open/document-extraction
View Schema
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 5, 2026 to the currently effective Summary Prospectus, Prospectus, and Statement of Additional Information (the “SAI”) for the iShares MSCI EAFE Growth ETF (EFG), iShares MSCI EAFE Value ETF (EFV), iShares MSCI USA Momentum Factor ETF (MTUM), iShares MSCI USA Quality Factor ETF (QUAL) and iShares U.S. Aerospace & Defense ETF (ITA) (each, a “Fund”)
The Board of Trustees of iShares Trust has authorized a forward stock split for each Fund at the ratio set out below. The Creation Unit size for each Fund will remain unchanged, as set out below.
Fund Name Ticker Forward Split Ratio
Shares Per Creation Unit iShares MSCI EAFE Growth ETF EFG 3:1 400,000
iShares MSCI EAFE Value ETF EFV 2:1 400,000
iShares MSCI USA Momentum Factor ETF MTUM 4:1 50,000
iShares MSCI USA Quality Factor ETF QUAL 4:1 50,000
iShares U.S. Aerospace & Defense ETF ITA 3:1 50,000
The record date for the forward stock split will be November 3, 2026 and the stock split will be payable after the close of trading on November 4, 2026, the payable date. Shares of each Fund will begin trading on a split-adjusted basis on November 5, 2026, the ex-date.
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-FS-1026
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
Page 2
[THIS PAGE INTENTIONALLY LEFT BLANK]
Page 3
[THIS PAGE INTENTIONALLY LEFT BLANK]
Page 4
[THIS PAGE INTENTIONALLY LEFT BLANK]
Page 5
NOVEMBER 28, 2025
Summary Prospectus
• iShares MSCI EAFE Value ETF | EFV | Cboe BZX
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus (including amendments and supplements) and other information about the Fund, including the Fund’s statement of additional information and shareholder reports, online at https://www.blackrock.com/prospectus. You can also get this information at no cost by calling 1-800-iShares (1-800-474-2737) or by sending an e-mail request to iSharesETFs@blackrock.com, or from your financial professional. The Fund’s prospectus and statement of additional information, both dated November 28, 2025, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus. Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at https://www.iShares.com.
The Securities and Exchange Commission 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 ® MSCI EAFE VALUE ETF
Ticker: EFV Stock Exchange: Cboe BZX
Investment Objective
The iShares MSCI EAFE Value ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, excluding the U.S. and Canada, that exhibit value characteristics.
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.
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
Total Annual Fund Operating Expenses 0.31% None 0.00% 0.31%
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. 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 $32 $100 $174 $393
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 23% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to track the investment results of the MSCI EAFE Value Index (the “Underlying Index”), which is a subset of the MSCI EAFE Index. The MSCI EAFE Index has been developed by MSCI Inc. (the “Index Provider” or “MSCI”) to measure the equity market performance of developed markets outside of the U.S. and Canada.
Constituents of the Underlying Index include securities from Europe, Australasia and the Far East. The Underlying Index targets approximately 50% coverage of the free float-adjusted market capitalization of the MSCI EAFE Index and consists of those
securities classified by MSCI as most representing the value style of investing. Securities classified in this style generally tend to have higher value characteristics ( i.e. , higher book value to price, 12-month forward earnings to price and dividend yield). MSCI uses a specialized framework to attribute both value and growth style characteristics to each security within the MSCI EAFE Index. Each security is evaluated based on certain value factors and growth factors, which are then used to calculate a value score and growth score. Based upon these two scores, MSCI determines the extent to which each security is assigned to the value or growth style. It is possible for a single security to have representation in both the value and growth style indexes; however, no more than 100% of a security’s float-adjusted market capitalization will be included within the combined style framework. The Underlying Index includes large- and mid-capitalization companies and may change over time. As of July 31, 2025, the Underlying Index consisted of securities from the following countries or regions: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom (the “U.K.”). As of July 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in
S-1
Page 7
the consumer goods and services and financials industries or sectors. The components of the Underlying Index are likely to change over time.
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 capitalization and industry weightings), fundamental characteristics (such as return variability 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 generally will invest at least 80% of its assets in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index ( i.e ., depositary receipts representing securities of the Underlying Index) and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which 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.
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 sponsored by MSCI, which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
Industry Concentration Policy. The Fund will concentrate its investments ( i.e. , hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.
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.
Risk of Investing in Developed Countries . The Fund’s investment in developed country issuers will subject the Fund to legal, regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a significant portion of the global economy and have generally experienced slower economic growth than some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or availability of certain commodities.
Value Securities Risk . Value securities are those issued by companies that may be perceived as undervalued. Such securities may decline in price or fail to appreciate for long periods of time, and they may never realize their full potential value. Value securities may underperform growth securities and other types of assets as well as the overall stock market. Value securities may go in and out of favor over time, which could affect the performance of the Fund.
Equity Securities Risk . Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.
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
S-2
Page 8
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.
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.
Consumer Goods and Services Companies Risk. Consumer goods and services companies face risks related to changes in consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage to brand or reputation, economic slowdown and labor shortages, among other things.
Currency Risk . Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions between U.S. dollars and foreign currencies.
Financial Companies Risk . Financial services companies are subject to extensive governmental regulation and intervention, which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating downgrades, adverse public perception, exposure concentration and counterparty risk.
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.
Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall performance of the broader securities markets.
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.
