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Summary Prospectus
• iShares LQD Premium Income ETF | LQD W | Cboe BZ X
Before you invest, you may want to review the Fund ’s ’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus ( includin g amendments and supplements ) and o ther information about the Fund, includin g the Fund ’s ’s statement of additional information an d shareholder reports, online at https://www.blackrock.com/prospectus. You can also g et this in fo formation at n o cost by by callin g 1-800-iShares ( 1-800-474-2737 ) or by by sendin g an e-mail request t o iSharesETFs@blackrock.com, or from your financial professional. The Fund ’s ’s prospectus and statement o f additional in fo formation, both dated February ry 27, 2026, as amended and supplemented fr from time to time , are incorporated by by reference into ( le g ally ly made a part of) f) this Summary ry Prospectus. Information on th e Fund ’s ’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at h ttps://www.i S hares.com.
T he Securities and Exchan g e Commission has not approved or disapproved these securities or passed upo n the adequac y o f this prospectus. An y representation to the contrar y is a criminal o ff ense .
( as revised October 15 , 2026 )
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iSHARES LQD PREMIUM INCOME ETF ® ®
T i c k e r: LQDW S tock Exchan g e: Cboe BZX
Investment Obj bj ectiv e
The iShares LQD Premium Income ETF (the “Fund”) seeks to track the investment results of an index that r eflects a strate g y of holdin g the iShares iBoxx $ Investment Grade Corporate Bond ETF while writing (selling) one-month call options to generate income .
Fees and Expense s
The f ollowing table describes the f ees and expenses that you will incur i f you buy, hold and sell shares o f 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” A” ) (the “ Investment Advisory Agreement ” ) provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition an d disposition of portfolio securities and the execution of portfolio transactions, includin g brokera g e commissions, (v) distribution fees o r expenses, and (vi) litigation expenses and any extraordinary expenses. The Fund may incur “A “Acquired Fund Fees and Expenses. ” Acquired Fund Fees and Expenses reflect the Fund’s pro ra ta share of the fees and expenses incurred indirectly by the Fund as a result of investing in other investment companies. The impact o f Acquired Fund Fees and Expenses is included in the Fund’s total return but is not included i n the Fund’s ratio of expenses to average net assets. Both figures are shown in th e Fi Financial Highlights section of the Fund’s prospectus (th e “Prospectus”) . You may pay other f ees , such as brokerage commissions and other f ees to f inancial intermediaries , which are not re f lected i n the tables and examples below . A nnual Fund Operat i n g Expenses (ongoing expenses that you pay each year as a
1 p ercenta g eo f the value o fy our investments ) 1
M anagemen t F ees
D i str i but i o n and Serv i ce ( 12b-1 ) Fees
O the r Ex p ense s
Acqu i red Fun d F ees and Ex p enses
To tal Annua l Fu n d O perat i ng Ex p ense s 0.20 % None 0.00 % 0 .14 % 0 .34 %
1 Operatin g expenses paid by BFA under the Investment Advisory A g reement exclude Acquired Fund Fees and Expenses, if any. Example . T his Example is intended to help you compare the cost o f owning shares o f the Fund with the cost o f investing in other f unds . The Example assumes that you invest $ 10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of thos e periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operatin g expenses remain the same. Although your actual costs may be h i gher or lower, based on these assumpt i ons, your costs would be:
1Y e ar 3 Y e ar s 5 Y e ar s 1 0Y e ar s $ 35 $ 10 9 $ 191 $ 43 1
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P o rtf o li o Turn o v e r . The Fund or the iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD” or the “Underlyin g Fund”) may pa y transact i on costs, such as comm i ss i ons, when i t bu y s an d s ells securities (or “turns over” its port f olio). A hi g her port f olio turnover rate f or the Fund or the Underlyin g Fund may indicat e h ig her transact i on costs and may cause the Fund or the U nderly i ng Fund to i ncur i ncreased expenses. These costs, wh i ch are not reflected in the Annual Fund Operating Expenses or in th e Example (except costs to the Underlying Fund included as part o f Acquired Fund Fees and Expenses), affect the Fund’ s performance. Durin g the most recent fiscal year, the Fund’s port f olio turnover rate was 1% o f the average value o f its port f olio. To the extent the Underlying Fund incurs costs from high portfoli o turnover, such costs may have a negative e ff ect on th e performance of the Fund .
Pr i nc i pal Investment Strateg i e s
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T he Fund seeks to track the investment results o f the Cboe LQD BuyWrite Index (the “Underlyin g Index”). The Underlyin g Index is designed to measure the per f ormance o f holding the iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD” or the “Underlyin g Fund ” ) while writing (selling) call options on the Underlying Fund to g enerate income. The Underlyin g Index consists of four tranches o f options, each rolling on a weekly staggered schedule. A “ Premium Income+” strate g y is intended to reflect a focus on g eneratin g option premium income versus a greater mix o f income and growth . A s of October 31, 2025, a si g nificant portion of the Underlyin g Index i s i nd i rectly represented through i ts hold i ngs i n the Underlyin g Fund by securities of companies in the consumer goods and services and f inancial services industries or sectors. T he components of the Underlyin g Index, includin g those indirectly represented through i ts hold i ngs i n the Underly i ng Fund, are l i kely to chan g e over t i me .
