": 286,
          "y": 108
        },
        "id": "d781146e-84ca-415e-9141-2d1f495d1f14",
        "page_number": 1,
        "text": "to the currently effective Summary Prospectus, Prospectus"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 434,
          "x": 285,
          "y": 123
        },
        "id": "ae9c2a51-0cdf-4dde-a4a9-0bdee646d6c0",
        "page_number": 1,
        "text": "and Statement of Additional Information (the \u201cSAI\u201d) for the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 51,
          "x": 294,
          "y": 139
        },
        "id": "058c2626-4577-4826-b3a2-39d22848cd33",
        "page_number": 1,
        "text": "iShares"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 10,
          "x": 346,
          "y": 139
        },
        "id": "ce252a7e-290e-4355-b144-3f4982ba74fb",
        "page_number": 1,
        "text": "\u00ae"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 53,
          "x": 356,
          "y": 139
        },
        "id": "0d7acef8-dea4-496c-aaea-3f1224fd86ad",
        "page_number": 1,
        "text": "iBonds"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 9,
          "x": 410,
          "y": 139
        },
        "id": "aa8bf3fe-4484-4bde-9920-427fe53deb53",
        "page_number": 1,
        "text": "\u00ae"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 290,
          "x": 420,
          "y": 139
        },
        "id": "45c89f1a-1e90-41a3-907b-f6ad5fb78eb8",
        "page_number": 1,
        "text": "Dec 2026 Term Corporate ETF* (IBDR)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 51,
          "x": 299,
          "y": 154
        },
        "id": "f57d8028-101e-484e-b51f-21b610167ef9",
        "page_number": 1,
        "text": "iShares"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 9,
          "x": 351,
          "y": 154
        },
        "id": "1e6a4260-ecc2-4070-9c29-55adb3226994",
        "page_number": 1,
        "text": "\u00ae"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 53,
          "x": 361,
          "y": 154
        },
        "id": "1555c069-d74a-478a-a5e9-8478af8bd5c8",
        "page_number": 1,
        "text": "iBonds"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 9,
          "x": 415,
          "y": 154
        },
        "id": "1d0f055c-74fd-4aff-84fe-bd250e01a287",
        "page_number": 1,
        "text": "\u00ae"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 280,
          "x": 425,
          "y": 154
        },
        "id": "c51a867a-9aa9-47aa-86cd-e4fe6eaf94ad",
        "page_number": 1,
        "text": "Dec 2026 Term Treasury ETF* (IBTG)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 51,
          "x": 265,
          "y": 170
        },
        "id": "7bfe37d7-43dc-4e67-b9c3-d0e256fbf19b",
        "page_number": 1,
        "text": "iShares"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 9,
          "x": 318,
          "y": 170
        },
        "id": "334dace6-e996-43b2-bda5-8fd0c484b2f6",
        "page_number": 1,
        "text": "\u00ae"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 52,
          "x": 328,
          "y": 170
        },
        "id": "d42c1717-e193-4975-9e28-1b2bda920ef3",
        "page_number": 1,
        "text": "iBonds"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 10,
          "x": 381,
          "y": 170
        },
        "id": "21939f95-418f-4283-8b46-99c201928fef",
        "page_number": 1,
        "text": "\u00ae"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 348,
          "x": 391,
          "y": 170
        },
        "id": "858cfbcd-2384-4235-8e04-0352e6cb5344",
        "page_number": 1,
        "text": "2026 Term High Yield and Income ETF* (IBHF)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 307,
          "x": 349,
          "y": 185
        },
        "id": "46c6c713-00a0-4a61-9310-82e17f70e4f9",
        "page_number": 1,
        "text": "(each a \u201cFund\u201d and together the \u201cFunds\u201d)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 763,
          "x": 118,
          "y": 209
        },
        "id": "63c5e133-a1f9-40a7-bb3e-a571ec7f8fd1",
        "page_number": 1,
        "text": "*The iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2026 Term Treasury ETF and"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 769,
          "x": 117,
          "y": 224
        },
        "id": "fda2f945-287e-4fa3-94b9-670e1c4eb1e8",
        "page_number": 1,
        "text": "iShares iBonds 2026 Term High Yield and Income ETF may also conduct business as, respectively, the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 745,
          "x": 117,
          "y": 240
        },
        "id": "0a31fb57-e5c9-48a7-b3dc-e95e2cb66e5d",
        "page_number": 1,
