JULY 31, 2020

(as revised August 17, 2020)

2020 Summary Prospectus• iShares Global Energy ETF | IXC | NYSE ARCA

Before you invest, you may want to review the Fund’s prospectus, which contains moreinformation about the Fund and its risks. You can find the Fund’s prospectus (includingamendments and supplements) and other information about the Fund, including theFund’s statement of additional information and shareholder report, online at https://www.ishares.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 toiSharesETFs@blackrock.com, or from your financial professional. The Fund’s prospectusand statement of additional information, both dated July 31, 2020, as amended andsupplemented from time to time, are incorporated by reference into (legally made a partof) this Summary Prospectus. Information on the Fund’s net asset value, market price,premiums and discounts, and bid-ask spreads can be found at www.iShares.com.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securitiesand Exchange Commission (“SEC”), paper copies of the Fund’s shareholder reportswill no longer be sent by mail, unless you specifically request paper copies of thereports from your financial intermediary, such as a broker-dealer or bank. Instead,the reports will be made available on a website, and you will be notified by mail eachtime a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not beaffected by this change and you need not take any action. If you hold accountsthrough a financial intermediary, you may contact your financial intermediary toenroll in electronic delivery. Please note that not all financial intermediaries may offerthis service.

You may elect to receive all future reports in paper free of charge. If you holdaccounts through a financial intermediary, you can follow the instructions includedwith this disclosure, if applicable, or contact your financial intermediary to requestthat you continue to receive paper copies of your shareholder reports. Please notethat not all financial intermediaries may offer this service. Your election to receivereports in paper will apply to all funds held with your financial intermediary.

The SEC has not approved or disapproved these securities or passed upon theadequacy of this prospectus. Any representation to the contrary is a criminal offense.

http://www.ishares.com/

iShares®iShares, Inc.

iShares TrustSupplement dated May 3, 2021 (the “Supplement”)

to the Summary Prospectus (the “Summary Prospectus”),Prospectus (the “Prospectus”) and

Statement of Additional Information (“SAI”)for each of the Funds listed below (each, a “Fund”)

The information in this Supplement updates information in, andshould be read in conjunction with, each Fund’s SummaryProspectus, Prospectus and SAI.

Change in each Fund’s “Principal Investment Strategies”

The following paragraph of the section of the Summary Prospectusand Prospectus entitled “Principal Investment Strategies” for each ofthe Funds listed in Appendix A, except for the iShares ESG AdvancedMSCI EAFE ETF, iShares ESG Aware MSCI EAFE ETF, iShares ESGAdvanced MSCI EM ETF, iShares ESG MSCI EM Leaders ETF andiShares ESG Aware MSCI EM ETF, shall be deleted in its entirety andreplaced with the following:

The Fund generally will invest at least 80% of its assets in thecomponent securities of its underlying index and in investments thathave economic characteristics that are substantially identical to thecomponent securities of its Underlying Index (i.e., depositary receiptsrepresenting securities of the Underlying Index) and may invest up to20% of its assets in certain futures, options and swap contracts, cashand cash equivalents, including shares of money market funds advisedby BFA or its affiliates (“BlackRock Cash Funds”), as well as in securitiesnot included in the Underlying Index, but which BFA believes will helpthe Fund track the Underlying Index. The Fund seeks to track theinvestment results of the Underlying Index before fees and expenses ofthe Fund.

Change in each Fund’s “Summary of Principal Risks”

The “Tracking Error Risk” paragraph of the section of the SummaryProspectus and Prospectus entitled “Summary of Principal Risks” foreach of the Funds shall be amended to add the following:

Tracking error may occur due to differences between the methodologiesused in calculating the index value and determining the Fund’s NAV.

Change in each Fund’s “Further Discussion of Principal Risks”

The paragraph entitled “Tracking Error Risk” in the section of theProspectus entitled “Further Discussion of Principal Risks” for eachof the Funds shall be amended to add the following:

Tracking error may occur due to differences between themethodologies used in calculating the index value and determining theFund’s NAV.

Change in each Fund’s “Shareholder Information”

The paragraphs entitled “Determination of Net Asset Value” of thesection of the Prospectus entitled “Shareholder Information” foreach of the Funds shall be deleted in its entirety and replaced withthe following:

Determination of Net Asset Value. The NAV of the Fund normally isdetermined once daily Monday through Friday, generally as of the closeof regular trading hours of the New York Stock Exchange (“NYSE”)(normally 4:00 p.m., Eastern time) on each day that the NYSE is open fortrading, based on prices at the time of closing, provided that any Fundassets or liabilities denominated in currencies other than the U.S. dollarare translated into U.S. dollars at the prevailing market rates on the dateof valuation as quoted by one or more data service providers. The NAVof the Fund is calculated by dividing the value of the net assets of theFund (i.e., the value of its total assets less total liabilities) by the totalnumber of outstanding shares of the Fund, generally rounded to thenearest cent.

