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iShares Trust Supplement dated October 1, 2026 to the currently effective Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”) for the iShares Large Cap 10% Target Buffer Sep ETF (STEN), iShares Large Cap Max Buffer Sep ETF (SMAX) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”)
As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings ascribed to them in each Fund’s Prospectus and SAI.
An investment in each Fund over the course of the Outcome Period is subject to such Fund’s Approximate Cap as set forth in the table below.
Fund (Ticker) Outcome Period Approximate Cap
iShares Large Cap 10% Target Buffer Sep ETF (STEN)
Oct. 1, 2026 to Sep. 30, 2027
19.25% (gross of management fee) 18.75% (net of management fee)
iShares Large Cap Max Buffer Sep ETF (SMAX)
Oct. 1, 2026 to Sep. 30, 2027
9.77% (gross of management fee) 9.27% (net of management fee)
iShares Large Cap Accelerated Outcome ETF (TWOX)
Oct. 1, 2026 to Dec. 31, 2026
6.90% (gross of management fee) 6.78% (net of management fee)
Each Fund’s Prospectus, Summary Prospectus and SAI are amended to revise all references to the Outcome Period and Approximate Cap, when applicable, to reflect the information above.
If you have any questions, please call 1-800-iShares (1-800-474-2737).
iShares ® is a registered trademark of BlackRock Fund Advisors and its affiliates. IS-A-OC-Cap-1026
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
Page 2
iShares Trust Supplement dated September 22, 2026 to the currently effective Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”) for the iShares Large Cap 10% Target Buffer Sep ETF (STEN), iShares Large Cap Max Buffer Sep ETF (SMAX) and iShares Large Cap Accelerated Outcome ETF (TWOX) (each, a “Fund”)
As described in the Fund’s Prospectus, Summary Prospectus and SAI, each Fund seeks to provide certain outcomes for an investment held over an entire Outcome Period. Capitalized terms have the meanings ascribed to them in each Fund’s Prospectus and SAI.
The table below shows an estimated range for the Approximate Cap for each Fund’s upcoming Outcome Period as estimated by the Fund’s investment adviser using information available as of the date of this supplement. The estimate is unaudited, subject to certain limitations and subject to change, and each Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be included in a supplement filing following the close of business on the last business day of the current Outcome Period.
Fund (Ticker) Upcoming Outcome Period Estimated Approximate Cap Range
iShares Large Cap 10% Target Buffer Sep ETF (STEN)
Oct. 1, 2026 to Sep. 30, 2027
18.20% - 20.26% (gross of management fee)
17.70% - 19.76% (net of management fee)
iShares Large Cap Max Buffer Sep ETF (SMAX)
Oct. 1, 2026 to Sep. 30, 2027
8.88% - 9.95% (gross of management fee)
8.38% - 9.45% (net of management fee)
iShares Large Cap Accelerated Outcome ETF (TWOX)
Oct. 1, 2026 to Dec. 31, 2026
6.25% - 8.17% (gross of management fee)
6.13% - 8.04% (net of management fee)
If you have any questions, please call 1-800-iShares (1-800-474-2737).
iShares ® is a registered trademark of BlackRock Fund Advisors and its affiliates. IS-A-iCap-0926
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
Page 3
iShares ®
iShares Trust Supplement dated November 19, 2025 to the currently effective Summary Prospectus, Prospectus, and Statement of Additional Information (“SAI”) for the Funds listed below (each, a “Fund” and collectively, the “Funds”)
iShares Large Cap 10% Target Buffer Dec ETF iShares Large Cap 10% Target Buffer Jun ETF iShares Large Cap 10% Target Buffer Mar ETF iShares Large Cap 10% Target Buffer Sep ETF iShares 20+ Year Treasury Bond BuyWrite Strategy ETF iShares High Yield Corporate Bond BuyWrite Strategy ETF iShares Investment Grade Corporate Bond BuyWrite Strategy ETF
iShares Large Cap Accelerated Outcome ETF iShares Large Cap Max Buffer Dec ETF iShares Large Cap Max Buffer Jun ETF iShares Large Cap Max Buffer Mar ETF iShares Large Cap Max Buffer Sep ETF iShares Russell 2000 BuyWrite ETF iShares S&P 500 BuyWrite ETF
Effective November 19, 2025, Kyle McClements, CFA, is added as a Portfolio Manager for each Fund. Accordingly, effective immediately, the following changes are made:
1. Kyle McClements is added as a Portfolio Manager of each Fund to the applicable sections of each Fund’s Summary Prospectus, Prospectus and SAI.