        "text": "iBonds Dec 2026 Term Corporate ETF, iBonds Dec 2026 Term Treasury ETF and iBonds 2026 Term"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 209,
          "x": 117,
          "y": 255
        },
        "id": "1646d570-8a77-4545-8a87-c12d4d2df784",
        "page_number": 1,
        "text": "High Yield and Income ETF."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 771,
          "x": 116,
          "y": 278
        },
        "id": "fcf0fc51-0b83-4c89-8606-8ee19e090e6f",
        "page_number": 1,
        "text": "Shares of each Fund are listed and trade on a national securities exchange, as stated below (each a"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 150,
          "x": 117,
          "y": 294
        },
        "id": "f63cf6d9-649d-4ee8-a1a4-864b74e0a356",
        "page_number": 1,
        "text": "\u201cListing Exchange\u201d):"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 545,
          "x": 121,
          "y": 315
        },
        "id": "723a2b43-e8e4-4bba-bf45-d0c5f33f8811",
        "page_number": 1,
        "text": "Fund Listing Exchange"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 527,
          "x": 121,
          "y": 335
        },
        "id": "06e13e0b-4ade-4981-86d7-f87d1b28b769",
        "page_number": 1,
        "text": "iShares iBonds Dec 2026 Term Corporate ETF NYSE Arca, Inc."
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 636,
          "x": 121,
          "y": 359
        },
        "id": "fa14a81a-8d96-4139-b564-4c1113f73af2",
        "page_number": 1,
        "text": "iShares iBonds Dec 2026 Term Treasury ETF The Nasdaq Stock Market LLC"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 597,
          "x": 121,
          "y": 382
        },
        "id": "0a0cfc9b-7145-4c2e-85e5-033e5615c9e9",
        "page_number": 1,
        "text": "iShares iBonds 2026 Term High Yield and Income ETF Cboe BZX Exchange, Inc."
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 672,
          "x": 116,
          "y": 413
        },
        "id": "3e799bf3-8a82-4405-985c-efd51db0c0ac",
        "page_number": 1,
        "text": "On June 23, 2016, December 3, 2019 and June 10, 2020, respectively, in connection with the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 720,
          "x": 116,
          "y": 428
        },
        "id": "fa7fe817-ab59-407f-ae75-d4edfd7d8de8",
        "page_number": 1,
        "text": "establishment of the iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2026 Term"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 736,
          "x": 116,
          "y": 444
        },
        "id": "751a7963-7c09-4e1b-adde-2e685c9da009",
        "page_number": 1,
        "text": "Treasury ETF and iShares iBonds 2026 Term High Yield and Income ETF, the Board of Trustees of the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 766,
          "x": 116,
          "y": 459
        },
        "id": "df33eec0-3d0b-44e4-bd43-5512e7670361",
        "page_number": 1,
        "text": "Trust approved the planned liquidation, dissolution and termination of the Funds. As a result, the last day"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 741,
          "x": 116,
          "y": 475
        },
        "id": "b067e567-2e90-4702-a8b8-408042e7d001",
        "page_number": 1,
        "text": "of trading in each Fund on its Listing Exchange will be December 15, 2026. The Listing Exchanges will"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 763,
          "x": 116,
          "y": 490
        },
        "id": "f7697420-d274-4497-a4d4-06338644141a",
        "page_number": 1,
        "text": "suspend trading in the Funds before the open of trading on December 16, 2026, and shares of the Funds"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 749,
          "x": 116,
          "y": 506
        },
        "id": "a3393664-707d-44b1-9c37-c22b32adc513",
        "page_number": 1,
        "text": "will no longer be available for new investments as of this date. Proceeds of the liquidation are currently"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 709,
          "x": 116,
          "y": 521
        },
        "id": "f0edcc08-be0b-474c-be76-e9843363cbd8",
        "page_number": 1,
        "text": "scheduled to be sent to shareholders on December 18, 2026. Each Fund\u2019s final net asset value, as"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 749,
          "x": 116,
          "y": 537
        },
        "id": "adc930ca-6679-4752-bc6e-59d05695f644",
        "page_number": 1,
        "text": "calculated on December 15, 2026, will include any costs associated with the liquidation expected to be"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 140,
          "x": 117,
          "y": 552
        },
        "id": "732469a2-3163-4ec4-8b24-460aad775a9e",
        "page_number": 1,
        "text": "borne by the Fund."