The value of the securities and other assets and liabilities held by theFund are determined pursuant to valuation policies and proceduresapproved by the Board.

Equity securities and other equity instruments for which marketquotations are readily available are valued at market value, which isgenerally determined using the last reported official closing price or, if areported closing price is not available, the last traded price on theexchange or market on which the security or instrument is primarilytraded at the time of valuation. Shares of underlying open-end funds(including money market funds) are valued at net asset value. Shares ofunderlying exchange-traded closed-end funds or other ETFs are valuedat their most recent closing price.

Generally, trading in non-U.S. securities and money market instrumentsis substantially completed each day at various times prior to the close of

business on the NYSE. The values of such securities used in computingthe NAV of the Fund are determined as of such times.

When market quotations are not readily available or are believed byBlackRock to be unreliable, the Fund’s investments are valued at fairvalue. Fair value determinations are made by BlackRock in accordancewith policies and procedures approved by the Board. BlackRock mayconclude that a market quotation is not readily available or is unreliableif a security or other asset or liability does not have a price source due toits lack of trading or other reasons, if a market quotation differssignificantly from recent price quotations or otherwise no longerappears to reflect fair value, where the security or other asset or liabilityis thinly traded, when there is a significant event subsequent to themost recent market quotation, or if the trading market on which asecurity is listed is suspended or closed and no appropriate alternativetrading market is available. A “significant event” is deemed to occur ifBlackRock determines, in its reasonable business judgment prior to or atthe time of pricing the Fund’s assets or liabilities, that the event is likelyto cause a material change to the closing market price of one or moreassets held by, or liabilities of, the Fund.

For certain foreign assets, a third-party vendor supplies evaluated,systematic fair value pricing based upon the movement of a proprietarymulti-factor model after the relevant foreign markets have closed. Thissystematic fair value pricing methodology is designed to correlate theprices of foreign assets in one or more non-U.S. markets following theclose of the local markets to the prices that might have prevailed as of aFund’s pricing time.

Fair value represents a good faith approximation of the value of an assetor liability. The fair value of an asset or liability held by the Fund is theamount the Fund might reasonably expect to receive from the currentsale of that asset or the cost to extinguish that liability in an arm’s-length transaction. Valuing the Fund’s investments using fair valuepricing will result in prices that may differ from current marketvaluations and that may not be the prices at which those investmentscould have been sold during the period in which the particular fairvalues were used. Use of fair value prices and certain current marketvaluations could result in a difference between the prices used tocalculate the Fund’s NAV and the prices used by the Underlying Index,which, in turn, could result in a difference between the Fund’sperformance and the performance of the Underlying Index.

Change in each Fund’s “Determination of Net Asset Value”

The section entitled “Determination of Net Asset Value” of the SAIfor each of the Funds shall be deleted in its entirety and replacedwith the following:

Determination of Net Asset Value

Valuation of Shares. The NAV for each Fund is generally calculated asof the close of regular trading hours on the New York Stock Exchange(“NYSE”) NYSE (currently 4:00 p.m. Eastern Time) on each business daythe NYSE is open. Valuation of assets held by a Fund is as follows:

Equity Investments. Equity securities traded on a recognized securitiesexchange (e.g., NYSE), on separate trading boards of a securitiesexchange or through a market system that provides contemporaneoustransaction pricing information (each an “Exchange”) are valued usinginformation obtained via independent pricing services, generally at theclosing price or if an Exchange closing price is not available, the lasttraded price on that Exchange prior to the time as of which the assets orliabilities are valued. However, under certain circumstances, othermeans of determining current market value may be used. If an equitysecurity is traded on more than one Exchange, the current market valueof the security where it is primarily traded generally will be used. In theevent that there are no sales involving an equity security held by a Fundon a day on which a Fund values such security, the prior day’s price willbe used, unless BlackRock determines that such prior day’s price nolonger reflects the fair value of the security, in which case such assetwould be treated as a Fair Valued Asset (as defined below).