2. The following is added under the section of each Fund’s Prospectus entitled “Management of the Funds – Portfolio Managers”:
Kyle McClements, CFA, has been employed by BFA or its affiliates since 2004. He is a Managing Director of BlackRock, Inc.
3. The following table is added under the section entitled “Investment Advisory, Administrative and Distribution Services – Portfolio Managers” of each Fund’s SAI:
Kyle McClements (as of October 31, 2025)
Other Accounts Other Accounts with Performance Fees Number Total Assets Number Total Assets
Registered Investment Companies 16 $14,954,700,000 0 N/A
Other Pooled Investment Vehicles 16 $2,351,400,000 0 N/A
Other Accounts 0 N/A 0 N/A
4. As of October 31, 2025, Kyle McClements did not beneficially own shares of the Funds.
If you have any questions, please call 1-800-iShares (1-800-474-2737).
iShares ® is a registered trademark of BlackRock Fund Advisors and its affiliates. IS-SUPP-NPM-1125
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
Page 4
T O B E R 1, 202 5
S umma r yP r ospe c t u s
• iS h a r es Lar g e C a p 1 0 % Ta rg e t B uf f e r Se p E T F | S TE N | Cboe B Z X
B e fo for e you i nvest , y o u ma y wan t to re v i e w t h e Fu Fu nd’s ’sp r ospec t us , w h ic h c on t a i n s mo r e i n fo format i o n a b o u t t h eFu Fund an d i ts r is ks ks. Yo uc an fi find t he Fu Fu nd’s ’sp r ospec t us ( inc l u d i n g a m en d m en t sa nd su pp le men ts ) an d ot her in fo rmati on a bout th e Fu Fu n d , i ncludin g th e Fu Fu nd’s ’ss ta te m e n t of a dd i t i o na l in for m ati o na nd s h a re h o ld er r epor t s , o n l i ne a t h ttps ://w ww. w.bla ckrock.com/p /prospectus .Yo You can a l so g e t t h is in fo formatio n a t no co s t by by cal l i n g 1 - 800- iS hares (1 - 800 -47 4- 2 737 ) o rby by se n din g an e-mail req u es tt o iS haresETFs Fs@ bl ac k roc k. k.com , or fr from y o u r fi fin a n c i a lp r o fe fe s s iona l . Th The Fu Fu nd ’s p r o sp e c t u s an d st a t emen to f a dd i tiona l in fo forma t i on , b ot h d ate d S eptembe r 16, 20 2 5 , a sa m en d e d an d su pp le m en t e d fr fro mt im e to tim e , a r ei nc o r po r at ed by r efe r e n c ei nto ( le ga l ly ly m a de ap a r to f) f) thi s Summary ryP r o sp ec tu s . In fo rma ti o n on th e Fu nd’s ’sn e t as se t va l ue, m ar k et pr i c e ,p r em i ums a nd d iscounts , an d b i d - a sk sp rea d s can be fo u n d a t h t t ps://w ww. w.iShares.com.
Th e Secu ri t i es a n d Ex c h a nge Co m m i s s i on has no ta p prove d o r d isap p ro ve dt hese se cu ri t i es o r p as se du po n th e a d equac y of thi s p r ospec t us. A n y r eprese n t at i o n to t h e co n t rar yi s a cr i m in al off ense .