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 712,
          "x": 117,
          "y": 576
        },
        "id": "0ffce933-b9b6-4b7a-9419-787f851f762e",
        "page_number": 1,
        "text": "Because shares of each Fund will not be traded on its Listing Exchange during the period between"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 768,
          "x": 117,
          "y": 591
        },
        "id": "ea035bac-a348-4ed7-a061-731ae85cccc0",
        "page_number": 1,
        "text": "December 16, 2026 and December 18, 2026, we cannot assure you that there will be a trading market for"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 760,
          "x": 116,
          "y": 607
        },
        "id": "2fff9b41-3b32-436d-82ac-3d34a3a98724",
        "page_number": 1,
        "text": "your shares. Further, during this period, each Fund will be in the process of closing down and liquidating"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 755,
          "x": 117,
          "y": 622
        },
        "id": "429900ac-d4ac-43de-a363-021aa04c95f8",
        "page_number": 1,
        "text": "its portfolio, which may result in the Fund not being able to track its Underlying Index (by December 16,"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 755,
          "x": 117,
          "y": 638
        },
        "id": "93923947-f0d9-4801-9923-d56e9ef55b49",
        "page_number": 1,
        "text": "2026, the Underlying Index value will be represented almost entirely by cash as no securities will remain"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 725,
          "x": 117,
          "y": 653
        },
        "id": "9de31f43-fcc3-4793-bf70-2ade71912b6d",
        "page_number": 1,
        "text": "in the Underlying Index). After December 15, 2026, shareholders that remain invested in a Fund will"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 740,
          "x": 117,
          "y": 669
        },
        "id": "a9f4e3dc-6b6d-4919-8774-fc543e39c012",
        "page_number": 1,
        "text": "receive the entire amount of their pro rata share of the liquidation proceeds on or about December 18,"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 356,
          "x": 117,
          "y": 684
        },
        "id": "a3fbdc8f-57d3-4272-9729-6f0e65fbb9d9",
        "page_number": 1,
        "text": "2026, subject to their brokerage firm\u2019s processes."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 751,
          "x": 116,
          "y": 707
        },
        "id": "9f5c7f14-32ae-43ac-8ad3-277d0a33a2e6",
        "page_number": 1,
        "text": "Shareholders may sell their holdings of a Fund prior to December 16, 2026 and may incur the usual and"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 758,
          "x": 116,
          "y": 723
        },
        "id": "1d6486b4-c34d-4ff0-aa39-f4f279e97f70",
        "page_number": 1,
        "text": "customary brokerage commissions associated with the sale of the Fund shares. If you still hold shares of"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 761,
          "x": 116,
          "y": 738
        },
        "id": "64975df5-ef6b-45ca-86f2-c3c74cdeed38",
        "page_number": 1,
        "text": "a Fund on December 18, 2026, the Fund will automatically redeem your shares for cash based on the net"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 706,
          "x": 116,
          "y": 754
        },
        "id": "8c8fd432-9784-4142-a834-736e0a881464",
        "page_number": 1,
        "text": "asset value as of the close of business on December 15, 2026, which will include any dividends or"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 281,
          "x": 116,
          "y": 769
        },
        "id": "7bc0f48b-b1ef-441f-8dad-9a37e67c7c2b",
        "page_number": 1,
        "text": "distributions calculated as of that date."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 764,
          "x": 117,
          "y": 69
        },
        "id": "6edddb5f-b7fa-44c1-84d7-dde7a834e4f3",
        "page_number": 2,
        "text": "If you are subject to federal income tax, the liquidation of a Fund will result in one or more taxable events"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 762,
          "x": 116,
          "y": 85
        },
        "id": "99cefc4c-dcb8-4506-be4d-6e86a293037b",
        "page_number": 2,
        "text": "for you. A sale or exchange of Fund shares prior to the liquidation will generally give rise to a capital gain"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 767,
          "x": 116,
          "y": 100
        },
        "id": "d5edaafb-6b95-4f08-8934-db4651c5078b",
        "page_number": 2,