Mid-Capitalization Companies Risk . Compared to large capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile than that of a fund with a greater investment in large-capitalization stocks.
National Closed Market Trading Risk. To the extent that securities or other assets held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between such asset’s current price and its last quoted price ( i.e ., the quote from the closed foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other funds.
Non-U.S. Securities Risk . Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement procedures, and holiday schedules may limit the Fund’s ability to engage in portfolio transactions. To the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. The
S-3
Page 9
Fund is specifically exposed to Asian Economic Risk and European Economic Risk . 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.
Reliance on Trading Partners Risk . The Fund invests in countries or regions whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund’s investments. Through its holdings of securities of certain issuers, the Fund is specifically exposed to Asian Economic Risk, European Economic Risk and U.S. Economic Risk . Risk of Investing in Japan . Investing in Japanese issuers subjects the Fund to legal, regulatory, political, economic, currency, geographic and security risks that are specific to Japan. Japan’s economy depends heavily on international trade, oil and other commodity imports, and government policy supporting its exports. Other risks facing the Japanese economy include significant public debt and deficits, currency fluctuations, and labor shortages due to an aging and declining population. Japan’s relations with its neighbors have been strained at times, which could adversely affect its markets and economy. Japan is also vulnerable to natural disasters.
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. A Fund that tracks an index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.
Valuation Risk . The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants that create or redeem Fund shares on days when the Fund is holding fair valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.
S-4
Page 10
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
30% 20% 10% 0% -10% -20%
2 0 1 5 2 0 1 6 2 0 17 2 0 1 8 2 0 1 9 2 0 2 0 2 0 21 2 0 22 2 0 2 3 2 0 2 4
-5.89%
4.87%
21.22%
-14.88%
15.97%
-2.78%
10.82%
-5.38%
18.87%
5.40%
Return (%) Period Ended Calendar Year-to-Date Return 32.63% September 30, 2025 During the periods shown in the chart: Best Quarter 20.29% December 31, 2022 Worst Quarter -28.23% March 31, 2020
Average Annual Total Returns (for the periods ended December 31, 2024) One Year Five Years Ten Years (Inception Date: 8/1/2005) Return Before Taxes 5.40% 5.02% 4.20% Return After Taxes on Distributions 4.44% 4.17% 3.41% Return After Taxes on Distributions and Sale of Fund Shares 4.17% 3.93% 3.33% MSCI ACWI ex USA Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80% MSCI EAFE Value Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 5.68% 5.09% 4.31%
1 Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. 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 11
Management
Investment Adviser. BlackRock Fund Advisors.
Portfolio Managers. Jennifer Hsui, Matt Waldron, Peter Sietsema and Steven White (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Ms. Hsui, Mr. Waldron, Mr. Sietsema and Mr. White have been Portfolio Managers of the Fund since 2012, 2025, 2025 and 2025, respectively.
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
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.
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 12
For more information visit www.iShares.com or call 1-800-474-2737
Investment Company Act file No.: 811-09729
IS-SP-EFV-1125
Go paperless. . . It’s Easy, Economical and Green! Go to www.icsdelivery.com
Truncated: This annotation is too large to fit.
View the raw JSON.
{
"annotation_id": "e995e49b-0aab-4cbf-8ba7-e0d0f38621af",
"date_created": "2026-10-06T14:42:53.215000Z",
"date_modified": "2026-10-06T14:42:53.215000Z",
"file_hash": "1b9b3febd326e1df542f17c37c0a2d3f61f348c73f4602f5f73a48f5d0481ed5",
"private": false,
"record": {
"attributes": {
"chunk_type": "page_range",
"end_page": 12,
"start_page": 1
},
"blocks": [
{
"block_type": "box",
"box": {
"height": 10,
"width": 103,
"x": 450,
"y": 69
},
"id": "3e943886-2bf4-4857-bdc2-ff021a458ad8",
"page_number": 1,
"text": "iShares Trust"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 269,
"x": 367,
"y": 85
},
"id": "2da6f43d-bc95-4599-beb9-9fd57ecef2e4",
"page_number": 1,
"text": "Supplement dated October 5, 2026"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 456,
"x": 273,
"y": 100
},
"id": "9caec0ff-770d-4b63-a92c-2d9c42a90da9",
"page_number": 1,
"text": "to the currently effective Summary Prospectus, Prospectus,"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 400,
"x": 302,
"y": 116
},
"id": "b26fa133-c440-411b-99fa-badf2d64faef",
"page_number": 1,
"text": "and Statement of Additional Information (the \u201cSAI\u201d)"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 757,
"x": 123,
"y": 131
},
"id": "e5409017-dc92-4c0c-b7a0-b678acbc0b01",
"page_number": 1,
"text": "for the iShares MSCI EAFE Growth ETF (EFG), iShares MSCI EAFE Value ETF (EFV), iShares MSCI USA"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 716,
"x": 144,
"y": 147
},
"id": "604a1c6b-4dde-4fe1-af39-f6cf8575355b",
"page_number": 1,
"text": "Momentum Factor ETF (MTUM), iShares MSCI USA Quality Factor ETF (QUAL) and iShares U.S."