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i S HARE S ® LA R GE C A P1 0 %
TA R GE TB UF F ER S E P ETF
Ti ck er : S TE NS toc kE xc ha nge :C boe BZX
A s d e s cr ib e d in t h is p r os p ec t u s , th e i Sh ar e s L ar g e C ap 1 0 %Ta Target Bu ff e r Se p E TF (t he “ Fun d ” ) se e k s t op rov i de t he f ollowing pre d eterm i ne d ou t comes ( th e “ O u t comes” ) f or an i n v es t men t that i s hel d fo r a n e nt i r e Ou tc ome P er i od :( 1 ) exposur e to the s ha r e p r i c e r e t ur n o f t h e U nderly i n g Fun d u p t o t h e A pprox i m a te C ap , an d (2) downs i de pro t ec ti on a g a i nst approx i matel y t h e f irs t 1 0 % o f Underl y i n g Fu n d l o sse s throu gh a n A pprox i mate Buffe r . P l ease s e e below fo r t h e def i n i t i ons o f k e yt er m s. U nderly i ng Fun d :i S hares C or e S & P 500 E TF U nderl y in g Fund’ s I nd ex :S & P 500 In de x O utcom e Peri o d : Octobe r 1t h rough S eptembe r 30 Approx i mate C ap :T he ap p rox i ma te u ps i de l i m i t on t he s h are p r ic er e t urn o f t he Underly i n g Fun d dur i ng the Ou t come Pe r i od , wh i c h w i l l rese t a t the s t ar t o f eac hO u t come Per i od A pp r o ximat e B uff e r : Th e do wn s id e p r o te ct i on , as sou g h t by th e Fund , for a pp ro x i matel y 1 0 %o fU nd erl yi n g F u n d lo sses i f t h e F un d is h e l d fo r th e e nti re Ou t co m e Pe riod
T h e F un d h a s ch aracter i s t i cs u n li ke t h ose o fm any i n v es t men t p ro d uct s an d may no t b e appropr i at e f o r a ll i nv e s t ors . T h e O ut c omes s o ug h t b y the F und’ s s t r a t eg y a r e no t guaran t ee d . T h e A pprox i ma t e C ap an d t h e Approx i ma t e B u ff e r may n o t opera t e as ant i c i pate d , an d i n v es to rs may lo se so me or a ll the ir mo ney . T h e O utco m es app l y onl y to s h a r es t h a t a r eh e l df or a n e nt i r e Ou t co me P e r iod. A n i nvesto r who b uy s Fun d share s af t e r t h e s t a r to fa n O ut com e P er i o d o r s e lls Fun d shares befor e th e e n d o fa n O u t come Pe ri od ma y n o t fully r ea l i z e t h e Approx i ma t e Cap or th e A p prox i mat e Buffer an d m ay b ee x pos e d t o g r ea te rr i s k o f loss . T h e Approx i mate Bu ff er i s prov i ded pr i o r t o t ak in g i nt o ac co un t any f ee s or e x pen se sc h arg e dt o t he Fun d or s h ar e h o l d er t ra n s ac t i o n f ees . Th ese f ee s an d any e x penses wil lr e d u ce t h e A pprox i mate Bu ff e r amoun t f or F u nd s h are ho ld ers f or an Ou tc om e P er i od. T h eA pprox im ate Ca p wi ll li kel y c han ge f o re ac h O utco me P e r io da nd wi ll be a nn o un ced at t h es ta r t of eac hO ut com eP e r iod. Vi si tt he F und’s pag e on www .iShares.c o m f o r informa t i o n abo u tt he s t ar t d ate a n d en d date o f t h e curren t Ou tc o m e P er i od , the A pprox i ma t e C a p fo r t he curren t O ut c o me Pe ri od and the po t en t i al ou t comes o f a n i nve s t ment i nt h eF u nd, i n clud i n g t he rema i n i ng A p pro x i m a te Ca p a nd r ema i n i n g Approx i mat e Bu ff e r .
I nvestmen t O bject i v e
T h eF u n d seek st ot rac k t h e s h a r e p r i ce r etu r n o f t h e i S h a r es Co r e S &P 5 00 E T F ( th e “Un de r l yi n g Fund” ) u p to a n approx i mat e u ps i de l i m i t , w h i l e see k i ng to prov i de down s i d e pro t ec t io na ga i ns t approx i matel y th e f irs t 10 % o fU n derly i ng Fun d l o sse so ve ra na p prox i mate 1 2 - m on th p e r i o d beg i nn i ng a t the e nd o f ea c h S e p t embe r .