The Underly i ng Fund
T he Underly i ng Fund i s an ETF that seeks to track the i nvestment r esu lt s o f th e iB o x x ® U S D Liquid Investment G rade Index (the “Underlyin g Fund’s underlyin g index”), which consists of U.S. dollar denominated, investment-grade (as determined by S &P Dow Jones Indices LLC ( “SPDJI” )) corporate bonds for sale in the U.S. The Underlying Fund ’ s underlying index is designed to provide a broad re p resentation of the U.S. dollar-denominated li q uid investment grade corporate bond market . The Underlyin g Fund’s underlyin g index is a modified market value we i ghted i ndex w i th a 3% cap on each i ssuer. It i s a subset of the iBoxx USD Corporate Bond Index. Eli g ible components of the Underlying Fund’s underlying index consist o f U.S. dollar denom i nated corporate bonds that: (i) are i ssued by compan i es domiciled in countries classi f ied as developed markets by SPDJI; (ii) have an avera g e ratin g of investment g rade (ratin g s from Fitch Ratings, Inc., Moody ’ s Investors S ervice, Inc. or S tandard & Poor ’s ® Global Ratin g s, a subsidiary of S&P Global are considered; if more than one agency prov i des a rat i ng, the average rat i ng i s attached to the bond); (iii) are from issuers with at least $2 billion outstandin g face value; (iv) have at least $ 750 million of outstanding face value; ( v ) have at least three years to matur i ty; and ( v i) have at least three years and 6 months to maturity f or new index constituents .
BFA i s the i nvestment adv i ser to the Underly i n g Fund and rece i ves a mana g ement f ee f rom the Underlyin g Fund. Shares o f the Underlyin g Fund are listed on Cboe BZX .
The Written Call O p tion s
The options in the index are referred to g enerally as Flexible Exchange O ptions ( “ FLEX O ptions ” ). FLEX O ptions provide the ab i l i ty to custom i ze key opt i on contract terms such as str i ke pr i ce, style and exp i rat i on date. The Underly i ng Index ut i l i zes “European-style” call options, meanin g they are exercisable at the str i ke pr i ce only on the exp i rat i on date. The Underly i ng Index utilizes four tranches of call options with sta gg ered four-week expiration cycles and each tranche represents an equal share o f the Underly i n g Index. Each call opt i on i n the Underly i n g Index has a strike price equal to 100% o f the closing value o f the Underlying Fund on the appl i cable roll date. The roll date i s the day that the Underlying Index settles the expiring call option f or the applicable tranche and writes a new call option for that tranche’s new four week cycle scheduled to expire on the last trading day o f the week fallin g four weeks from that roll date. Each tranche will have a roll date occurring on a di ff erent week f rom any other tranche. The Underly i n g Index i s rebalanced weekly so that each tranche continues to represent an equal share o f the Underlying Index at the close of tradin g on each weekly roll date . By wr i t i ng a call opt i on, the Underly i ng Index rece i ves a prem i um and g ives up the economic exposure to increases in the value o f the Underly i ng Fund above the str i ke pr i ce at exp i rat i on. By wr i t i ng the call opt i ons, the Underly i n g Index w i ll not part i c i pate i n market gains o f the Underlying Fund above the strike price but will f ully participate in any market losses if the Underlyin g Fund declines in value .
Di s tributi o n s
The Fund expects to make monthly d i str i but i ons typ i cally cons i st i n g o f net investment income and amounts attributable to option prem i ums rece i ved by the Fund, g enerally up to the extr i ns i c value o f such options when traded. The amount o f the Fund’s monthly distribution will vary from month to month based on the amount o f option premiums received, dividends received f rom the Underlying Fund and other Fund-specific and market factors. The Fund will also make distributions o f net realized securities gains, i f any, at least once per year. The Fund i s l i kely to d i str i bute an amount g reater than its earnings and pro f its, resulting in a return o f capital .