Fixed-Income Investments. Fixed-income securities for which marketquotations are readily available are generally valued using suchsecurities’ current market value. A Fund values fixed-income portfoliosecurities using the last available bid prices or current marketquotations provided by dealers or prices (including evaluated prices)supplied by the Fund’s approved independent third-party pricingservices, each in accordance with the policies and procedures approvedby the Funds’ Board (the “Valuation Procedures”). The pricing servicesmay use matrix pricing or valuation models that utilize certain inputsand assumptions to derive values, including transaction data (e.g.,recent representative bids and offers), credit quality information,perceived market movements, news, and other relevant informationand by other methods, which may include consideration of: yields orprices of securities of comparable quality, coupon, maturity and type;indications as to values from dealers; general market conditions; and/or

other factors and assumptions. Pricing services generally value fixed-income securities assuming orderly transactions of an institutionalround lot size, but the Fund may hold or transact in such securities insmaller, odd lot sizes. Odd lots may trade at lower prices thaninstitutional round lots. The amortized cost method of valuation may beused with respect to debt obligations with 60 days or less remaining tomaturity unless such method does not represent fair value. Certainfixed-income investments, including asset-backed and mortgage relatedsecurities, may be valued based on valuation models that consider theestimated cash flows of each tranche of the issuer, establish abenchmark yield and develop an estimated tranche specific spread tothe benchmark yield based on the unique attributes of the tranche.

Options, Futures, Swaps and Other Derivatives. Exchange-tradedequity options for which market quotations are readily available arevalued at the mean of the last bid and ask prices as quoted on theExchange or the board of trade on which such options are traded. In theevent that there is no mean price available for an exchange traded equityoption held by a Fund on a day on which the Fund values such option,the last bid (long positions) or ask (short positions) price, if available,will be used as the value of such option. If no bid or ask price is availableon a day on which a Fund values such option, the prior day’s price willbe used, unless BlackRock determines that such prior day’s price nolonger reflects the fair value of the option, in which case such option willbe treated as a fair value asset. OTC derivatives may be valued using amathematical model which may incorporate a number of market datafactors. Financial futures contracts and options thereon, which aretraded on exchanges, are valued at their last sale price or settle price asof the close of such exchanges. Swap agreements and other derivativesare generally valued daily based upon quotations from market makers orby a pricing service in accordance with the Valuation Procedures.

Underlying Funds. Shares of underlying open-end funds (includingmoney market funds) are valued at NAV. Shares of underlyingexchange-traded closed-end funds or other ETFs will be valued at theirmost recent closing price.

General Valuation Information

Prices obtained from independent third-party pricing services, broker-dealers or market makers to value each Fund’s securities and otherassets and liabilities are based on information available at the time theFund values its assets and liabilities. In the event that a pricing servicequotation is revised or updated subsequent to the day on which theFund valued such security, the revised pricing service quotation

generally will be applied prospectively. Such determination will be madeconsidering pertinent facts and circumstances surrounding the revision.

The price the Fund could receive upon the sale of any particularportfolio investment may differ from the Fund’s valuation of theinvestment, particularly for assets that trade in thin or volatile marketsor that are valued using a fair valuation methodology or a priceprovided by an independent pricing service. As a result, the pricereceived upon the sale of an investment may be less than the valueascribed by the Fund, and the Fund could realize a greater thanexpected loss or lesser than expected gain upon the sale of theinvestment. The Fund’s ability to value its investment may also beimpacted by technological issues and/or errors by pricing services orother third-party service providers.

All cash, receivables and current payables are carried on a Fund’s booksat their fair value.

In the event that application of the methods of valuation discussedabove result in a price for a security which is deemed not to berepresentative of the fair market value of such security, the security willbe valued by, under the direction of or in accordance with a methodapproved by the Fund’s Board as reflecting fair value. All other assetsand liabilities (including securities for which market quotations are notreadily available) held by a Fund (including restricted securities) arevalued at fair value as determined in good faith by the Board orBlackRock’s Valuation Committee (the “Valuation Committee”) (itsdelegate) pursuant to the Valuation Procedures. Any assets andliabilities which are denominated in a foreign currency are translatedinto U.S. dollars at the prevailing market rates.

Use of fair value prices and certain current market valuations couldresult in a difference between the prices used to calculate a Fund’s NAVand the prices used in its Underlying Index, which, in turn, could resultin a difference between a Fund’s performance and the performance ofits Underlying Index.