Fe e s a n d E x p en s e s
T h ef ollow i n g t a b l e desc r ibes t h e fees a n d ex p e n ses th at y o u w i ll i n c u r i f yo ub uy , h o l d a n d se ll s ha r es of th eF u n d .T h e i nv es tm e nt a d v i so r y agreemen t b etwee n iShares T r u s t ( t h e “ T r ust” ) and Blac k Ro c k F un d A dv i s o r s (“BFA FA” ) ( t he “ I nves t me n t A d v i sor y Agreement” ) p r ov i de s tha t BFA FAw i l l pay all operat i n g ex p ense s o f t he Fund , excep t :( i ) th e m anagement f ees , ( i i) i nt e r e s t expe n ses, ( i ii ) t ax e s, ( i v) ex penses i ncurre d wi t h r espec t to t h e acq ui s i t i on an d d i spos i t i o n o f p ort f ol i os ecur i t ie sa nd t h e execu t i o n o f p ort f olio t ra n sac t i o n s , in clud i n g brokerage comm i s si o n s , (v ) d i str i b u ti o n f ee s or ex p enses, an d (v i )l i t i gat i on expens e s an d an y e x t raord i nary e xp e n ses . Th eF u n d ma y i n cur “A “Acqu i red F u n d Fe es a n dE xp e n ses .” A cqu i red F u n d Fe es a n d Ex pen s es re fl ect th eF u n d ’ s pro ro ra ra ta s h a r e of t h e fees an d ex penses i ncurre d i nd i rectl y by t h e F u n d a sa re sul t o f i nves ti ng i n other i n v es t men t c om pan i e s .T h e im p ac t o f Acq u i red F u n d F e es an d Expense s i s i nclude d i n t h e Fu n d’ s t o t a lr e t ur n b ut i s no t i ncluded i n th e Fund’s ra t i oo f e x pe n ses t o a ve r age ne t ass e t s. Bot h f igu r e s a r e s h o w n in t h e Fi Fin inan cia ial Hig ighli lig ights ts sect i o n o f t he Fund ’ s prospec t u s (t he “ Prospe c tus ” ). BFA FA, t he i nvestment adv i se rt o t he F u n d, h a s c ontractuall y agree d t o w a i ve a p ort i o n o f i t s m anagemen t f ee s i n an amoun t e q u al to t he A c q u i red F u nd F e e s and E x p enses , i f an y, a ttr ibu t ab l e to i nv est m e n t sb yt he F u n d i n o th er f u n ds ad v ised b y B FA FA, or i t s a ffili a t e s , throu g h N o v e m be r 3 0, 2030. T h ec o n t r ac t ual w a i ve r may b e term i nated p r i or to Novembe r 3 0 , 2 030 onl y u p on w r i tt en ag reem en t o f the T r us t an d BFA FA.
Yo u m ay pa y o th er fees , such a s b r o ke ra g e c om mi ss i o n s a n do t h er fee st of i nanc ial i n t e rm e diaries , w h i ch a r e not r eflected i n t h e t a b le s an de x ample s belo w .
S- 1
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Annua l Fun d Op erat i n g E x p e n s e s (o ng oin g e x p e n ses t h at yo u pay e a c h y e ar as a pe rcentag e o f the va l u e of y o ur inv es tm e nt s ) 1
Mana g emen t F e es
Dis tr i but io n a n d Ser v i ce ( 1 2 b- 1 ) Fe es O th er E x p en ses 2,3
A c q u i re d Fun d F e es a n d Exp
3
p e n ses p
3
p p
3
p
To tal Annua l F u n d Op eratin g Ex p e n ses
Fe eW a iv er a nd / or Ex p e n se R e i mbur se m e n t
To tal A nn u a l Fun d Op e ratin g E x p e n s e s Af t er Fe e W a iv er a nd/or E x p e n se Re i mbur se m e nt 0. 50% N on e 0. 00 % 0. 03% 0. 53 % ( 0 .03 )% 0 . 50 %
1 Op erat i ng ex pe nses p a id by BFA FAu nd er th e I n ves t me nt A dv i sor y A g ree m en t exc l ude Ac qu i re dF un d F ees an d Ex p enses , if an y . 2 T h e amoun t roun d e d t o 0 .00 %. 3 Base d o n est i mate d amoun t s f o r t he curren t f i scal y ear . Exam p le. T h is Exam p l ei s i nt e n d ed t o hel p y ou co m p a r e th e co st of own i n g s h a r es of th e F u n d wit h t h e cost of i nv e st i n g in o t h er fu n ds. Th e E xampl e ass u me s t h a t you i nves t $ 1 0 , 0 00 i nt h e F u n d f o r th e t i m e per i od s i nd i ca te d a n d t h e ns ell a l l o fy o u r share sa tt he en d o f thos e p e riods .T h eE xample a l so assu m es th a t y our i n v est m e n t has a5 % r etu r n eac h y ea r a n d t h at th eF un d ’ s opera t i n g expen s es r e m a i n th e same . A lthoug h yo u r actual cos t s may b e h ig he r or lower , b ase d on t hes ea ss um pt i o ns , yo u r cos t sw o u l d b e:
1Y ea r 3 Y ear s $ 5 1$ 16 0
P ort f oli o T urnove r . T h e F un d or t h e Underly i ng Fun d may pa y t ransac t i on cos t s, suc h as comm i ss io ns , whe n t hey b uy and s e ll secu r i t ies ( o r“ t u rn o v e r ” t h eir p ortf o l io s ) . Ah i g her p o r tf o li o t urnover ra t e f or t he Fun d or t he Unde r ly i n g Fu n d may i nd ic a te h ig her tr a n sac t io n costs a n d m a y cause t h e Fu n d o r t h e U nderly i n g Fun d t o i ncu r i ncrease d e x p enses. Th ese cos t s , wh ic h ar e n o t reflecte d i n th e A nn u a l F un d Op era t i ng Expenses or i n th e Exam p le ( exce pt costs to t h e Underl yi ng F u n d i n c l ud ed as p ar t o f Ac qu ir e d F u n d F e es an d Expenses) , a f f ect t he F u nd ’ s pe r f o rm a n ce. Beca use th e F u n d is n ew , th e r ei sn o rep o rt abl e t u r no v er .