Indexing Strategy
The Fund seeks to track the investment results of the Underlyin g Index be f ore f ees and expenses o f the Fund. BFA uses a representat i ve sampl i n g i ndex i n g strate g y to mana g e the Fund. “ Representative sampling ” is an indexing strategy that involves investin g in a representative sample of securities or other instruments intended to collectively have an investment pro f ile s imilar to that of an applicable underlyin g index. The instruments s elected are expected to have, i n the aggregate, i nvestment characteristics ( based on factors such as market capitalization and industry weightings), f undamental characteristics (such as return var i ab i l i ty and y i eld ) and l i qu i d i ty measures s i m i lar to those
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o f an applicable underlyin g index. The Fund may or may not hold all of the components of the Underlyin g Index. The Fund may use de r i v a t i v es to g a in or r educe e x pos u re to t he com p onen ts of t he Underly i n g In dex or e x pos u re to one or more m a r ke t r is k fac t o r s associa t ed w ith such componen t s . S ubject to t he l i m i t s desc r ibed here i n, t he F u n d may purc h ase a n d hold cash a n d cash equ i valents , i nclud i n g s h a r es of mone y m a rk et f u n ds ad v ised b y BFA FA or i t s a ff iliates , and may als o purchase and hol d i nstrument s no t i nclude d in th e Underly i n g In de x wh e n BFA be l ie v es th at suc h i n s tr u m e nt s w i l l help th e Fun d track th e per f ormanc e o f th e Underly i n g Index o v er t i me , i nclud i n g in l ig h t of expected l i qu i d i t y o r trad i n g cos t s , ant i c i pate d add i t i on s to or delet i on s f ro m th e Underly i n g Index , or o th er r easo n s as de t e rm i n ed b y BFA . Th e Fun d i ntend s f o r i t s shor t opt i o n pos i t i o n in the Underly i n g F u n d to be full y offset , or “covered,” b y th e lon g p os i t i o n th at th e Fun d holds in shares o f th e Underly i n g Fund . A t t i mes , however , th e r e ma y be a n o t io n al m is m a t c h due to d iff e r e n ces be tw een th e Underly i n g Fun d an d th e Underly i n g Fun d w i t h respec t to pr i c i ng, track i n g error , d i v i dends , a n d o th e r f ac t o r s. O p tion s wr i tt en b y th e Fun d ar e generall y expected to b e cash-settled upon exp i rat i o n or c l osed out throu g h offsettin g tr a n sac t io n s. Th e F u n d does n ot expec t to phys i call y settl e outstand i ng opt i o n pos i t i ons . I n add i t i on , th e F u n d ma y wr i t e o p t i on s on d iff e r e nt da t es th an th e Underly i n g Index ’s ro ll d at e an d may u se str i ke pr i ces , con t rac t s i zes , or matur i t y da t es th at a r e d iff e r e n t th an th ose f o r th e opt i on s used in th e Underly i n g Index . The Fun d may also wr i t e opt i on s tha t are no t on th e Underly i n g F u n d but th at h a v e i nv es tm e n t a n d f u n da m e nt a l character i st i cs , in th e aggrega t e , s i m i la r t o th e opt i ons used in th e Underly i n g In de x . In ce rt ain c i rcumstances, th e F u n d ma y n ot wr i t e an y opt i ons , pr i mar i ly i f th e opt i o n i s f a r “ ou t o f th e money ” ( i . e . , th e s tr i k e p r i c e e x ceeds th e p r i c e of th e Underly i n g Fund ) a n d woul d genera t e m i n i ma l prem i u m i ncome . In acco r da n ce w i t h R u l e 35 d - 1 u n der th e Inv es tm e n t Compan y Ac t o f 1 9 4 0, as amended ( th e “ 194 0 Act ” ) , under norma l c i rcumstances , th e F u n d w i l l n ot i nv es t l ess th a n 80 % of th e va l u e o f i t s ne t asse t s, p l us t he amoun t o f any borrow i ng s f o r i nv es tm e n t purposes , in componen ts of th e Underly i n g In de x . Investments in der i vat i ve s an d ot h er i nvestment s w i l l b e counte d t o w a r d th e F u n d ’ s 80 % i nv es tm e n t pol i c y to th e e x te n t th at the y prov i d e e x pos u re to th e componen t s o f th e Underly i n g Index or exposur e to o n e or m o r e m a rk et r isk f ac t o r s associa t ed w ith such componen t s . The Fund ’s 80% i nvestmen t pol i c y may be change d b y th e Tr us t’ s B oa r d o f Tr us t ees ( th e “Board” ) u p on 60 da y s ’ n o t ice to s hareholders . Th e Underly i n g In dex is a p roduc t of C boe G l obal Ind i ces , LL C ( the “ Inde x Provider ” or “C boe ” ) , wh i ch i s i ndependen t o f t he Fun d a n d BFA . Th e In de x Pr o v ide r de t e rm i n es th e compos i t i o n a n d relat i v e we i ght i ngs o f t he componen ts o f t he Underly i n g In d ex an d publ i she s inf o rm a ti on re g ard i n g th e m a rk e t v a l ue of th e Underly i n g In d ex . I ndustry Concentration Policy. Th e F u n d w i l l co n ce n t r ate i t s i nvestment s ( i . e . , hold 25 % or more o f i t s total assets) in a p art i cula r i ndustr y or g rou p of i n dus tr ies to approx i matel y th e sa m e ex t en t t h at t he Underly i n g In d ex i s concentrate d. Fo r p u rposes o f th is l i m i tat i on , secu r i t ies of th e U.S . g overnmen t ( i nclud i n g i t s agenc i es an d i nstrumental i t i es) an d repurc h ase agreemen t s co ll a t e r a l i z ed b y U.S . g overnmen t secu r i t ies a r e n ot co n side r ed to be i ssued by mem b er s o f any i ndustry .