Fair Value. When market quotations are not readily available or arebelieved by BlackRock to be unreliable, a Fund’s investments are valuedat fair value (“Fair Value Assets”). Fair Value Assets are valued byBlackRock in accordance with the Valuation Procedures. BlackRock mayreasonably conclude that a market quotation is not readily available oris unreliable if, among other things, a security or other asset or liabilitydoes not have a price source due to its complete lack of trading, ifBlackRock believes a market quotation from a broker-dealer or othersource is unreliable (e.g., where it varies significantly from a recent

trade, or no longer reflects the fair value of the security or other asset orliability subsequent to the most recent market quotation), or where thesecurity or other asset or liability is only thinly traded or due to theoccurrence of a significant event subsequent to the most recent marketquotation. For this purpose, a “significant event” is deemed to occur ifBlackRock determines, in its reasonable business judgment, that anevent has occurred after the close of trading for an asset or liability butprior to or at the time of pricing a Fund’s assets or liabilities, is likely tocause a material change to the last exchange closing price or closingmarket price of one or more assets held by, or liabilities of, the Fund. Onany day the NYSE is open and a foreign market or the primary exchangeon which a foreign asset or liability is traded is closed, such asset orliability will be valued using the prior day’s price, provided thatBlackRock is not aware of any significant event or other informationthat would cause such price to no longer reflect the fair value of theasset or liability, in which case such asset or liability would be treated asa Fair Value Asset. For certain foreign assets, a third-party vendorsupplies evaluated, systematic fair value pricing based upon themovement of a proprietary multi-factor model after the relevant foreignmarkets have closed. This systematic fair value pricing methodology isdesigned to correlate the prices of foreign assets in one or more non-U.S. markets following the close of the local markets to the prices thatmight have prevailed as of a Fund’s pricing time.

BlackRock, with input from portfolio management, will submit itsrecommendations regarding the valuation and/or valuationmethodologies for Fair Value Assets to the Valuation Committee. TheValuation Committee may accept, modify or reject anyrecommendations. In addition, the Funds’ accounting agent periodicallyendeavors to confirm the prices it receives from all third-party pricingservices, index providers and broker-dealers, and, with the assistance ofBlackRock, to regularly evaluate the values assigned to the securitiesand other assets and liabilities of the Funds. The pricing of all Fair ValueAssets is subsequently reported to the Board or a committee thereof.

When determining the price for a Fair Value Asset, the ValuationCommittee will seek to determine the price that a Fund mightreasonably expect to receive from the current sale of that asset orliability in an arm’s-length transaction on the date on which the asset orliability is being valued, and does not seek to determine the price a Fundmight reasonably expect to receive for selling an asset or liability at alater time or if it holds the asset or liability to maturity. Fair valuedeterminations will be based upon all available factors that theValuation Committee deems relevant at the time of the determination,

and may be based on analytical values determined by BlackRock usingproprietary or third-party valuation models.

Fair value represents a good faith approximation of the value of an assetor liability. When determining the fair value of an investment, one ormore fair value methodologies may be used (depending on certainfactors, including the asset type). For example, the investment may beinitially priced based on the original cost of the investment or,alternatively, using proprietary or third-party models that may rely uponone or more unobservable inputs. Prices of actual, executed or historicaltransactions in the relevant investment (or comparable instruments) or,where appropriate, an appraisal by a third-party experienced in thevaluation of similar instruments, may also be used as a basis forestablishing the fair value of an investment.

The fair value of one or more assets or liabilities may not, in retrospect,be the price at which those assets or liabilities could have been soldduring the period in which the particular fair values were used indetermining a Fund’s NAV. As a result, a Fund’s sale or redemption ofits shares at NAV, at a time when a holding or holdings are valued at fairvalue, may have the effect of diluting or increasing the economicinterest of existing shareholders.

Each Fund’s annual audited financial statements, which are prepared inaccordance with accounting principles generally accepted in the UnitedStates of America (“US GAAP”), follow the requirements for valuationset forth in Financial Accounting Standards Board AccountingStandards Codification Topic 820, “Fair Value Measurements andDisclosures” (“ASC 820”), which defines and establishes a frameworkfor measuring fair value under US GAAP and expands financialstatement disclosure requirements relating to fair value measurements.

Generally, ASC 820 and other accounting rules applicable to funds andvarious assets in which they invest are evolving. Such changes mayadversely affect a Fund. For example, the evolution of rules governingthe determination of the fair market value of assets or liabilities, to theextent such rules become more stringent, would tend to increase thecost and/or reduce the availability of third-party determinations of fairmarket value. This may in turn increase the costs associated with sellingassets or affect their liquidity due to a Fund’s inability to obtain a third-party determination of fair market value. The SEC recently adopted newRule 2a-5 under the 1940 Act, which will establish an updatedregulatory framework for registered investment company valuationpractices and may impact the Fund’s valuation policies. The Fund willnot be required to comply with the new rule until September 8, 2022.