        "text": "or loss to you for federal income tax purposes. In connection with the liquidation, a Fund may declare tax"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 741,
          "x": 116,
          "y": 116
        },
        "id": "00bc211b-203c-42ef-85e7-517cc2ab0e75",
        "page_number": 2,
        "text": "exempt or taxable distributions of its investment income and/or taxable distributions of its net capital"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 766,
          "x": 116,
          "y": 131
        },
        "id": "36a5522b-de56-4783-98ef-89886b9290de",
        "page_number": 2,
        "text": "gain. Any liquidation proceeds paid to you should generally be treated as received by you in exchange for"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 738,
          "x": 116,
          "y": 147
        },
        "id": "ece54666-a81e-4c0a-a064-04685f1e2b50",
        "page_number": 2,
        "text": "your shares and will therefore generally give rise to a capital gain or loss depending on your tax basis."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 747,
          "x": 117,
          "y": 162
        },
        "id": "0fde1876-4a6e-424f-9510-b9039848d11e",
        "page_number": 2,
        "text": "Please refer to the \u201cTaxes\u201d disclosure beginning on page 122 of each Fund\u2019s SAI and consult your own"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 717,
          "x": 116,
          "y": 178
        },
        "id": "ae05ee2b-ac79-4b01-88f7-33b9d36837e3",
        "page_number": 2,
        "text": "tax advisor about the potential tax consequences of a Fund\u2019s liquidation, including any state, local,"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 257,
          "x": 116,
          "y": 193
        },
        "id": "8f13362c-8c4c-4ade-bcc4-58bd3c450beb",
        "page_number": 2,
        "text": "foreign or other tax consequences."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 521,
          "x": 117,
          "y": 216
        },
        "id": "0fd6d01c-91a8-4f9f-ab8b-8ae858b85aa8",
        "page_number": 2,
        "text": "If you have any questions, please call 1-800-iShares (1-800-474-2737)."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 40,
          "x": 117,
          "y": 869
        },
        "id": "45c2fbb5-58a1-44b8-a003-7a86ab356f30",
        "page_number": 2,
        "text": "iShares"
      },
      {
        "block_type": "box",
        "box": {
          "height": 5,
          "width": 8,
          "x": 158,
          "y": 869
        },
        "id": "a98d47b6-7d54-4fe9-ad47-cb07d120e2c1",
        "page_number": 2,
        "text": "\u00ae"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 396,
          "x": 170,
          "y": 869
        },
        "id": "2df10511-0e46-49c0-a5c3-666a0c7055e3",
        "page_number": 2,
        "text": "is a registered trademark of BlackRock Fund Advisors or its affiliates."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 158,
          "x": 725,
          "y": 887
        },
        "id": "34aa2196-8f5e-4181-96a2-2cd3043df9d3",
        "page_number": 2,
        "text": "IS-A-IBDR-IBTG-IBHF-1026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 265,
          "x": 368,
          "y": 911
        },
        "id": "18397aa4-3d93-49c3-903c-372cfaa286af",
        "page_number": 2,
        "text": "PLEASE RETAIN THIS SUPPLEMENT"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 186,
          "x": 407,
          "y": 926
        },
        "id": "67bf7d60-bcd9-4680-85f4-28c7607c21b2",
        "page_number": 2,
        "text": "FOR FUTURE REFERENCE"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 268,
          "x": 360,
          "y": 333
        },
        "id": "2444dcc0-8465-4ec4-bf98-75275f957610",
        "page_number": 3,
        "text": "[THIS PAGE INTENTIONALLY LEFT BLANK]"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 268,
          "x": 360,
          "y": 333
        },
        "id": "0be28a08-e174-4a85-81d1-eaf238d29737",
        "page_number": 4,
        "text": "[THIS PAGE INTENTIONALLY LEFT BLANK]"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 169,
          "x": 779,
          "y": 31
        },
        "id": "618fe98c-6406-4690-b8f4-72e4267c6d91",
        "page_number": 5,
        "text": "FEBRUARY 27, 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 32,
          "width": 259,
          "x": 145,
          "y": 177
        },
        "id": "7e155380-f05b-484e-b40b-d84d533863e9",
        "page_number": 5,
        "text": "Prospectus"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 101,
          "x": 112,
          "y": 278
        },
        "id": "2287f748-c596-48d4-8fe1-45b46cdbf8f4",