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Summar y of Principal Risks
As with an y investment, y ou could lose all or part o fy ou r i nvestment in the Fund, and the Fund’s p er f ormance could trai l that o f other investments. The Fund is sub j ect to certain risks , i ncludin g the principal risks noted below, any o f which may adversely a ff ect the Fund’s net asset value per share (“NAV”) , trad i ng pr i ce, y i eld, total return and ab i l i ty to meet i ts i nvestmen t objective. C ertain key risks are prioritized below (with others following in alphabetical order), but the relative significance of an y risk is difficult to predict and may chan g e over time. You should review each risk f actor care f ully . C overed Call Option Risk. B y wr i t i n g covered call opt i ons i n return f or the receipt o f premiums, the Fund will give up the opportunity to benefit from potential increases in the value of th e Underlying Fund above the exercise prices o f the written options, b ut will continue to bear the risk of declines in the value of th e Underlyin g Fund. The premiums received from the options may n ot be su ff icient to o ff set any losses sustained f rom the volatilit y of the Underlying Fund over time. In addition, the Fund’s ability to sell shares of the Underlyin g Fund will be limited while the optio n i s in effect unless the Fund extinguishes the option positio n throu g h the purchase of an offsettin g identical option prior to th e expiration o f the written option . The covered call strate g y may be subject to imperfect matchin g o r p r i ce correlat i on between the wr i tten opt i ons and the Underly i ng Fund, which could reduce the Fund’s returns. Exchanges ma y suspend the trading o f options ( f or example due to volatil e m arkets or if trading in the Underlying Fund is halted). If trading i s suspended, the Fund may be unable to wr i te or purchase opt i on s at t i mes that may be des i rable or advantageous to the Fund to do so. If the Fund is unable to extinguish the option position before exercise, the Fund may be required to deliver the correspondin g shares of the Underlying Fund, resulting in increased transaction costs, track i n g error, under i nvestment, and potent i ally th e realization o f capital gains. Further, this could lead to re p urchasing shares of the Underlying Fund or selling th e corresponding options at a less f avorable price than the f un d mi ght have rece i ved had the opt i ons been ext i ngu i shed. The Fund uses options which are struck once per month, and the timin g o f changes in the price o f the Underlying Fund may a ff ect the Fund’ s p erformance. For example, if the Underlying Fund experiences a drop in price followed b y a quick rebound, the Fund ma y be unable to fully participate in the rebound if the rebound occurs immediately after the Fund’s roll date. In addition, if tradin g i s suspended, the Fund may be unable to purchase an offsetting option for purposes of closin g out an existin g written option at th e or i g i nally scheduled t i me and date.
The Fund will be affected by movements in interest rates an d bond yields and the resulting share price o f the Underlying Fund . In a falling interest rate environment and other environments i n wh i ch cred i t spreads narrow, the Underly i ng Fund i s generall y expected to appreciate in price, and the Fund may underperfor m the Underlyin g Fund as price appreciation for the Fund is limite d to the exercise prices o f the options written b y the Fund . Int e re res t Rat e Ri Risk . Int e r es tr a t e ri s kr e f e r s t o th e ri s k of f luctuations in the value o f a f ixed-income security due to changes in the general level of interest rates. Interest rate changes can b e
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sudden and unpredictable and are in f luenced by a number o f f actors, including government policy, monetary policy, in f lation expectations, perceptions o f risk, and supply and demand f or f ixed-income securities. An increase in interest rates g enerally wil l cause the value o ff ixed-income securities to decline. Securitie s w i th lon g er matur i t i es g enerally are more sens i t i ve to i nterest rate chan g es and subject to g reater fluctuations in value. Chan g es i n interest rates may have unpredictable effects on fixed-income markets and result in hei g htened volatility and lower liquidity fo r certain instruments, which ma y adversel y a ff ect a Fund’s p erformance. During periods of very low or negative interes t rates, a Fund may be unable to maintain positive returns or pa y d i v i dends to shareholders . C re re dit Ris isk . Credit risk is the risk that an issuer, g uarantor o r liquidit y provider of a fixed-income securit y ma y be unable o r unw i ll i n g , or may be perce i ved as unable or unw i ll i n g , to mak e t i mely pr i nc i pal and/or i nterest payments or to otherw i se honor i ts obl i gat i ons. The cred i t rat i ng ass i gned to a secur i ty or i ts i ssuer does not necessaril y reflect the issuer’s current financial condition or an investment’s volatility or liquidity. An actual or p erceived decline in an issuer’s creditworthiness may result in a decrease in the value and liquidity o f its securities as well a s greater price volatility, which may make it difficult to sell the securities. The Fund ma y be adversel y affected if an investmen t that it holds experiences a downgrade or a de f ault . Market Ri Ris is k . The Fund could lose money over short per i ods du e to short-term market movements and over longer per i ods dur i n g more prolon g ed market downturns. Local, re gi onal or g loba l events such as war, acts o f terrorism, pandemics or other public h ealth issues, recessions, the prospect or occurrence of a soverei g n default or other financial crisis, or other events could h ave a significant impact on the Fund and its investments and could result in increased p remiums or discounts to the Fund’s N AV . In Inde dex ex-R e lat e d Ris is k. k. T he Index Prov i der may rely on var i ou s sources o f in f ormation to assess the criteria o f components o f th e Underlying Index, including information that may be based o n assum p tions and estimates. Neither the Fund nor BFA can offer assurances that the Index Provider’s methodology or sources o f information will provide an accurate assessment of included components or w i ll result i n the Fund meet i ng i ts i nvestment object i ve. Errors i n i ndex data, i ndex computat i ons or the construction o f the Underlying Index in accordance with its
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methodolo g y may occur, and the Index Provider may not identif y or correct them promptly or at all, wh i ch may have an advers e i m p act on the Fund and i ts shareholders. Because the Inde x Provider is relatively new to the creation o f indexes, these risks may be greater w i th respect to the Underly i ng Index than i n th e case of an index maintained by a lon g -standin g index provider . U nusual market conditions or other unforeseen circumstance s ( such as natural d i sasters, pol i t i cal unrest or war ) may i mpact th e Index Prov i der or a th i rd-party data prov i der and could cause the Index Prov i der to postpone a scheduled rebalance. Th i s could cause the Underlyin g Index to vary from its normal or expected compos i t i on . A sset Class Ri Ris isk. k. The secur i t i es and other assets i n th e U nderlying Index or in the Fund’s port f olio may underper f orm i n comparison to financial markets g enerally, a particular financia l market, another i ndex, or other asset classes .