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 370,
"x": 316,
"y": 162
},
"id": "c2bf81ba-13c3-42b6-9f20-88b1724fe823",
"page_number": 1,
"text": "Aerospace \u0026 Defense ETF (ITA) (each, a \u201cFund\u201d)"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 760,
"x": 116,
"y": 185
},
"id": "9f53868b-d092-4495-ae9d-c7fe0ca687ee",
"page_number": 1,
"text": "The Board of Trustees of iShares Trust has authorized a forward stock split for each Fund at the ratio set"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 649,
"x": 116,
"y": 201
},
"id": "36fed12b-3f2a-4b52-85de-7f97b13a673d",
"page_number": 1,
"text": "out below. The Creation Unit size for each Fund will remain unchanged, as set out below."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 350,
"x": 321,
"y": 228
},
"id": "6b018a4c-0cfc-48c5-99ed-9ab308947d9a",
"page_number": 1,
"text": "Fund Name Ticker"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 67,
"x": 692,
"y": 222
},
"id": "544c74db-4239-491b-8f5a-bcd91a07613c",
"page_number": 1,
"text": "Forward"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 82,
"x": 684,
"y": 235
},
"id": "0d97e1ee-4870-4b08-8317-8cf85238bb52",
"page_number": 1,
"text": "Split Ratio"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 84,
"x": 786,
"y": 222
},
"id": "5ee035f7-7a4c-4df1-8d0a-ab2c06e39b7b",
"page_number": 1,
"text": "Shares Per"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 104,
"x": 776,
"y": 235
},
"id": "1c91c349-6400-4c00-b5b2-d74e7d839dd0",
"page_number": 1,
"text": "Creation Unit"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 737,
"x": 123,
"y": 255
},
"id": "e50bf665-bee6-4eb4-a173-a0875ab322ba",
"page_number": 1,
"text": "iShares MSCI EAFE Growth ETF EFG 3:1 400,000"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 737,
"x": 123,
"y": 278
},
"id": "c0abac54-c06d-4c4e-bbac-d828f2580036",
"page_number": 1,
"text": "iShares MSCI EAFE Value ETF EFV 2:1 400,000"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 733,
"x": 123,
"y": 302
},
"id": "350a6b19-3da7-4714-8ee7-2075f50910b4",
"page_number": 1,
"text": "iShares MSCI USA Momentum Factor ETF MTUM 4:1 50,000"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 733,
"x": 123,
"y": 325
},
"id": "d2009ea3-e355-42b5-b626-55790f65a8da",
"page_number": 1,
"text": "iShares MSCI USA Quality Factor ETF QUAL 4:1 50,000"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 733,
"x": 123,
"y": 348
},
"id": "71f9c882-99f9-47cc-965d-be3af30b231f",
"page_number": 1,
"text": "iShares U.S. Aerospace \u0026 Defense ETF ITA 3:1 50,000"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 749,
"x": 116,
"y": 379
},
"id": "8c8f131e-44bc-46b7-a830-5e1c0fc19a34",
"page_number": 1,
"text": "The record date for the forward stock split will be November 3, 2026 and the stock split will be payable"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 758,
"x": 116,
"y": 395
},
"id": "5fffc583-83bf-4586-b28d-be23eba92218",
"page_number": 1,
"text": "after the close of trading on November 4, 2026, the payable date. Shares of each Fund will begin trading"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 436,
"x": 116,
"y": 410
},
"id": "8f6150d0-6946-48a2-9e54-8e112ac07c9c",
"page_number": 1,
"text": "on a split-adjusted basis on November 5, 2026, the ex-date."
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 521,
"x": 117,
"y": 433
},
"id": "99ec665d-88d7-4787-8211-d2e577022ae5",
"page_number": 1,
"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": "253eda2f-07cb-470f-8d1d-4a8067fbb02f",
"page_number": 1,
"text": "iShares"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 8,
"x": 158,
"y": 869
},
"id": "8bd29846-e490-4f42-8581-bc1b02df3feb",
"page_number": 1,
"text": "\u00ae"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 406,
"x": 170,
"y": 869
},
"id": "47222992-1f7b-4f00-83cd-6d1703bbf9aa",
"page_number": 1,
"text": "is a registered trademark of BlackRock Fund Advisors and its affiliates."