        "page_number": 5,
        "text": "iShares Trust"
      },
      {
        "block_type": "box",
        "box": {
          "height": 4,
          "width": 6,
          "x": 111,
          "y": 300
        },
        "id": "06c37600-f00a-483e-8e87-fc02c2291caf",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 297,
          "x": 132,
          "y": 298
        },
        "id": "e9ef0c33-5a38-47fd-ac80-1629e7c510f5",
        "page_number": 5,
        "text": "iShares iBonds Dec 2026 Term Treasury ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 438,
          "y": 296
        },
        "id": "2d7bf7b9-6a70-425a-9f25-67e47d2a0c68",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 30,
          "x": 449,
          "y": 298
        },
        "id": "09f0fdbb-a8b8-4573-86d2-2022cf61971c",
        "page_number": 5,
        "text": "IBTG"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 489,
          "y": 296
        },
        "id": "c73df6e2-3644-4343-98b2-78c5ecea81ba",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 49,
          "x": 500,
          "y": 298
        },
        "id": "28c4239b-240a-48ff-afc1-44591a674d54",
        "page_number": 5,
        "text": "Nasdaq"
      },
      {
        "block_type": "box",
        "box": {
          "height": 4,
          "width": 6,
          "x": 111,
          "y": 316
        },
        "id": "24536623-1876-4a95-a7ae-b6c1057b008d",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 297,
          "x": 132,
          "y": 314
        },
        "id": "3ac10002-30b9-446f-905b-8a39d392d542",
        "page_number": 5,
        "text": "iShares iBonds Dec 2027 Term Treasury ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 1,
          "x": 438,
          "y": 312
        },
        "id": "c995ebd9-0684-4e46-a0d3-798f24fe7c82",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 30,
          "x": 449,
          "y": 314
        },
        "id": "c73e01d6-e376-4f20-990a-b72e5288443f",
        "page_number": 5,
        "text": "IBTH"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 1,
          "x": 490,
          "y": 312
        },
        "id": "1377a373-4737-4b62-8ab3-01c7493cd5c3",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 49,
          "x": 501,
          "y": 314
        },
        "id": "e047f25e-59f3-4fca-88c2-b70a477be017",
        "page_number": 5,
        "text": "Nasdaq"
      },
      {
        "block_type": "box",
        "box": {
          "height": 4,
          "width": 6,
          "x": 111,
          "y": 332
        },
        "id": "b172a82e-e3fe-4414-bf72-58cc34e386be",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 297,
          "x": 132,
          "y": 330
        },
        "id": "8e080ca1-936b-4fa5-ad98-b2e2a420ab3a",
        "page_number": 5,
        "text": "iShares iBonds Dec 2028 Term Treasury ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 438,
          "y": 329
        },
        "id": "0345cae7-4363-441d-958c-01614e3aecd2",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 23,
          "x": 449,
          "y": 330
        },
        "id": "3c3a746e-8acc-4119-9266-cf54b318d83b",
        "page_number": 5,
        "text": "IBTI"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 483,
          "y": 329
        },
        "id": "c927baec-b7e7-4f06-b69e-aa2c3dafd716",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 49,
          "x": 494,
          "y": 330
        },
        "id": "43d5a45e-f4ba-4b29-9f85-92e474653f3b",
        "page_number": 5,
        "text": "Nasdaq"
      },
      {
        "block_type": "box",
        "box": {
          "height": 4,
          "width": 6,
          "x": 111,
          "y": 349
        },
        "id": "59475e33-22f7-4624-afa3-04cd03e1896a",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 297,
          "x": 132,
          "y": 346
        },
        "id": "f9bd6822-d948-4c44-b594-2683f8ade40a",
        "page_number": 5,
        "text": "iShares iBonds Dec 2029 Term Treasury ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 438,
          "y": 345
        },
        "id": "d875582a-8f10-4886-acc9-4d2532d11b87",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 26,
          "x": 449,
          "y": 346
        },
        "id": "07283e50-8413-4563-8209-456a8f884ee9",
        "page_number": 5,
        "text": "IBTJ"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 485,
          "y": 345
        },
        "id": "fe44a3d4-2dcd-4091-9f37-c37574aa58b2",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 49,
          "x": 496,
          "y": 346
        },
        "id": "7afd0f8b-a9f1-47de-a40c-20de04ee947e",
        "page_number": 5,
        "text": "Nasdaq"