Authori riz ized Parti tic ic ip ant Concentrati tio ion Ri Ris isk. k. A n “A u th o riz ed Participant” is a member or participant o f a clearing agenc y re g istered with the S E C , which has a written a g reement with th e Fund or one o f its service p roviders that allows the Authorize d Participant to place orders f or the purchase and redemption o f creation units ( “Creation Units” ) . Only an Authorized Participan t may engage i n creat i on or redempt i on transact i ons d i rectly w i t h the Fund. There are a limited number o f institutions that may ac t as Authorized Participants for the Fund, including on an agenc y basis on behalf of other market p artici p ants. No Authorize d Part i c i pant i s obl i gated to engage i n creat i on or redempt i o n transact i ons. To the extent that Author i zed Part i c i pants ex i t th e business or do not place creation or redemption orders f or th e Fund and no other Author i zed Part i c i pant places orders, Fun d shares are more l i kel y to trade at a prem i um or d i scount to NAV AV and possibly f ace trading halts or delisting.
Co n ce ntratio io n Ris is k. k. The Fund ma y be suscept i ble to a n increased risk o f loss, including losses due to adverse events tha t affect the Fund’s investments more than the market as a whole , to the extent that the Fund ’ s investments are concentrated in th e securities or other assets of one or more issuers, countries o r other g eo g raph i c un i ts, markets, i ndustr i es, project types, o r asset classes . Consumer Goods and Services Companies Risk. k. Co n su m er goods and services companies f ace risks related to changes i n consumer preferences and disposable income, commodit y prices , government regulat i on, supply cha i nd i srupt i ons, damage to brand or reputat i on, econom i c slowdown and labor shortages, amon g other th i n g s . Deri ri vati ti ves Ri Ris isk. k. The Fund’s use of derivatives ( e. g ., futures , forwards, swaps, options ) may be riskier than other types o f investments and ma y not have the intended e ff ect on the Fund’ s performance. Derivatives can be sensitive to chan g es in economi c and market conditions, and they may increase the Fund ’ s volat i l i ty. The Fund also may exper i ence reduced returns as a result of transaction costs and losses on derivatives p ositions . There is the risk o f imper f ect correlation between the value o fa derivative and that of the asset underlyin g the derivative . Der i vat i ves may create i nvestment leverage, wh i ch could result in losses that significantly exceed the Fund’s original investment . Derivatives are subject to the risk of mispricin g or imprope r valuation, particularl y if there is not a liquid secondar y market fo r the instrument. Certain derivatives are subject to counterpart y r i sk, wh i ch i s the r i sk that the other party i n the transact i on w i l l n ot fulfill its contractual obligations. The use of derivatives als o exposes the Fund to add i t i onal operat i onal and legal r i sks . D is tri rib ibuti tio n Tax Ri Ris k. k. T he Fund currently expects to make d i str i but i ons on a regular bas i s. Wh i le the Fund w i ll normally pay its income as distributions, the Fund’s distributions ma y excee d the Fund’s income and g ains for the Fund’s taxable year. The Fund m ay be required to reduce its distributions i f it has insu ff icien t income. Distributions in excess of the Fund’s current and accumulated earnings and pro f its will be treated as a return o f capital. Distributions in excess of the Fund’s minimum distributio n requirements, but not in excess of the Fund’s earnin g s and profits , wi ll be taxable to Fund shareholders and w i ll not const i tut e n ontaxable returns of capital. A return of capital distributio n generally will not be taxable but will reduce the shareholder ’ s cos t bas i s and w i ll result i nah i gher cap i tal ga i n or lower cap i tal los s
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w h e n th ose F u n ds h a r es o n wh ic h th e dis tr ibu t io nw as r ecei v ed are sold. O nce a Fund shareholder ’ s cost basis is reduced to zero , f urther distributions will be treated as capital g ain, i f the Fund shareholder holds shares of the Fund as ca p ital assets. Because the Fund’s distributions ma y consist o f return o f capital, the Fun d m ay not be an appropriate investment for investors who do no t w ant the i r pr i nc i pal i nvestment i n the Fund to decrease over t i me o r who do not wish to receive return o f capital in a given period . Financial Companies Risk . F i nanc i al serv i ces com p an i es ar e subject to extens i ve governmental regulat i on and i ntervent i on, w hich may adversely affect their profitability, the scope of thei r activities, the prices they can charge, the amount o f capital and li qu i d assets they must ma i nta i n and the i rs i ze, among other thin g s. Financial services companies also may be si g nificantly a ff ected by, among other things, interest rates, economi c c onditions, volatility in financial markets, credit ratin g d owngrades, adverse publ i c percept i on, exposure concentrat i o n and counterparty r i sk.