Pr i nc i pa l Investmen t Strateg ie s
T h e F un d see k s t op ro v i de certa in pre - d e t er m i ned Ou t comes bas e d on t h e pe r formanc e o f the U nder l yi ng Fu n d f or i n ves t or s wh o ho l d F u n d s h ar es o v er a 12 - mo nt h p er i od ( th e “ Ou t co m e P e riod” ) . T h e Outcome s sough t by the F u n d are : T h es ha r e pr i c e retu r n o f t h e Un derly i n g F u nd capped at an approx i mate ups i d e li m i t( t he “A “A p prox i ma te C ap ” ) , an d Pr o t ec t ion a g a i nst a pp rox i m a t el y t he fi rst 1 0 %o ft he U nderly i n g Fund ’ s losse s (t h e “A “A p prox i m a t e Bu ff er ” ) o v e r eac h O utco m e Pe r iod.
T h e O u t comes are i ntended to b e r eal i ze d o n l y b yi n v es t or s w h o ho l d F u n d s h a r es at th e outset of t h e Ou tco me Pe r i od a n d co nt i nu e t oh old t he s h are s t h roug h t he en d o ft he Ou t com e P e r i od. Specifically , i n order t o h old F u n d sh a r e s fo rt he ent i ret y of an O u t co m e Pe r i od , a n i n v estor m ust b uy or c o n t i n u eh old i n g s h ar es a t t h ec l os e on the las t trad i ng d a y o f t h e p r i or Ou t c o me P e r i o d an d sel l o r cont i nue hold i n g t he share s a t t he c l ose o n th e l ast trad i ng d a y o f th e curren t O utcom e P er i o d.
I f i nvestors bu y F un d share s af t er t h e s t ar to ft h e Ou t come Pe ri od or sel l Fun d sha res b e f ore the O utco me Pe r i o d co nclu d es, t hey ma y exper i ence re t u r n s t h a t differ s i gn i fi c a n t l y f r om t he O u t co m es. T h ese in c l ude experiencin g l i tt l eo r no g ai ns r e l a t ed to
the Underly i ng Fun d an d li ttle or no pro t e c ti o n aga i nst l osse so f t h e Underly i ng Fund . Investor s ma y los e the ir ent ir e i n ves t men t, a n d a n i nv es tm e nt i n t h e F u n d is a pp ro p r i at e onl y f or i nv e sto r s wi ll i ng t o bea r those l osses.
Th eF u n d wi ll be o ff e r ed i ndefinitely a n d is not i nt e n de dt o t erm i nate a f te r on e o r m or e O ut c om e P e ri ods.
Th eC urr e n t O utcom e P e ri o d
Th e curren t O utcom e P er i o d s t ar ts on Oc tober 1 an d end s on S e p tember 30. Fo r t h e cu r r e n t Ou t co m e Pe r io d , t h e App rox i m a te C ap is 17.63% be f ore taking into account any f ees or expenses c har g ed t o , or t r a n sac tion co sts i n c u rr ed by , th e F u n d or Underly i ng Fun d . Wh en t h e Fund ’ s a nnual i ze d mana g emen t f e e o f 0 .50 % o f i ts averag e da i ly ne t asse t s is t ake n i nto accoun t, th e A pprox i mate C ap for th e cur r e n t Ou t co m e Pe r iod is r educed to 1 7.13%. The returns that the Fund seeks to prov i de do not take i nt o accoun t th e cos ts a sso c i ate d wi th buy i n g share s of t h e U nderly i n g Fun d an d any ot h e r e x pens es i ncurred by t he F u n d. P l eas e v i s it t h e Fund’s pa g e o n w ww .iShares.co m fo r m ore info r m a t i o n abou t t h e p otential outco m es of an inv es tm e n t i n th e F u n d dur i n gt he curren t O utcome P e r i od, i nclud i ng t he r ema i n i n g A pprox i ma t e C ap.