      },
      {
        "block_type": "box",
        "box": {
          "height": 4,
          "width": 6,
          "x": 111,
          "y": 365
        },
        "id": "774bf105-a420-4e7e-89f3-de5dbf21d5e2",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 297,
          "x": 132,
          "y": 362
        },
        "id": "04164cf9-b92f-44c7-9074-0e1c8f39de48",
        "page_number": 5,
        "text": "iShares iBonds Dec 2030 Term Treasury ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 438,
          "y": 361
        },
        "id": "60af8ff5-9f29-44a2-a68f-4a5716582db8",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 30,
          "x": 449,
          "y": 362
        },
        "id": "04f714af-85a6-428f-96e4-d0f7addcb23c",
        "page_number": 5,
        "text": "IBTK"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 488,
          "y": 361
        },
        "id": "ae0e1f9d-021b-4e85-b49e-72fc804b052f",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 49,
          "x": 499,
          "y": 362
        },
        "id": "616993a9-dda4-462b-a2f6-3d85e7bc0347",
        "page_number": 5,
        "text": "Nasdaq"
      },
      {
        "block_type": "box",
        "box": {
          "height": 4,
          "width": 6,
          "x": 111,
          "y": 381
        },
        "id": "a4a5451b-a9f9-40c6-837e-05c6d7cd6517",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 297,
          "x": 132,
          "y": 378
        },
        "id": "5e1ec26f-9676-4a69-90a1-fd569619c982",
        "page_number": 5,
        "text": "iShares iBonds Dec 2031 Term Treasury ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 438,
          "y": 377
        },
        "id": "23435d01-8cd4-4100-b144-3216fef5e927",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 29,
          "x": 449,
          "y": 378
        },
        "id": "14d23bc8-3354-4aec-bce4-f98f41a7783f",
        "page_number": 5,
        "text": "IBTL"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 488,
          "y": 377
        },
        "id": "d457f7dc-f8b9-4a56-a3ba-795d8bb8f76e",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 50,
          "x": 498,
          "y": 378
        },
        "id": "6fea4327-7997-48ee-a9d2-feb3a5ad3977",
        "page_number": 5,
        "text": "Nasdaq"
      },
      {
        "block_type": "box",
        "box": {
          "height": 4,
          "width": 6,
          "x": 111,
          "y": 397
        },
        "id": "a5396a6d-e621-4212-9111-817361a735af",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 297,
          "x": 132,
          "y": 394
        },
        "id": "dbc6bc79-9b3f-4a2d-b392-b7132a562d33",
        "page_number": 5,
        "text": "iShares iBonds Dec 2032 Term Treasury ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 438,
          "y": 393
        },
        "id": "93ab903a-ec3a-49e1-8875-24b3110b097b",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 33,
          "x": 449,
          "y": 394
        },
        "id": "19746d2b-647a-49fb-ae89-530aaa45876c",
        "page_number": 5,
        "text": "IBTM"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 492,
          "y": 393
        },
        "id": "840fbbb2-c6ca-426a-8850-a390be8e67bc",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 49,
          "x": 503,
          "y": 394
        },
        "id": "9a54487b-f056-4d23-a95c-cb5f475d4754",
        "page_number": 5,
        "text": "Nasdaq"
      },
      {
        "block_type": "box",
        "box": {
          "height": 4,
          "width": 6,
          "x": 111,
          "y": 413
        },
        "id": "d840ad9a-a64a-44e9-8b51-7b00df946f25",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 297,
          "x": 132,
          "y": 410
        },
        "id": "569aad0d-0249-4672-87a5-71adb0d64f95",
        "page_number": 5,
        "text": "iShares iBonds Dec 2033 Term Treasury ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 438,
          "y": 409
        },
        "id": "2c1a2707-c00f-4b94-a832-0815a8307451",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 31,
          "x": 449,
          "y": 410
        },
        "id": "053e8e9d-d593-4608-a998-f84cf16cee49",
        "page_number": 5,
        "text": "IBTO"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 490,
          "y": 409
        },
        "id": "7807aaec-cf9c-41eb-b1dd-6a1adcb30ede",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 49,
          "x": 501,
          "y": 411
        },
        "id": "505ba693-ab5c-429d-89f6-94940563d6db",
        "page_number": 5,
        "text": "Nasdaq"
      },
      {
        "block_type": "box",
        "box": {
          "height": 4,