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 78,
"x": 805,
"y": 887
},
"id": "d7e65678-7e2c-42ca-b637-ecf6a215e2ba",
"page_number": 1,
"text": "IS-A-FS-1026"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 265,
"x": 368,
"y": 911
},
"id": "0be9d1ac-199f-40bb-a08c-d1a5905f7f99",
"page_number": 1,
"text": "PLEASE RETAIN THIS SUPPLEMENT"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 186,
"x": 407,
"y": 926
},
"id": "b644bb72-d2e6-4e9f-b514-2afc326b8c6d",
"page_number": 1,
"text": "FOR FUTURE REFERENCE"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 268,
"x": 390,
"y": 309
},
"id": "b1d81316-d711-4e67-b299-825981b683cf",
"page_number": 2,
"text": "[THIS PAGE INTENTIONALLY LEFT BLANK]"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 268,
"x": 390,
"y": 309
},
"id": "74392809-19c4-4039-ac41-42337647c2cc",
"page_number": 3,
"text": "[THIS PAGE INTENTIONALLY LEFT BLANK]"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 268,
"x": 390,
"y": 309
},
"id": "c8e92e24-a634-4770-a970-b4f4696dc51b",
"page_number": 4,
"text": "[THIS PAGE INTENTIONALLY LEFT BLANK]"
},
{
"block_type": "box",
"box": {
"height": 14,
"width": 212,
"x": 706,
"y": 60
},
"id": "46041155-6bc4-4096-9d1a-6d5df9db5777",
"page_number": 5,
"text": "NOVEMBER 28, 2025"
},
{
"block_type": "box",
"box": {
"height": 33,
"width": 501,
"x": 112,
"y": 175
},
"id": "10ff78b8-aea6-46b1-be12-55c01fac479d",
"page_number": 5,
"text": "Summary Prospectus"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 6,
"x": 81,
"y": 256
},
"id": "20c6a52d-e648-4a0d-b66b-597d23cd8199",
"page_number": 5,
"text": "\u2022"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 236,
"x": 102,
"y": 253
},
"id": "02989909-f0db-4e02-8fc4-5666945d01f7",
"page_number": 5,
"text": "iShares MSCI EAFE Value ETF"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 1,
"x": 348,
"y": 253
},
"id": "aa396d2a-bcd8-44fe-9331-261f5fddffc6",
"page_number": 5,
"text": "|"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 30,
"x": 361,
"y": 253
},
"id": "95a9a9be-592c-432e-8ef0-0e66065fedd2",
"page_number": 5,
"text": "EFV"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 1,
"x": 401,
"y": 253
},
"id": "d2c69501-3ad6-4370-bf20-b39aa715f71b",
"page_number": 5,
"text": "|"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 76,
"x": 413,
"y": 253
},
"id": "5cca10cf-7fc6-4bdb-875d-d7bb11571671",
"page_number": 5,
"text": "Cboe BZX"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 812,
"x": 81,
"y": 299
},
"id": "7ca5a573-e993-45b5-80ff-25d3f487739c",
"page_number": 5,
"text": "Before you invest, you may want to review the Fund\u2019s prospectus, which contains more information about"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 815,
"x": 81,
"y": 315
},
"id": "f58d6f1c-bbdf-42a5-a128-d1ea34754eaa",
"page_number": 5,
"text": "the Fund and its risks. You can find the Fund\u2019s prospectus (including amendments and supplements) and"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 741,
"x": 81,
"y": 330
},
"id": "dc79a985-dfd1-47bc-8c02-56b687521525",
"page_number": 5,
"text": "other information about the Fund, including the Fund\u2019s statement of additional information and"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 823,
"x": 81,
"y": 346
},
"id": "b99b6419-f4ff-4bc4-8613-cc40370796af",
"page_number": 5,
"text": "shareholder reports, online at https://www.blackrock.com/prospectus. You can also get this information at"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 673,
"x": 81,
"y": 361
},
"id": "e9de3925-cabc-4aaa-923b-03440b2c76ca",
"page_number": 5,
"text": "no cost by calling 1-800-iShares (1-800-474-2737) or by sending an e-mail request to"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 818,
"x": 81,
"y": 377
},
"id": "408042b6-139f-4a25-92fc-362f943abe42",
"page_number": 5,
"text": "iSharesETFs@blackrock.com, or from your financial professional. The Fund\u2019s prospectus and statement of"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 819,
"x": 81,
"y": 392
},
"id": "ad46ea99-a333-4274-bb93-89bb921118cd",
"page_number": 5,
"text": "additional information, both dated November 28, 2025, as amended and supplemented from time to time,"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 803,
"x": 81,
"y": 408
},
"id": "f9e5a402-1860-4e7f-9953-5666dc1b56ca",
"page_number": 5,
"text": "are incorporated by reference into (legally made a part of) this Summary Prospectus. Information on the"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 768,
"x": 81,
"y": 423
},
"id": "3d0abeb6-3cfd-454e-865f-114a9977ac90",
"page_number": 5,
"text": "Fund\u2019s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 200,
"x": 81,
"y": 439
},
"id": "2300fa9e-da65-465d-8cff-c1d968968eb8",
"page_number": 5,
"text": "https://www.iShares.com."
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 836,
"x": 81,
"y": 891
},
"id": "d7371720-034b-43c1-80bf-3eed63fe2014",
"page_number": 5,
"text": "The Securities and Exchange Commission has not approved or disapproved these securities or passed upon"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 696,
"x": 81,
"y": 907
},
"id": "64c81bfb-b86d-4928-99b2-44f9b417462e",
"page_number": 5,
"text": "the adequacy of this prospectus. Any representation to the contrary is a criminal offense."
},
{
"block_type": "box",
"box": {
"height": 16,
"width": 118,
"x": 272,
"y": 47
},
"id": "27e5f7ca-bd96-4c8e-bf5f-778427b63ee0",
"page_number": 6,
"text": "iSHARES"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 10,
"x": 394,
"y": 40
},
"id": "a8988b25-279e-4676-9061-6a7d7fee473b",
"page_number": 6,
"text": "\u00ae"
},
{
"block_type": "box",
"box": {
"height": 16,
"width": 311,
"x": 415,
"y": 47
},
"id": "130f1589-93c1-410c-926e-8a103f4dbc27",
"page_number": 6,
"text": "MSCI EAFE VALUE ETF"
},
{
"block_type": "box",
"box": {
"height": 12,
"width": 477,
"x": 257,
"y": 76
},
"id": "3f11161d-52a1-42f5-8532-25487d922db5",
"page_number": 6,
"text": "Ticker: EFV Stock Exchange: Cboe BZX"
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 182,
"x": 53,
"y": 114
},
"id": "dc8214e8-cda3-4364-876f-a5bfe599c085",
"page_number": 6,
"text": "Investment Objective"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 879,
"x": 52,
"y": 139
},
"id": "e940539d-a1b1-4218-9a93-c91749267bac",
"page_number": 6,
"text": "The iShares MSCI EAFE Value ETF (the \u201cFund\u201d) seeks to track the investment results of an index composed of developed market equities,"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 415,
"x": 53,
"y": 153
},
"id": "65623795-8cf6-4c2f-84e5-80d63996ec8d",
"page_number": 6,
"text": "excluding the U.S. and Canada, that exhibit value characteristics."