Th e U n derly i ng F und
Th eU n derly i n g F u n d is t h e i Sh a r es Co r e S & P 500 ETF ( T i ck er : IV V) . It i s an e x c han g e- t raded f und (“E TF ”) tha t see k s t o t ra c k the i nvestment r esult s o f th e S & P 500 Inde x ( t he “ Under l yi n g F u n d’s Index ” ), wh ic h m eas u res th e per f ormanc eo f t h e la r g e cap i tal i zat i on sec t o r o f th e U.S . equ i t y m arke t ,a s de te r m i ned b y S & P Do wJ o n es I n dic es , LL C. T h es ecu r i t ies i n t h e U nderly i n g Fund’s Inde x r epresen t a b r oad ran g e o f i ndustr i e s an d are w e i ghted b ased o n th e floa t - ad j usted m arke t v alu e o f th e ir outstand i ng s h ares . Th ec omponen t so f t he Un de rl yi n g F u n d ’ s Inde x ar e li kely t oc h ang e ove r ti me. B FA FAi s t h e i nves t m e n t adv i se r to th e Underly i n g Fu n d a n d r ec ei v es a mana g e m e n tf ee f r om t h e U nderly i ng Fund .
S - 2
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B FA FAm anages the Underly i n g Fun d u s i n g a “ re pr esen ta t i v e s amplin g” i ndex i n g st r at e gy .T his i nv o l v es i n vest i n g i na representat i v e samp l e of secu r it ies t hat col l ec t iv e ly has an i nv es tm e n t p ro f il e si m i l ar t ot hat of an a p p l i ca b l eu nd e rly i n g i n de x . Th es ecu r i t ies selec t ed are ex p ecte d to h ave , i nt he aggre g a t e , i nvestmen t ch aracter is t i cs ( base d on f ac t ors s u c ha s mar k e t cap i tal i zat i o n an d i nd u s t r y we i g ht i ngs ), f u n da m enta l character i st i c s ( s uc h as re t u r n var i ab i l i t y and yi e l d) an d li qu i d i ty meas u res s i m i la r to t hose o f an appl i ca b l eu nd er l yi ng i ndex . T h e U nderly i n g Fund ma y o r m a y no t h old all o f the secu ri t i e s i n the U nderly i n g F u n d ’ s Index, w h ic h ma y cau se t h e p e rf o r m a n ce of th e U nderly i ng Fun d to d i verg e f ro m t h a t o f t h e Underly i n g Fund’s Inde x a n dp roduce “ t ra c k i n g error” . Tr ack in g e rror ri s k ma y b e he i ght e ne d d u r i n gt i me so f i n crease d ma rk e t vo lat i l i ty or othe r unusua l mar k e t cond i t i on s . T h ep rospec t us an d o t h e r repor t so f t he Un de r ly i n g Fun d are ava i lable a t www .sec.gov a nd www . iShares.co m . S ha r e s of th e U nderly i n g F u n d a r e lis t ed o n NY SE A r ca , I n c . Th e F und’s U s e o f Opt i ons
Th e F un d pr i nc i pall y b uys s h ares o f t h e Un d er l y i ng Fu nd an d custom i ze d pu t opt i ons there o n a n d se l l s cal l op t i o n s t h at r e f e r e n ce th e Underly i ng Fu nd. T h eo p t io ns i nw hi ch th e F u n d t ransac t s( t y p i cally , eq u it yo r i n dex e x c h ange -t ra de d opt i on s co n t r acts ) a r e r e f e rr ed t o g enerally as F l e x ib l e Ex c h a ng e O ptions ( “F LE X O ptions ” ) . Th e F un d may t ransac t i no t h er e x c h ang e trade d opt i ons tha t r e f erenc e the pr i c e pe r f o rm anc e o f t h e U nderly i n g Fund , th e Underly i n g F u n d’ sI n d ex , o ro th e r ETF st ha t t rack t he Underly i n g Fund ’ s Index.