In Income Ri Ris isk. k. T he Fund’s income may decline due to f alling interest rates or other f actors. This can occur because the Fund m ay be requ i red to i nvest i n lower-y i eld i n g bonds when a bond i n the Fund’s port f olio matures, is near maturity, is called or i s prepa i d, when bonds i n the Underly i ng Index are subst i tuted, o r w hen the Fund otherw i se needs to purchase add i t i onal bonds. Th e Index Provider’s substitution of bonds in the Underlying Index ma y o ccur, for example, when the time to maturity for the bond no l onger matches the Underlying Index’s stated maturity guidelines . In Investment in Underly lyi ying Fund Risk. T h e F u n di nv es t si n th e U nderlying Fund, so the Fund’s investment per f ormance and risks are likely to be directly related to those of the Underlying Fund. T he Fund’s NAV will change with changes in the value o f the U nderly i ng Fund and other assets that the Fund holds. The share s o f the Underlyin g Fund may trade at a premium or discount to the U nderlying Fund ’ s NAV. Investors in the Fund will indirectly bea r the expenses charged by the Underly i ng Fund, and an i nvestment in the Fund may entail more expenses than a direct investment i n the Underly i ng Fund . Iss u e r Ris isk . The p erformance of the Fund de p ends on th e performance of individual securities or other assets to which th e Fund has exposure. The value of securities or other assets may d ecline, or per f orm di ff erently f rom the market as a whole, due to
rece i v i n g ad i sproport i onately lar g e taxable d i str i but i on dur i n g o r w i th respect to such y ear. In some c i rcumstances, the Fund ma y hold a relatively lar g e proportion o f its assets in cash i n anticipation o f large redemptions, diluting its investment returns. These large redemptions may also f orce the Fund to sell port f oli o secur i t i es or other assets when i tm ig ht not otherw i se do so , which may ne g atively impact the Fund’s NAV, increase the Fund’s brokerage costs and/or have a material e ff ect on the marke t price of Fund shares . Management Ri Ris is k . Th e Fun d genera ll y d oes not attempt to ta ke defensive positions under any market conditions, includin g declinin g markets. As the Fund will not fully replicate th e Underly i ng Index and may hold secur i t i es or other assets no t i ncluded i n the Underly i n g Index, i t i s subject to the r i sk that th e investment strategy o f BFA may not produce the intended results . There is no guarantee that the Fund’s investment results will hav e a hi g h de g ree of correlation to those of the Underlyin g Index o r that the Fund w i ll ach i eve i ts i nvestment ob j ect i ve . Market Trading ng Ris k . T he Fund faces numerous market tradin g risks, including the potential lack o f an active market f or Fun d shares (including through a trading halt), losses from trading i n secondary markets, periods o f high volatility, and disruptions in the process of creating and redeeming Fund shares. Any of thes e factors, amon g others, may lead to the Fund’s shares tradin g in the secondary market at a prem i um or d i scount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fun d shares at a t i me when the market pr i ce i s at a prem i um to NAV o r sell Fund shares at a t i me when the market pr i ce i s at a d i scoun t to NAV, you may pay si g nificantly more or receive si g nificantl y less than the underlying value o f the Fund shares . Operational and Technology gy Risks ks . T he Fund is directly an d i nd i rectly suscept i ble to operat i onal and technology r i sks , i nclud i n g those related to human errors, process i n g errors , communication errors, systems f ailures, cybersecurity incidents , and the use of artificial intelligence and machine learning (“AI”) , which may result in losses for the Fund and its shareholders o r ma y impair the Fund’s operations. While the Fund’s servic e p rov i ders are re q u i red to have a pp ro p r i ate o p erat i onal , in f ormation security and cybersecurity risk management policie s and procedures, their methods of risk management may diffe r from those of the Fund. Operational and technolo g y risks for th e i ssuers i n wh i ch the Fund i nvests could also result i n mater i a l
S -5
changes in the financial condition or credit rating of the issuer o r counterpart y. Large Shareholder and Large-Scale Redempti tio ion Ri Ris isk. k. C ertain shareholders o f the Fund, including an Authorized Participant, a third-part y investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entity, may from time to tim e own or manage a substantial amount o f Fund shares, or may hol d their investment in the Fund for a limited period of time. There can be no assurance that any large shareholder or large group o f shareholders would not redeem their investment. Redemptions o f a lar g e number of Fund shares could require the Fund to dispose o f assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable d i str i but i ons to i ts shareholders earl i er than the Fund otherw i se would have. In add i t i on, under certa i n c i rcumstances, non-redeem i n g shareholders may be treated as
adverse consequences for such issuers and may cause the Fund’ s i nvestments i n such i ssuers to lose value . Reliance on Trading ng Partners Ris k . The Fund or Underly i n g Fun d i nvests i n countr i es or reg i ons whose econom i es are heav i l y dependent upon trad i ng w i th key partners. Any reduct i on i n th i s trading may have an adverse impact on the Fund ’ s or Underlyin g Fund’s investments . Risk of Investing ng in the U. S . Investin g in U.S. issuers subjects the Fund to legal, regulatory, pol i t i cal, currency, secur i ty, an d economic risks that are specific to the U.S. Certain chan g es in th e U.S., such as a weakening o f the U.S. economy or a decline in it s financial markets, may have an adverse effect on U.S. issuers . Tax Ri Ris isk . The tax rules and l i m i tat i ons that apply to the Fund w i l l cause some or all o f its income and gain to be taxable as ordinar y i ncome or at ord i nary i ncome rates, may accelerate i t s