Appendix A

iShares Funds

Supplement to the Summary Prospectus and Prospectus both datedas of July 31, 2020 (as revised August 17, 2020), and to theStatement of Additional Information dated as of July 31, 2020 (asrevised January 28, 2021):

iShares Currency Hedged JPX-Nikkei 400 ETF

Supplement to the Summary Prospectus and Prospectus both datedas of July 31, 2020 (as revised August 17, 2020), and to theStatement of Additional Information dated as of July 31, 2020 (asrevised April 19, 2021):

iShares Asia 50 ETFiShares Global 100 ETFiShares Global Comm Services ETFiShares Global Consumer Discretionary ETFiShares Global Healthcare ETFiShares Global Materials ETFiShares Global Tech ETFiShares Global Timber & Forestry ETFiShares India 50 ETFiShares Latin America 40 ETF

Supplement to the Summary Prospectus and Prospectus both datedas of July 31, 2020 (as revised October 30, 2020), and to theStatement of Additional Information dated as of July 31, 2020 (asrevised April 19, 2021):

iShares Emerging Markets Infrastructure ETF

Supplement to the Summary Prospectus and Prospectus both datedas of July 31, 2020 (as revised December 17, 2020), and to theStatement of Additional Information dated as of July 31, 2020 (asrevised April 19, 2021):

iShares International Dividend Growth ETF

Supplement to the Summary Prospectus and Prospectus both datedas of July 31, 2020 (as revised August 17, 2020), and to theStatement of Additional Information dated as of July 31, 2020 (asrevised May 3, 2021):

iShares Europe ETFiShares Global Consumer Staples ETFiShares Global Energy ETFiShares Global Financials ETFiShares Global Industrials ETFiShares Global Infrastructure ETFiShares International Developed Property ETFiShares International Preferred Stock ETFiShares JPX-Nikkei 400 ETFiShares North American Natural Resources ETF

Supplement to the Summary Prospectus, Prospectus and Statementof Additional Information all dated as of July 31, 2020 (as revisedApril 19, 2021):

iShares Global Clean Energy ETF

Supplement to the Summary Prospectus, Prospectus and Statementof Additional Information all dated as of July 31, 2020 (as revisedMay 3, 2021):

iShares Global Utilities ETF

Supplement to the Summary Prospectus, Prospectus and theStatement of Additional Information all dated as of September 1,2020 (as revised September 30, 2020):

iShares Asia/Pacific Dividend ETF

Supplement to the Summary Prospectus and Prospectus both datedas of September 1, 2020 (as revised November 23, 2020), and to theStatement of Additional Information dated as of September 1, 2020(as revised January 14, 2021):

iShares Emerging Markets Dividend ETF

Supplement to the Summary Prospectus and Prospectus both datedas of September 1, 2020, and to the Statement of AdditionalInformation dated as of September 1, 2020 (as revised January 14,2021):

iShares Global REIT ETF

Supplement to the Summary Prospectus dated as of September 1,2020 and Prospectus dated as of September 1, 2020 (as revisedDecember 7, 2020), and to the Statement of Additional Informationdated as of September 1, 2020 (as revised January 14, 2021):

iShares International Select Dividend ETF

Supplement to the Summary Prospectus and Prospectus both datedas of September 1, 2020, and to the Statement of AdditionalInformation dated as of September 1, 2020 (as April 19, 2021):

iShares International Developed Real Estate ETF

Supplement to the Summary Prospectus dated as of September 30,2020, and to the Prospectus dated as of September 22, 2020, and tothe Statement of Additional Information dated as of September 22,2020 (as revised January 14, 2021):

iShares Virtual Work and Life Multisector ETF

Supplement to the Summary Prospectus, Prospectus and theStatement of Additional Information all dated as of December 1,2020:

iShares Core MSCI Europe ETFiShares Core MSCI Pacific ETFiShares MSCI Kokusai ETF