An o p t i ons co n t r a ct is a na g reemen t be tw een ab uye ra n d se ll er tha t gi ve s th e pur c hase r o f the opt i on t he r i gh t b ut n o tt he obl ig at i o n to buy ( i nt he case of ac al lo pt i on ) o rs e l l (i nt h e ca se o f ap u t opt i on ) a p art i cu l ar f inancial i nstrumen t a t as pec if ied futur e d a t e f o r a n agreed -u pon p r i ce , c o mm o n l yk no w na s t he “ s t r ik e p r i ce ”. I f th e F u n d bu y s ac a l lo pt i on , it p ay s ap re m iu m an d rece i ve s the r i ght , b u t n o t the obl i gat i o n , t o p ur c h ase s hare s o f th e U nderly i n g Fun d o r othe r r eferenc e asse t a t a s tr ik e p ri ce by or on the exp i rat i on date . W h en the F u n d buy s ap u t opt i on , i t pays a p rem i um an d rece i ve s t he ri ght, b ut no t t he obl i gat i on , t o se l l s h a r es of th e Underlyin g F u n d or o th er r e fer e n ce as se ta ta s tr ik ep r i c e b y or on t h e exp i r a t i o n date. W hen t he Fun d w r i te s (sell s ) a cal l opt i on , it r ece i ves ap rem i um a n d g iv es th e p ur c ha s er o f the opt i o n the r i gh t t o p u rc h as e f rom the Fu n d sha r es o f t he U nderly i ng F un d o r o t he r reference as s e t a t as tr i ke p r i c e by o r o n th ee xp iration da t e. I f t he F u n d w ri t es ( s e ll s ) a p ut o pt i on, it rece i ve s a p rem i um an d g iv e s the p urc h ase r o ft h e o p t i on t he r i gh t to sel l to th e F un d share s o f t h e Un d e r ly i n g Fun d o r othe r re fe re nc ea sse t a t as tr i k e p r ic eb yo ro ne xp i rat i o n d a t e.
F L E X Option s prov i d e t he abi l i t yt oc us t o m i z e k e y o pt ion co n t r act te rm ss u c ha ss tr i k ep r i ce , s t yl e an d e x p i ra ti o nd a t e . Th eo p t i on s in wh i ch t he Fun d i nves t s a r e Europea n s t y le , m ean i n g they ar e e x e r cisab l e at th e s tr ik e p r ice onl y o nt h e ex p i r a t io n d ate. T h e Fund typ i cally trade s opt i ons that exp i re a to r a ro un d t he en d o f ea ch O u t co m e P e r iod . As a n in -t h e - m o ne y opt i o n h el d b y t he Fu n d ap p ro ache s i t s ex pi rat i o n date , i ts v a l u e t y p i call yw il l i n crea s i n g l ym ov e wit h th e valu e o f i t s r e f erence ass e t , s u c h as t h e U n de r ly i n g Fund . H owever , the valu e o f the opt i on s m a y chang e b e c a us e o f fact o r s
ot h e r t h a n t he v a l u e o f t he r e f erenc ea s se t, i n c lud i n g i nte r es t r ate ch an g es , d i v i dends , the ac t ual a n d p erc ei v ed volat i l i t y of t he r efe r e n ce asset , t he rema i n i n g t i m e u nt il t he o p t i on s ex pi re, l i m i t a t io n s es t ab l is h ed by o p t i on s e x c h an g es , a n d trad i n g co n di t io n s i nt he o p t i on s ma r k e t, amon g o t he r s. Due to these f actors , t he v a l ue o f t he opt i on s t y p i ca lly d oes no t i ncrease or decreas e a t t h e same ra te as t h e U nderly i ng Fund ’s shar e p r i c e on a d ay - to - d ay bas i s . A sa r esult , th e Fund’ s n e t asse t valu e p er s h a r e (“NAV AV”) ma y n ot i n c r ease o r dec r eas ea tt h e sa m e r a te as th e Underly i n g Fund’s share p r ic e . Op tion s p ositions a r e ma rk ed to ma rk et daily b y t h e Fun d. T h e valu e o f th e opt i on s t rade d b y th e Fun d is determ i ned b ase d u pon m a rk et q uotat i ons or o th er reco g ni z ed p r i c i n g me t h ods .T h e opt i on s trade d b y t h e Fun d are l i ste d on an ex ch an g e, in c lud in g th e Chi c a g o B oar d Option s E xchange . T he opt i o n s ar e guarantee d f or se ttl e m e n t by th e O p tion s C learin g C or p oration (t h e “ O CC ” ), a marke t clear i n g h ouse t h a t g uaran t ees th e pe r formance b y counter p art i e s to ce rt ain de r i v a t i v es co n t r ac ts .T h eO CC m a y ma k ea d j ustments to FLE X O ption s f o r ce rta in signi f ican t e v en t s.