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 161,
"x": 53,
"y": 183
},
"id": "0a77834c-27d7-4a52-85a7-aab7ac72381c",
"page_number": 6,
"text": "Fees and Expenses"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 869,
"x": 52,
"y": 208
},
"id": "358a5f24-5829-4aa8-8279-9068fa142c09",
"page_number": 6,
"text": "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"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 863,
"x": 53,
"y": 222
},
"id": "4375ec80-c2b4-413a-ab8c-5862c3bac6fd",
"page_number": 6,
"text": "are rounded to the nearest basis point, which in some cases may be \u201c0.00.\u201d The investment advisory agreement between iShares Trust"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 889,
"x": 53,
"y": 236
},
"id": "42fd1ac9-adc1-42ae-bea1-691003d1b742",
"page_number": 6,
"text": "(the \u201cTrust\u201d) and BlackRock Fund Advisors (\u201cBFA\u201d) (the \u201cInvestment Advisory Agreement\u201d) provides that BFA will pay all operating expenses"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 870,
"x": 53,
"y": 250
},
"id": "cdf234d1-1062-4f5b-a343-8c90c75f1f69",
"page_number": 6,
"text": "of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 858,
"x": 53,
"y": 264
},
"id": "18aa324c-9e15-4c66-b6f1-ef297c913c24",
"page_number": 6,
"text": "disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 450,
"x": 53,
"y": 278
},
"id": "89428bdb-1766-418b-aeff-c0150ef9837e",
"page_number": 6,
"text": "expenses, and (vi) litigation expenses and any extraordinary expenses."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 883,
"x": 52,
"y": 302
},
"id": "f889c05f-001e-4363-b76b-03c16f8a666e",
"page_number": 6,
"text": "You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 221,
"x": 52,
"y": 316
},
"id": "1a75a591-476d-4cd3-83e3-37064b7c2cd7",
"page_number": 6,
"text": "the tables and examples below."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 205,
"x": 395,
"y": 336
},
"id": "e5cd334b-abc0-4d72-b420-6bfb0d2c0b9c",
"page_number": 6,
"text": "Annual Fund Operating Expenses"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 292,
"x": 352,
"y": 346
},
"id": "f44978cc-d9c3-4a7a-898d-e1021f413d5a",
"page_number": 6,
"text": "(ongoing expenses that you pay each year as a\r\n1"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 280,
"x": 355,
"y": 357
},
"id": "cf6b85a4-f662-4418-8852-522e449c1c2c",
"page_number": 6,
"text": "percentage of the value of your investments)"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 2,
"x": 638,
"y": 355
},
"id": "ba1467ff-8507-40a4-ba5e-7cc92b37b645",
"page_number": 6,
"text": "1"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 79,
"x": 140,
"y": 397
},
"id": "e83257dc-7f9c-4b6a-8f6a-5fc90dbb34ce",
"page_number": 6,
"text": "Management"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 27,
"x": 166,
"y": 407
},
"id": "e1410c3b-65e1-4ef4-b9a1-64a7954d57a5",
"page_number": 6,
"text": "Fees"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 72,
"x": 363,
"y": 386
},
"id": "7fba06a6-96b8-4c20-b300-db91a9909638",
"page_number": 6,
"text": "Distribution"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 72,
"x": 363,
"y": 397
},
"id": "1df7095b-c413-42e1-acb8-0e096943e8ef",
"page_number": 6,
"text": "and Service"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 73,
"x": 363,
"y": 407
},
"id": "f1b8c5d4-f25c-4d24-9859-9d3a2368f270",
"page_number": 6,
"text": "(12b-1) Fees"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 35,
"x": 591,
"y": 397
},
"id": "f542c512-ed7e-4ea0-a467-927259baf221",
"page_number": 6,
"text": "Other"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 57,
"x": 580,
"y": 407
},
"id": "38b0d8ab-b958-4235-9b16-79c51b028f53",
"page_number": 6,
"text": "Expenses"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 76,
"x": 780,
"y": 376
},
"id": "3860e02c-3e4c-4e49-b207-b0696f7d2f9c",
"page_number": 6,
"text": "Total Annual"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 29,
"x": 804,
"y": 386
},
"id": "20fd15ec-a69f-4ae3-9882-a07a737fa145",
"page_number": 6,
"text": "Fund"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 61,
"x": 788,
"y": 397
},
"id": "a33edf68-3aa5-4461-958e-816e178670ad",