Page 7
reco g nition of income and g ain, and may defer its use of losses , all o f which are expected to have ne g ative tax consequences f or the Fund and Fund i nvestors. Because the assets compr i s i n g th e Underly i ng Index and held by the Underly i ng Fund w i ll not cons i st o f stock, ordinary dividends f rom the Fund will not be eli g ible f o r the reduced rates a pp licable to “ q uali f ied dividend income” or eligible f or the dividends-received deduction. The Fund expect s that its ownership of shares of the Underlying Fund and sale o f call options thereon g enerally will constitute “straddles ” (o ff setting positions with respect to personal property) unde r section 1092 of the Internal Revenue Code (“IRC”). The straddl e rules generally do not apply i f all the straddle’s o ff settin g positions consist of “qualified covered call options” and the stock to be p urchased under the o p tions, and the straddle is not p art of a larger straddle. Unlike certain other f unds that utilize covered call strateg i es, the Fund does not ant i c i pate that th i s except i on w i ll be ava i lable because, as a general matter, the call opt i ons i t writes are not expected to be treated as “qualified covered cal l options.” The straddle rules usuall y will terminate the Fund’ s holding periods f or its shares o f the Underlying Fund that becom e part of a straddle before the lon g -term capital g ain holdin g perio d (more than one year) has been reached, wh i ch i s expected t o eliminate the Fund’s ability to recognize long-term capital gains from a sale or other dis p osition of such shares. The straddle rules also usually will defer recognition of realized losses and requir e the capitalization of certain interest expenses and carryin g charges. Similarly, “wash sale” rules may apply to de f er th e recognition of loss by the Fund from the disposition of stock or secur i t i es at a loss i n a case i n wh i ch i dent i cal or substant i ally i dent i cal stock or secur i t i es (or an opt i on to acqu i re suc h property) i s or has been acqu i red w i th i n a prescr i bed per i od. As a result o f the f oregoing, an investor may be subject to signi f icantly greater amounts of tax as a result of the investment than woul d apply to an investment in a fund en g a g ed in a different investment s t ra t egy . Tracking ng Error Ris k . The Fund may be subject to “trackin g error,” which is the divergence o f the Fund’s per f ormance f rom that o f the Underlying Index. Tracking error may occur due to a number o f f actors, including di ff erences between the securities and othe r assets held in the Fund’s portfolio and those included in th e Underlyin g Index; differences in the timin g and methodolo g ie s used to value secur i t i es and other assets; transact i on costs an d
other expenses i ncurred by the Fund that the Underly i n g Index
S - 6
d oes not incur; the Fund’s holdin g of uninvested cash; differences i n the timin g o f the accrual or the valuation o f dividends or i nterest rece i ved b y the Fund or d i str i but i ons pa i d to Fund s hareholders; tax g ains or losses; di ff erences between the amount and/or timin g o f withholdin g taxes on dividends re f lected i n the Underlying Index from the Fund’s obligation, if any, for f orei g n withholdin g taxes; the requirements for the Fund to m aintain pass-through tax treatment; port f olio transactions c arried out to minimize the distribution of capital gains to s hareholders; the acceptance of custom baskets; chan g es to th e U nderlying Index; and impacts to the Fund of complying with c erta i n re g ulatory requ i rements or l i m i ts. Track i n g error r i sk may b e heightened during times o f increased market volatility or other u nusual market cond i t i ons. To the extent that the Fund seeks to achieve its investment objective throu g h investments in the U nderly i ng Fund, the Fund may exper i ence i ncreased track i ng error as compared to i nvest i ng d i rectly i n the secur i t i es or other assets included in the underlying index o f the Underlying Fund. A F und that tracks an i ndex w i th exposure to swaps, opt i ons, f utures and/or other derivatives may experience hi g her trackin g error than ETFs that do not track such i ndexes. A Fund that tracks an index with exposure to non-U.S. issuers may experience highe r track i n g error than ETFs that do not track such i ndexes.
Va Valuati tio ion Ri Ris is k . T he pr i ce that the Fund could rece i ve upon th e sale (or other disposition) of a security or other asset may diffe r f rom the Fund’s valuation o f the securit y or other asset , particularl y for securities or other assets that trade in low volume or volatile markets or that are valued using a f air valu e methodology. The price received by the Fund also may di ff er f ro m the value used by the Underlyin g Index. In addition, the value o f the securities or other assets in the Fund’s port f olio may chang e on days or dur i ng t i me per i ods when i nvestors are not able t o p urchase or sell Fund shares. Authorized Partici p ants that create or redeem Fund shares on days when the Fund is holding fair valued securities or other assets ma y receive fewer or more shares, or lower or h i gher redempt i on proceeds, than they woul d have received had the securities or other assets not been fai r valued or been valued using a di ff erent methodology. The ability t o value i nvestments may be i mpacted by technolog i cal i ssues or errors by pr i c i n g serv i ces or other th i rd-party serv i ce prov i ders .