Supplement to the Summary Prospectus and Prospectus both datedas of December 1, 2020, and to the Statement of AdditionalInformation dated as of December 1, 2020 (as revised December 17,2020):

iShares China Large-Cap ETFiShares MSCI EAFE ETFiShares MSCI EAFE Growth ETFiShares MSCI EAFE Min Vol Factor ETFiShares MSCI EAFE Small-Cap ETFiShares MSCI EAFE Value ETFiShares MSCI Europe Financials ETFiShares MSCI Europe Small-Cap ETFiShares MSCI Intl Momentum Factor ETFiShares MSCI Intl Multifactor ETFiShares MSCI Intl Quality Factor ETFiShares MSCI Intl Size Factor ETFiShares MSCI Intl Small-Cap Multifactor ETF

iShares MSCI Intl Value Factor ETF

Supplement to the Summary Prospectus and Prospectus both datedas of December 1, 2020, and to the Statement of AdditionalInformation dated as of December 1, 2020 (as revised January 14,2021):

iShares Core MSCI EAFE ETFiShares Core MSCI International Developed Markets ETFiShares Core MSCI Total International Stock ETFiShares Cybersecurity and Tech ETFiShares Exponential Technologies ETFiShares Genomics Immunology and Healthcare ETFiShares MSCI ACWI ETFiShares MSCI ACWI ex U.S. ETFiShares MSCI ACWI Low Carbon Target ETFiShares MSCI All Country Asia ex Japan ETFiShares MSCI China A ETFiShares MSCI Global Multifactor ETFiShares Robotics and Artificial Intelligence Multisector ETFiShares Self-Driving EV and Tech ETF

Supplement to the Summary Prospectus and Prospectus both datedas of December 1, 2020, and to the Statement of AdditionalInformation dated as of December 1, 2020 (as revised January 28,2021):

iShares Adaptive Currency Hedged MSCI EAFE ETFiShares Currency Hedged MSCI ACWI ex U.S. ETFiShares Currency Hedged MSCI EAFE ETFiShares Currency Hedged MSCI EAFE Small-Cap ETF

Supplement to the Summary Prospectus and Prospectus both datedas of December 30, 2020, and to the Statement of AdditionalInformation dated as of December 30, 2020 (as revised May 3,2021):

iShares ESG Advanced MSCI EAFE ETFiShares ESG Aware MSCI EAFE ETFiShares MSCI Denmark ETFiShares MSCI Finland ETFiShares MSCI Germany Small-Cap ETFiShares MSCI Indonesia ETFiShares MSCI Ireland ETFiShares MSCI Japan Equal Weighted ETF

iShares MSCI Japan Value ETFiShares MSCI New Zealand ETFiShares MSCI Norway ETFiShares MSCI Poland ETFiShares MSCI United Kingdom ETFiShares MSCI United Kingdom Small-Cap ETF

Supplement to the Summary Prospectus and Prospectus both datedas of December 30, 2020, and to the Statement of AdditionalInformation all dated as of December 30, 2020 (as revised April 9,2021:iShares MSCI Australia ETFiShares MSCI Austria ETFiShares MSCI Belgium ETFiShares MSCI Canada ETFiShares MSCI Eurozone ETFiShares MSCI France ETFiShares MSCI Germany ETFiShares MSCI Israel ETFiShares MSCI Italy ETFiShares MSCI Japan ETFiShares MSCI Japan Small-Cap ETFiShares MSCI Mexico ETFiShares MSCI Netherlands ETFiShares MSCI Pacific ex Japan ETFiShares MSCI Russia ETFiShares MSCI Singapore ETFiShares MSCI South Africa ETFiShares MSCI Spain ETFiShares MSCI Sweden ETFiShares MSCI Switzerland ETFiShares MSCI Thailand ETFiShares MSCI Turkey ETFiShares MSCI World ETF

Supplement to the Summary Prospectus dated as of December 30,2020, and Prospectus dated as of December 30, 2020 (as revisedJanuary 7, 2021), and to the Statement of Additional Informationdated as of December 30, 2020 (as revised May 3, 2021):

iShares MSCI Philippines ETF

Supplement to the Summary Prospectus dated as of December 30,2020, and Prospectus dated as of December 30, 2020 (as revised

January 7, 2021), and to the Statement of Additional Informationdated as of December 30, 2020 (as revised April 9, 2021):

iShares MSCI Hong Kong ETF

Supplement to the Summary Prospectus and Prospectus both datedas of December 30, 2020, and to the Statement of AdditionalInformation dated as of December 30, 2020 (as revised January 14,2021):

iShares ESG Advanced MSCI EM ETFiShares ESG MSCI EM Leaders ETFiShares MSCI Argentina and Global Exposure ETFiShares MSCI Brazil Small-Cap ETFiShares MSCI China ETFiShares MSCI China Small-Cap ETFiShares MSCI Emerging Markets ex China ETFiShares MSCI Global Impact ETFiShares MSCI India ETFiShares MSCI India Small-Cap ETFiShares MSCI Kuwait ETFiShares MSCI Peru ETFiShares MSCI Qatar ETFiShares MSCI Saudi Arabia ETFiShares MSCI UAE ETF