"page_number": 6,
"text": "Operating"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 57,
"x": 790,
"y": 407
},
"id": "547106b3-9b3e-4f48-8e20-c0e2bf084f57",
"page_number": 6,
"text": "Expenses"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 672,
"x": 163,
"y": 426
},
"id": "8170e3f6-49ac-489d-ab3c-3ed6e5de13f8",
"page_number": 6,
"text": "0.31% None 0.00% 0.31%"
},
{
"block_type": "box",
"box": {
"height": 5,
"width": 2,
"x": 82,
"y": 457
},
"id": "b17e36e8-6c8c-4af3-b14f-6d5b375ab1a2",
"page_number": 6,
"text": "1"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 705,
"x": 93,
"y": 459
},
"id": "2814689d-9a37-4138-8e99-05387491dc6c",
"page_number": 6,
"text": "Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 62,
"x": 53,
"y": 478
},
"id": "ad543d6a-fef6-4b71-8599-8c006bc355ac",
"page_number": 6,
"text": "Example."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 801,
"x": 119,
"y": 478
},
"id": "b57c2078-3856-4a3f-a25b-5da8eac324d3",
"page_number": 6,
"text": "This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 890,
"x": 52,
"y": 492
},
"id": "af48170f-1804-45f9-8592-1828a6b22d59",
"page_number": 6,
"text": "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"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 861,
"x": 53,
"y": 507
},
"id": "50dbac2b-ba84-492f-8672-b0567360c238",
"page_number": 6,
"text": "periods. The Example also assumes that your investment has a 5% return each year and that the Fund\u2019s operating expenses remain the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 694,
"x": 53,
"y": 521
},
"id": "5c11c781-904b-4788-b9d5-97b4d22f428c",
"page_number": 6,
"text": "same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:"
},
{
"block_type": "box",
"box": {
"height": 7,
"width": 668,
"x": 165,
"y": 552
},
"id": "f0615e07-9b1f-4069-87e3-d2c7807137d7",
"page_number": 6,
"text": "1 Year 3 Years 5 Years 10 Years"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 648,
"x": 172,
"y": 571
},
"id": "9b61b74f-7708-49ec-a31c-ddbd126532bc",
"page_number": 6,
"text": "$32 $100 $174 $393"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 128,
"x": 53,
"y": 611
},
"id": "afdbc7ba-de11-47ee-a6c2-f1adb44daf4b",
"page_number": 6,
"text": "Portfolio Turnover."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 287,
"x": 186,
"y": 611
},
"id": "abd95043-3115-45f7-a3c9-714297c469d4",
"page_number": 6,
"text": "The Fund may pay transaction costs, such as"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 420,
"x": 53,
"y": 625
},
"id": "2ed4c84d-005b-4e9e-a8d1-47b0a2af7425",
"page_number": 6,
"text": "commissions, when it buys and sells securities (or \u201cturns over\u201d its"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 395,
"x": 53,
"y": 639
},
"id": "dbe30b3c-75f1-49e0-9f50-f12311eae46a",
"page_number": 6,
"text": "portfolio). A higher portfolio turnover rate may indicate higher"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 380,
"x": 52,
"y": 654
},
"id": "c9715abf-dddf-4f9b-90c2-f5f87f8df383",
"page_number": 6,
"text": "transaction costs and may result in higher taxes when Fund"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 408,
"x": 53,
"y": 668
},
"id": "f983fb3c-e650-4dcd-8717-996fd560d412",
"page_number": 6,
"text": "shares are held in a taxable account. These costs, which are not"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 368,
"x": 53,
"y": 682
},
"id": "b0371c13-5ec7-4546-bfe6-181b8e967263",
"page_number": 6,
"text": "reflected in the Annual Fund Operating Expenses or in the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 411,
"x": 53,
"y": 696
},
"id": "5a672b44-dcd9-422e-85cc-52ae484c22c8",
"page_number": 6,
"text": "Example, affect the Fund\u2019s performance. During the most recent"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 385,
"x": 52,
"y": 710
},
"id": "9d908233-0882-4d84-8dd7-0c9d935090ce",
"page_number": 6,
"text": "fiscal year, the Fund\u2019s portfolio turnover rate was 23% of the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 184,
"x": 53,
"y": 724
},
"id": "429d0d1a-ccca-4405-95e4-9e502edd4290",
"page_number": 6,
"text": "average value of its portfolio."