          "width": 6,
          "x": 111,
          "y": 429
        },
        "id": "9673965b-35dd-4e8a-a383-07bbce098b9b",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 297,
          "x": 132,
          "y": 427
        },
        "id": "3f7d0e0f-dff9-4195-8c42-3c47f41b5748",
        "page_number": 5,
        "text": "iShares iBonds Dec 2034 Term Treasury ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 438,
          "y": 425
        },
        "id": "a85e0331-851a-4e5d-8cc6-73b3d88a3299",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 30,
          "x": 449,
          "y": 427
        },
        "id": "7e62b6ef-1204-4f30-8717-afc3a0a2503d",
        "page_number": 5,
        "text": "IBTP"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 488,
          "y": 425
        },
        "id": "dddb44f1-240e-44bb-80c1-0f8737a5f221",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 49,
          "x": 499,
          "y": 427
        },
        "id": "5bcae1b9-49a2-4eb1-b6eb-79caf3fd7dd5",
        "page_number": 5,
        "text": "Nasdaq"
      },
      {
        "block_type": "box",
        "box": {
          "height": 4,
          "width": 6,
          "x": 111,
          "y": 445
        },
        "id": "a48e51f8-1d32-4efa-972d-2d0218d5f516",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 297,
          "x": 132,
          "y": 443
        },
        "id": "cf8da1e7-b4a7-4d16-9f89-3b39f2c473ee",
        "page_number": 5,
        "text": "iShares iBonds Dec 2035 Term Treasury ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 438,
          "y": 441
        },
        "id": "78c5ab96-146d-4fed-971a-7558fbbe377b",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 31,
          "x": 449,
          "y": 443
        },
        "id": "1898a117-eb92-4ed3-8034-59239a023054",
        "page_number": 5,
        "text": "IBTQ"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 490,
          "y": 441
        },
        "id": "101cdcba-d917-4a13-a24c-e81a8d46d7f3",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 50,
          "x": 500,
          "y": 443
        },
        "id": "92a4da2e-4b62-4db5-afd3-b1df2b89de05",
        "page_number": 5,
        "text": "Nasdaq"
      },
      {
        "block_type": "box",
        "box": {
          "height": 4,
          "width": 6,
          "x": 111,
          "y": 461
        },
        "id": "77ed1974-ec9f-47c7-be65-9f4e5b9117cc",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 297,
          "x": 132,
          "y": 459
        },
        "id": "2ec0dee6-02fd-43a3-ab00-30aede5be817",
        "page_number": 5,
        "text": "iShares iBonds Dec 2044 Term Treasury ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 1,
          "x": 438,
          "y": 457
        },
        "id": "53265eea-008a-4dba-8932-d6f60c57fb94",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 32,
          "x": 449,
          "y": 459
        },
        "id": "dba67604-1336-4af1-8142-4c808b85cea7",
        "page_number": 5,
        "text": "IBGA"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 1,
          "x": 490,
          "y": 457
        },
        "id": "a2f09b4a-9632-480a-a9f5-ec581551bded",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 49,
          "x": 501,
          "y": 459
        },
        "id": "ad52f245-78e0-4892-9a66-6b431466493e",
        "page_number": 5,
        "text": "Nasdaq"
      },
      {
        "block_type": "box",
        "box": {
          "height": 3,
          "width": 6,
          "x": 111,
          "y": 478
        },
        "id": "5bf584a6-ba36-48c6-8e6d-e55f0fbfb233",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 297,
          "x": 132,
          "y": 475
        },
        "id": "39d64433-d313-4442-b003-05020945a0d2",
        "page_number": 5,
        "text": "iShares iBonds Dec 2045 Term Treasury ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 438,
          "y": 474
        },
        "id": "d9639416-8c0f-44fc-956a-0cc0b8506f2d",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 32,
          "x": 449,
          "y": 475
        },
        "id": "d3883881-d29c-4661-877c-6c823b6ff516",
        "page_number": 5,
        "text": "IBGB"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 491,
          "y": 474
        },
        "id": "20198c5b-cba8-4a4a-9391-50b02020e6ca",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 49,
          "x": 502,
          "y": 475
        },
        "id": "77f6a755-8d8c-403c-9046-b5c3a08a8ea2",
        "page_number": 5,
        "text": "Nasdaq"
      },
      {
        "block_type": "box",
        "box": {
          "height": 4,
          "width": 6,
          "x": 111,
          "y": 494
        },