Supplement to the Summary Prospectus and Prospectus both datedas of December 30, 2020, and to the Statement of AdditionalInformation dated as of December 30, 2020 (as revised January 28,2021):

iShares Currency Hedged MSCI Canada ETFiShares Currency Hedged MSCI Emerging Markets ETFiShares Currency Hedged MSCI Eurozone ETFiShares Currency Hedged MSCI Germany ETFiShares Currency Hedged MSCI Japan ETFiShares Currency Hedged MSCI Mexico ETFiShares Currency Hedged MSCI United Kingdom ETF

Supplement to the Summary Prospectus and Prospectus both datedas of December 30, 2020, and to the Statement of AdditionalInformation dated as of December 30, 2020 (as revised April 9,2021):

iShares Core MSCI Emerging Markets ETF

iShares ESG Aware MSCI EM ETFiShares MSCI Brazil ETFiShares MSCI BRIC ETFiShares MSCI Chile ETFiShares MSCI Colombia ETFiShares MSCI Emerging Markets Asia ETFiShares MSCI Emerging Markets ETFiShares MSCI Emerging Markets Min Vol Factor ETFiShares MSCI Emerging Markets Multifactor ETFiShares MSCI Emerging Markets Small-Cap ETFiShares MSCI Global Agriculture Producers ETFiShares MSCI Global Energy Producers ETFiShares MSCI Global Gold Miners ETFiShares MSCI Global Metals & Mining Producers ETFiShares MSCI Global Min Vol Factor ETFiShares MSCI Global Silver and Metals Miners ETFiShares MSCI Malaysia ETFiShares MSCI South Korea ETFiShares MSCI Taiwan ETF

Supplement to the Summary Prospectus and Prospectus both datedas of December 30, 2020 (as revised March 1, 2021), and to theStatement of Additional Information dated as of December 30, 2020(as revised April 9, 2021):

iShares MSCI Frontier and Select EM ETF

Supplement to the Summary Prospectus dated March 24, 2021, andto the Prospectus and the Statement of Additional Information bothdated as of March 16, 2021:

iShares International Developed Small Cap Value Factor ETF

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-MSFV-0521

PLEASE RETAIN THIS SUPPLEMENTFOR FUTURE REFERENCE

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iShares®iShares, Inc.

iShares TrustSupplement dated March 10, 2021 (the “Supplement”)

to the Summary Prospectus (the “Summary Prospectus”),Prospectus (the “Prospectus”) and

Statement of Additional Information (“SAI”)for each of the funds listed below (each, a “Fund”)

The information in this Supplement updates information in, and shouldbe read in conjunction with, each Fund’s Summary Prospectus,Prospectus, and SAI.

As of March 10, 2021, Rachel Aguirre is no longer a Portfolio Managerfor the Fund. All references to Ms. Aguirre in the Summary Prospectus,Prospectus, and SAI are hereby removed.

iShares Funds

Supplement to the Summary Prospectus and Prospectus both datedas of July 31, 2020 (as revised August 17, 2020), and to theStatement of Additional Information dated as of July 31, 2020 (asrevised January 25, 2021):

iShares Core S&P 500 ETFiShares Core S&P Mid-Cap ETFiShares Core S&P Small-Cap ETFiShares Core S&P Total U.S. Stock Market ETFiShares Core S&P U.S. Growth ETFiShares Core S&P U.S. Value ETFiShares Europe ETFiShares Expanded Tech Sector ETFiShares Expanded Tech-Software Sector ETFiShares Factors US Blend Style ETFiShares Factors US Growth Style ETFiShares Factors US Mid Blend Style ETFiShares Factors US Small Blend Style ETFiShares Factors US Value Style ETFiShares Focused Value Factor ETFiShares Global Consumer Staples ETFiShares Global Energy ETFiShares Global Financials ETFiShares Global Industrials ETF