},
{
"block_type": "box",
"box": {
"height": 13,
"width": 268,
"x": 53,
"y": 754
},
"id": "c0c08fee-765b-4a25-9d5e-16fc2714b292",
"page_number": 6,
"text": "Principal Investment Strategies"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 417,
"x": 52,
"y": 779
},
"id": "2561c994-225c-4f55-b529-a3dfd71a92c3",
"page_number": 6,
"text": "The Fund seeks to track the investment results of the MSCI EAFE"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 389,
"x": 52,
"y": 792
},
"id": "75464cc4-c28e-452b-8455-fe8b953b5e59",
"page_number": 6,
"text": "Value Index (the \u201cUnderlying Index\u201d), which is a subset of the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 406,
"x": 53,
"y": 804
},
"id": "0dd39d5e-3336-470f-92f1-c2720a2ca7b8",
"page_number": 6,
"text": "MSCI EAFE Index. The MSCI EAFE Index has been developed by"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 416,
"x": 53,
"y": 817
},
"id": "dde4a053-94e3-477b-83ad-f17116e18fde",
"page_number": 6,
"text": "MSCI Inc. (the \u201cIndex Provider\u201d or \u201cMSCI\u201d) to measure the equity"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 423,
"x": 53,
"y": 830
},
"id": "aa5c5806-122c-44e3-956f-a488dbd74fae",
"page_number": 6,
"text": "market performance of developed markets outside of the U.S. and"
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 50,
"x": 53,
"y": 843
},
"id": "7d21e6ca-aea2-4a6e-9d66-907edabe68f4",
"page_number": 6,
"text": "Canada."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 383,
"x": 53,
"y": 864
},
"id": "9371ef6e-3cb2-4778-abbf-9a1364728f6c",
"page_number": 6,
"text": "Constituents of the Underlying Index include securities from"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 422,
"x": 53,
"y": 877
},
"id": "d5acbb06-5378-4e02-9076-7fda3f280b2b",
"page_number": 6,
"text": "Europe, Australasia and the Far East. The Underlying Index targets"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 395,
"x": 53,
"y": 889
},
"id": "0c7b9077-5248-4044-97f0-fd46d19abec4",
"page_number": 6,
"text": "approximately 50% coverage of the free float-adjusted market"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 380,
"x": 53,
"y": 902
},
"id": "51d59a15-ed60-49f3-bd5e-4543b57bbec2",
"page_number": 6,
"text": "capitalization of the MSCI EAFE Index and consists of those"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 419,
"x": 519,
"y": 603
},
"id": "c5a7d09c-e64f-40f4-bb63-559a7af0aafb",
"page_number": 6,
"text": "securities classified by MSCI as most representing the value style"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 397,
"x": 519,
"y": 616
},
"id": "23ad4f1a-7d6e-4930-a0d3-fc5acf948cf2",
"page_number": 6,
"text": "of investing. Securities classified in this style generally tend to"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 218,
"x": 519,
"y": 629
},
"id": "6c4b8787-fd99-4fb7-a9a8-7b78bea6de78",
"page_number": 6,
"text": "have higher value characteristics ("
},
{
"block_type": "box",
"box": {
"height": 9,
"width": 17,
"x": 738,
"y": 629
},
"id": "79e68c01-5cdd-43dd-9bd9-515d53a5682d",
"page_number": 6,
"text": "i.e."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 177,
"x": 757,
"y": 629
},
"id": "ebe596c6-7b9d-450b-bf01-475f920fae19",
"page_number": 6,
"text": ", higher book value to price,"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 390,
"x": 521,
"y": 642
},
"id": "e9b44d6a-87b4-472f-bd55-2b1e061d7c81",
"page_number": 6,
"text": "12-month forward earnings to price and dividend yield). MSCI"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 410,
"x": 519,
"y": 655
},
"id": "22faf93e-c955-46d6-bd6a-50ed37abdbaa",
"page_number": 6,
"text": "uses a specialized framework to attribute both value and growth"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 420,
"x": 519,
"y": 668
},
"id": "908a10c5-70c4-4ba7-a1ce-c84cc065f6da",
"page_number": 6,
"text": "style characteristics to each security within the MSCI EAFE Index."
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 389,
"x": 519,
"y": 681
},
"id": "e5f9930a-9d32-4b4c-aef4-2afbc5efdde6",
"page_number": 6,
"text": "Each security is evaluated based on certain value factors and"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 424,
"x": 518,
"y": 694
},
"id": "0adc2808-21b2-44ed-bf0d-f18cb2eda06a",
"page_number": 6,
"text": "growth factors, which are then used to calculate a value score and"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 424,
"x": 518,
"y": 706
},
"id": "079520c4-b5ad-40d2-b466-f0933f507607",
"page_number": 6,
"text": "growth score. Based upon these two scores, MSCI determines the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 406,
"x": 519,
"y": 719
},
"id": "0780e4f1-aa13-4de0-8ebf-20d885d3c0b6",
"page_number": 6,
"text": "extent to which each security is assigned to the value or growth"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 411,
"x": 519,
"y": 732
},
"id": "96fb94b9-93cc-4798-b09a-26d180e58ea9",
"page_number": 6,
"text": "style. It is possible for a single security to have representation in"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 409,
"x": 519,
"y": 745
},
"id": "5e24595f-6207-42e1-aa8d-18e730a19dd4",
"page_number": 6,
"text": "both the value and growth style indexes; however, no more than"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 399,
"x": 521,
"y": 758
},
"id": "b1a7e1c3-d805-4630-bd62-8b1cd89c7e19",
"page_number": 6,
"text": "100% of a security\u2019s float-adjusted market capitalization will be"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 398,
"x": 519,
"y": 771
},
"id": "ff838cec-3ab6-48cf-9fdc-28862e59acd3",
"page_number": 6,
"text": "included within the combined style framework. The Underlying"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 409,
"x": 519,
"y": 784
},
"id": "a8755066-e921-46ec-b117-dc30c0ec27ca",
"page_number": 6,