O utcome s Ta rg e t ed by th e F u n d
Fo r each O ut come Pe r i od, t he Fun d obta i n s exposure to the sh a r e p r i c e retu rn of th e Underly i n g F u n d by hold i n g s h ar es of th e Underly i n g Fun d an d f utures th a t re f eren c e t he p r i ce pe rf orm an ce o f th e Underly i n g Fund’s I ndex. T h e A ppro x i mat e B uffer a n d A pp rox i mat e C a p a r e typ i call y c r ea t ed b y t rad i n g ac om bi n at ion of pu t an d cal l opt i ons , as descr i be d below , a t th e clos e o
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"id": "a0bcd4ab-217c-43a1-9464-787d05af5cf3",
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"text": "The table below shows an estimated range for the Approximate Cap for each Fund\u2019s upcoming Outcome"
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"id": "4a55cd17-d257-408d-ba64-9d86ef1f5179",
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},
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"id": "bb31db5e-0e3b-4c93-ad43-bec35fb61de9",
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"text": "Fund is under no obligation to, and does not expect to, update the estimate. The final Approximate Cap"
},
{
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"y": 271
},
"id": "dbb50454-f155-4ede-8f5f-d0a101a1e5ae",
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"text": "for the upcoming Outcome Period, which may be more or less than the estimated ranges, will be"
},
{
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"x": 117,
"y": 286
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"id": "9c17437f-5a10-4e50-9fb3-9acc2aa3a564",
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"text": "included in a supplement filing following the close of business on the last business day of the current"
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{
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"id": "cf59828e-2fbb-49f2-80e6-dea4c70c555f",
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{
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"id": "57e47f54-55c5-4e7a-9093-b56456c42ec5",
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"text": "Period"
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{
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"x": 575,
"y": 330
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"id": "eb72a3b7-9050-4952-a836-212f261171c4",
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"text": "Estimated Approximate Cap Range"
},
{
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"width": 223,
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},
"id": "2cb0cefe-699b-420a-be71-34d5c4fce0de",
"page_number": 2,
"text": "iShares Large Cap 10% Target"
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{
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"page_number": 2,
"text": "Buffer Sep ETF (STEN)"
},
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{
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"id": "984af9f2-b017-430b-bc1e-525d3227846a",
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{
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"width": 332,
"x": 543,
"y": 364
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"id": "0d4344fc-4924-476b-a39c-bd54e6effcd2",
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"text": "18.20% - 20.26% (gross of management fee)"
},
{
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"width": 316,
"x": 551,
"y": 387
},
"id": "65a1655c-d6c7-4b5b-a18e-2944bb370895",
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"text": "17.70% - 19.76% (net of management fee)"
},
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"x": 130,
"y": 414
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"id": "5ddb74ca-8429-4db5-a15e-81d406125d5b",
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"id": "7f347838-4cb6-426b-a0c0-bd9ede4880f6",
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{
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"x": 384,
"y": 430
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"id": "49044944-e919-4b38-b8ed-8bc4d0a612b5",
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"text": "to Sep. 30, 2027"
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{
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"id": "378be405-d3a1-47ec-b22c-e1a49a83aa79",
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"text": "8.88% - 9.95% (gross of management fee)"
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"y": 433
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"id": "60371836-34d7-4ee7-8a6e-502934d9ffe8",
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{
"block_type": "box",
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"id": "24fbd2a0-0a9c-4e79-8d9e-4fa6595c6d3f",
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"text": "to Dec. 31, 2026"
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"id": "3a13f66a-6049-4336-9bad-679aa7866416",
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"text": "6.13% - 8.04% (net of management fee)"
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"text": "If you have any questions, please call 1-800-iShares (1-800-474-2737)."
},
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"text": "\u00ae"
},
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"id": "58ae9e79-bc70-4d2a-8e55-dabccad6ddb2",
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"text": "is a registered trademark of BlackRock Fund Advisors and its affiliates."
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"id": "a2684a0d-d431-44be-be8b-884a960da79c",
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"id": "6d277d54-c193-4854-b546-e2719c69bed2",
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"text": "to the currently effective Summary Prospectus, Prospectus, and"
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"text": "Statement of Additional Information (\u201cSAI\u201d)"
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"text": "for the Funds listed below (each, a \u201cFund\u201d and collectively, the \u201cFunds\u201d)"
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"text": "iShares Large Cap 10% Target Buffer Dec ETF"
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"text": "iShares Large Cap Accelerated Outcome ETF"
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