        "id": "5b7e4304-3700-4b51-bca8-19f17c950a1b",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 297,
          "x": 132,
          "y": 491
        },
        "id": "8bbe92a8-d510-4e2a-b79a-fef7f16b0687",
        "page_number": 5,
        "text": "iShares iBonds Dec 2054 Term Treasury ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 438,
          "y": 490
        },
        "id": "85813592-dd5e-425a-9d67-5b7af485cf09",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 32,
          "x": 449,
          "y": 491
        },
        "id": "e2e7e2c1-0999-498c-8f29-01472d06ef7c",
        "page_number": 5,
        "text": "IBGK"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 490,
          "y": 490
        },
        "id": "cc3d9bce-92ad-43eb-92be-11163cb28fed",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 49,
          "x": 501,
          "y": 491
        },
        "id": "dcf4d7b2-ccce-4929-bcb7-b082b8088713",
        "page_number": 5,
        "text": "Nasdaq"
      },
      {
        "block_type": "box",
        "box": {
          "height": 4,
          "width": 6,
          "x": 111,
          "y": 510
        },
        "id": "e0faaca8-5575-4c88-9ffb-25184f618241",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 297,
          "x": 132,
          "y": 507
        },
        "id": "0b67589f-587b-45e0-8bda-d2c63f47d933",
        "page_number": 5,
        "text": "iShares iBonds Dec 2055 Term Treasury ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 438,
          "y": 506
        },
        "id": "e1f980d7-b1f9-45a4-9098-c150dcdcbac4",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 32,
          "x": 449,
          "y": 507
        },
        "id": "1a8dbfba-7e48-4089-9b58-e88a5132b420",
        "page_number": 5,
        "text": "IBGL"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 490,
          "y": 506
        },
        "id": "b0c8a385-d048-4897-a691-37e0888a5a8d",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 49,
          "x": 501,
          "y": 507
        },
        "id": "639951f6-89d4-497c-b7c1-6297e1abcef2",
        "page_number": 5,
        "text": "Nasdaq"
      },
      {
        "block_type": "box",
        "box": {
          "height": 4,
          "width": 6,
          "x": 111,
          "y": 526
        },
        "id": "73090045-41eb-4d14-bbd9-ff175af30f35",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 273,
          "x": 132,
          "y": 523
        },
        "id": "bf1ceb8e-74a6-43aa-9705-ffe2b38a1bd1",
        "page_number": 5,
        "text": "iShares Treasury Floating Rate Bond ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 0,
          "x": 415,
          "y": 522
        },
        "id": "00fbf180-d573-4d27-986f-a083a2019cbb",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 35,
          "x": 424,
          "y": 523
        },
        "id": "987f8744-8a52-4b69-885d-b71f5202a136",
        "page_number": 5,
        "text": "TFLO"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 469,
          "y": 522
        },
        "id": "f2c84e43-4b22-42b1-bd8c-b3628e018ceb",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 69,
          "x": 480,
          "y": 523
        },
        "id": "b5f816c0-2050-4775-b40c-eb20d05307f2",
        "page_number": 5,
        "text": "NYSE Arca"
      },
      {
        "block_type": "box",
        "box": {
          "height": 4,
          "width": 6,
          "x": 111,
          "y": 542
        },
        "id": "2d894f9e-65a5-4dcb-80d9-ddf7efc441fc",
        "page_number": 5,
        "text": "\u2022"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 209,
          "x": 132,
          "y": 539
        },
        "id": "f2c91fb4-5e7a-4729-80ee-d45d7d55cc09",
        "page_number": 5,
        "text": "iShares U.S. Treasury Bond ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 350,
          "y": 538
        },
        "id": "729f093f-a874-4c3c-a65a-262d12e73402",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 39,
          "x": 360,
          "y": 539
        },
        "id": "4dfae3c7-36e3-41fc-bd61-b5720816e8c4",
        "page_number": 5,
        "text": "GOVT"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 1,
          "x": 408,
          "y": 538
        },
        "id": "ea6d75c8-1ad5-46e1-b135-3feac0e7da97",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 64,
          "x": 418,
          "y": 539
        },
        "id": "b5bcb22f-94af-465b-a675-dfdf5ede9fea",
        "page_number": 5,
        "text": "Cboe BZX"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 834,
          "x": 111,
          "y": 894
        },
        "id": "435d9bc2-18f9-4df2-96e0-5f5354c316dd",
       ...