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Per f ormance In f ormatio n
The p er f ormance in f ormation below illustrates how the Fund’s p er f ormance has varied over di ff erent p eriods and p rovides some indicatio n o f the risks o f investin g in the Fund. The bar chart shows how the per f ormance o f the Fund has varied f rom one calendar year to another over the p eriods shown. The table com p ares the Fund’s p er f ormance to that o f an a pp ro p riate broad-based securities market index an d the Underlying Index. Returns assume the reinvestment o f any dividends and distributions. The Fund’s returns re f lect the impact o f any agreements to waive or reimburse expenses, which would reduce per f ormance i f not in e ff ect. Past per f ormance (be f ore and a f ter taxes) d oes not necessarily indicate how the Fund will perform in the future. Updated performance information, includin g the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll f ree).
Calendar Year-by-Year Returns
1 2 %
9 %
6%
3 %
0 %
2 0 2 3 2 0 2 4 2 0 2 5
3.93% 2.84%
8 . 9 5 %
R eturn ( % ) Per i od Ende d D ur i ng the per i ods shown i n the chart: B est Q uarter 4.66 % March 31, 202 3 W orst Q uarter - 2.95% S eptember 30, 202 3
A vera g e Annual Total Return s ( f or the periods ended December 31 , 2025 )
O ne Yea r
S i nce Fun d Ince p tio n ( Incept i on Date: 8/18/2022 ) Return Be f ore Taxe s 8 .95 % 2.12 % Return A f ter Taxes on Distribution s 6.11 % -1.24 % R e t u rn Aft e rTa Ta x es o n Di s tri bu ti o n sa n d S a l eo fF u n d Sh a r es 5 . 26% 0 . 13 % Bloomber g U.S. Un i versal Index ( Returns do not re f lect deductions f or f ees, expenses or taxes ) 7.58% 3.42% Cboe LQD Bu y Wr i te Index ( Returns do not re f lect deductions f or f ees, expenses or taxes ) 8 .83 % 2.38 %
A f ter-tax returns in the table above are calculated using the historical highest individual U.S. f ederal marginal income tax rates and do no t reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and ma y differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares throu g h tax-deferred arran g ements , s uch as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns a f ter taxes on distributions and sales o f Fund shares are calculated assumin g that an investor has sufficient capital g ains of the same character from other investments to offset any capital losses f rom the sales o f Fund shares. As a result, Fund returns a f ter taxes on distributions and sales o f Fund shares may exceed Fund return s b efore taxes and/or returns after taxes on distributions .
S -7
Page 9
M ana g emen t
Inv es tm e nt Adv ise r . Bl ac kR oc kF u n d A d v iso r s . Port f olio Managers. Erin Armstrong, Kyle Mc C lements and Orlando Montalvo (the “Port f olio Managers”) are primaril y responsible f or the day-to-day management o f the Fund. Each Portfolio Manager supervises a portfolio management team. Ms . Armstrong, Mr. McClements and Mr. Montalvo have been Port f oli o M anagers of the Fund since 2025, 2025 and 2022, respectively .
Purchase and Sale o f Fund Share s
The Fund is an ETF. Individual shares of the Fund ma y onl y b e b ou g ht and sold i n the secondary market throu g h a broker-dealer . Because ETF shares trade at market pr i ces rather than at NAV , s hares may trade at a pr i ce greater than NAV (a prem i um) or les s than NAV ( ad i scount ) . An i nvestor may i ncur costs attr i butable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a selle r is willing to accept f or shares o f the Fund (ask) when buying o r s elling shares in the secondary market (the “bid-ask spread”) .
Tax In fo rmati o n
The Fund i ntends to make d i str i but i ons that ma y be taxable to y o u as ord i nary i ncome or cap i tal g a i ns, unless you are i nvest i n g throu g h a tax-de f erred arran g ement such as a 401(k) plan or a n IRA, i n wh i ch case, your d i str i but i ons generally w i ll be taxed whe n w i thdrawn .
Payments to Broker-Dealers and Other Financia l Int e rm e diari es
I f you purchase shares o f the Fund through a broker-dealer o r other financial intermediary (such as a bank), BFA or other relate d companies may pay the intermediary for marketin g activities an d presentations, educational training programs, con f erences, th e development of technology platforms and reporting systems o r other services related to the sale or promotion o f the Fund. Thes e payments may create a conflict of interest by influencing th e broker-dealer or other i ntermed i ar y and y our salesperson t o recommend the Fund over another i nvestment. Ask you r salesperson or visit y our financial intermediar y ’s website for more in f ormation.
S -8
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For more in f ormation visit www.iShares.com or call 1-800-474-273 7
Investment Compan y Act file No.: 811-09729
IS - S
P-L Q
DW-1
026
Go paperless. . . It’s Easy, Economical and Green! Go to www.icsdelivery.com
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