"text": "Index includes large- and mid-capitalization companies and may"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 113,
"x": 519,
"y": 797
},
"id": "4ac6f084-62fc-48fb-b95f-efe49c02b563",
"page_number": 6,
"text": "change over time."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 408,
"x": 518,
"y": 817
},
"id": "0ecbd051-7b6f-4dad-94a2-d98f5918216d",
"page_number": 6,
"text": "As of July 31, 2025, the Underlying Index consisted of securities"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 370,
"x": 518,
"y": 830
},
"id": "09ad6674-4a2b-4803-ad4f-09185fb163aa",
"page_number": 6,
"text": "from the following countries or regions: Australia, Austria,"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 421,
"x": 519,
"y": 843
},
"id": "bd5fc075-540e-42c7-b0f1-bdf814aa4b1e",
"page_number": 6,
"text": "Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland,"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 374,
"x": 519,
"y": 856
},
"id": "62941567-a149-45c5-8322-8dd1fc94ee27",
"page_number": 6,
"text": "Israel, Italy, Japan, the Netherlands, New Zealand, Norway,"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 407,
"x": 519,
"y": 869
},
"id": "2cefd6f2-a375-4bb7-863a-7c27a32d7865",
"page_number": 6,
"text": "Portugal, Singapore, Spain, Sweden, Switzerland and the United"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 412,
"x": 519,
"y": 882
},
"id": "2538240c-e1fd-4311-8a73-77f13c9aab52",
"page_number": 6,
"text": "Kingdom (the \u201cU.K.\u201d). As of July 31, 2025, a significant portion of"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 418,
"x": 518,
"y": 895
},
"id": "a4b54afb-42a6-45ef-a3b2-9be1808096c8",
"page_number": 6,
"text": "the Underlying Index is represented by securities of companies in"
},
{
"block_type": "box",
"box": {
"height": 8,
"width": 19,
"x": 495,
"y": 944
},
"id": "900c70c2-890a-4714-9727-deea7b942cf7",
"page_number": 6,
"text": "S-1"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 392,
"x": 52,
"y": 46
},
"id": "da8ad516-3896-41d9-8433-40050db3be4b",
"page_number": 7,
"text": "the consumer goods and services and financials industries or"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 391,
"x": 53,
"y": 59
},
"id": "dcf882c0-bd83-4de4-8276-c18d14698ef5",
"page_number": 7,
"text": "sectors. The components of the Underlying Index are likely to"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 113,
"x": 53,
"y": 72
},
"id": "95fa5a51-13f6-46e0-b279-d25456baeadb",
"page_number": 7,
"text": "change over time."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 376,
"x": 53,
"y": 94
},
"id": "9af074cc-515c-47d2-96aa-ba5436343f0c",
"page_number": 7,
"text": "BFA uses an indexing approach to try to achieve the Fund\u2019s"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 417,
"x": 53,
"y": 107
},
"id": "e3ef6b32-2c21-429a-859c-7a9fe25fbb23",
"page_number": 7,
"text": "investment objective. The Fund does not try to \u201cbeat\u201d the index it"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 396,
"x": 52,
"y": 120
},
"id": "9f511d52-73e3-4112-92c4-3e40535d1a0e",
"page_number": 7,
"text": "tracks and does not seek temporary defensive positions when"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 244,
"x": 53,
"y": 133
},
"id": "dce3d792-b03b-4207-a88a-addb355fe5c0",
"page_number": 7,
"text": "markets decline or appear overvalued."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 421,
"x": 53,
"y": 155
},
"id": "7ef1e6ee-07e7-4eb3-8692-6200e8443007",
"page_number": 7,
"text": "Indexing may eliminate the chance that the Fund will substantially"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 421,
"x": 53,
"y": 168
},
"id": "d5503b46-1574-4d9e-9d2b-dc5e06e816c4",
"page_number": 7,
"text": "outperform the Underlying Index but also may reduce some of the"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 386,
"x": 53,
"y": 180
},
"id": "ea029582-521f-41ab-ad41-dd6ed89fb7be",
"page_number": 7,
"text": "risks of active management, such as poor security selection."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 370,
"x": 53,
"y": 193
},
"id": "474b4309-8f7c-45cc-b8b4-1134a00e4917",
"page_number": 7,
"text": "Indexing seeks to achieve lower costs and better after-tax"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 355,
"x": 53,
"y": 206
},
"id": "63b2039c-0ae6-4825-b0fa-85452b748cde",
"page_number": 7,
"text": "performance by aiming to keep portfolio turnover low in"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 359,
"x": 53,
"y": 219
},
"id": "870955ab-7afb-48d3-b0ca-b95a430c454c",
"page_number": 7,
"text": "comparison to actively managed investment companies."
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 412,
"x": 53,
"y": 241
},
"id": "93a3a969-ef8b-4122-a74f-a7eec6c3ed7c",
"page_number": 7,
"text": "BFA uses a representative sampling indexing strategy to manage"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 412,
"x": 52,
"y": 254
},
"id": "0e441f1c-1732-46a1-aa5a-80b18ad66004",
"page_number": 7,
"text": "the Fund. \u201cRepresentative sampling\u201d is an indexing strategy that"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 424,
"x": 53,
"y": 267
},
"id": "d6c68a08-456c-4d5e-8913-0ec04bc38ac9",
"page_number": 7,
"text": "involves investing in a representative sample of securities or other"
},
{
"block_type": "box",
"box": {
"height": 11,
"width": 410,
"x": 53,
"y": 280
},
"id": "fd7f14ac-73c6-4584-b89b-0f7c308bf478",
"page_number": 7,
"text": "instruments that collectively has an investment profile similar to"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 409,
"x": 52,
"y": 293
},
"id": "a180bb7b-e26f-4fce-9f4c-e04707f0e6d3",
"page_number": 7,
"text": "that of an applicable underlying index. The instruments selected"
},
{
"block_type": "box",
"box": {
"height": 10,
"width": 423,
...