iShares Global Infrastructure ETFiShares Global Utilities ETFiShares International Developed Property ETFiShares International Preferred Stock ETFiShares JPX-Nikkei 400 ETFiShares Micro-Cap ETFiShares Mortgage Real Estate ETFiShares Nasdaq Biotechnology ETFiShares North American Natural Resources ETFiShares North American Tech-Multimedia Networking ETFiShares PHLX Semiconductor ETFiShares Preferred and Income Securities ETFiShares Russell 1000 ETFiShares Russell 1000 Growth ETFiShares Russell 1000 Pure U.S. Revenue ETFiShares Russell 1000 Value ETFiShares Russell 2000 ETFiShares Russell 2000 Growth ETFiShares Russell 2000 Value ETFiShares Russell 3000 ETFiShares Russell Mid-Cap ETFiShares Russell Mid-Cap Growth ETFiShares Russell Mid-Cap Value ETFiShares Russell Top 200 ETFiShares Russell Top 200 Growth ETFiShares Russell Top 200 Value ETFiShares S&P 100 ETFiShares S&P 500 Growth ETFiShares S&P 500 Value ETFiShares U.S. Aerospace & Defense ETFiShares U.S. Broker-Dealers & Securities Exchanges ETFiShares U.S. Healthcare Providers ETFiShares U.S. Home Construction ETFiShares U.S. Infrastructure ETFiShares U.S. Insurance ETFiShares U.S. Medical Devices ETFiShares U.S. Oil & Gas Exploration & Production ETFiShares U.S. Oil Equipment & Services ETFiShares U.S. Pharmaceuticals ETFiShares U.S. Regional Banks ETFiShares U.S. Telecommunications ETF

Supplement to the Summary Prospectus and Prospectus both datedas of July 31, 2020 (as revised September 18, 2020), and to theStatement of Additional Information dated as of July 31, 2020 (asrevised January 25, 2021):

iShares Residential and Multisector Real Estate ETF

Supplement to the Summary Prospectus and Prospectus both datedas of July 31, 2020 (as revised October 19, 2020), and to theStatement of Additional Information dated as of July 31, 2020 (asrevised January 25, 2021):

iShares S&P Mid-Cap 400 Growth ETFiShares S&P Mid-Cap 400 Value ETFiShares S&P Small-Cap 600 Growth ETFiShares S&P Small-Cap 600 Value ETF

Supplement to the Summary Prospectus, Prospectus and Statementof Additional Information, all dated as of July 31, 2020 (as revisedJanuary 25, 2021):

iShares U.S. Real Estate ETF

Supplement to the Summary Prospectus and Prospectus both datedas of July 31, 2020 (as revised August 17, 2020), and to theStatement of Additional Information dated as of July 31, 2020 (asrevised January 14, 2021):

iShares Asia 50 ETFiShares Global 100 ETFiShares Global Clean Energy ETFiShares Global Comm Services ETFiShares Global Consumer Discretionary ETFiShares Global Healthcare ETFiShares Global Materials ETFiShares Global Tech ETFiShares Global Timber & Forestry ETFiShares India 50 ETFiShares Latin America 40 ETF

Supplement to the Summary Prospectus and Prospectus both datedas of July 31, 2020 (as revised October 30, 2020), and to theStatement of Additional Information dated as of July 31, 2020 (asrevised January 14, 2021):

iShares Emerging Markets Infrastructure ETF

Supplement to the Summary Prospectus and Prospectus both datedas of July 31, 2020 (as revised December 17, 2020), and to theStatement of Additional Information dated as of July 31, 2020 (asrevised January 14, 2021):

iShares International Dividend Growth ETF

Supplement to the Summary Prospectus dated as of September 23,2020, and to the Prospectus and Statement of AdditionalInformation both dated as of September 18, 2020:

iShares ESG Screened S&P 500 ETFiShares ESG Screened S&P Mid-Cap ETFiShares ESG Screened S&P Small-Cap ETF

Supplement to the Summary Prospectus dated as of October 28,2020 (as revised November 9, 2020), and to the Prospectus andStatement of Additional Information both dated as of October 22,2020 (as revised November 9, 2020):

iShares US Small Cap Value Factor ETF

Supplement to the Summary Prospectus, Prospectus and Statementof Additional Information, all dated as of July 31, 2020 (as revisedAugust 17, 2020):

iShares Russell 2500 ETF

Supplement to the Summary Prospectus, Prospectus and Statementof Additional Information, all dated as of September 1, 2020 (asrevised September 30, 2020):

iShares Asia/Pacific Dividend ETF

Supplement to the Summary Prospectus and Prospectus both datedas of September 1, 2020 (as revised November 23, 2020), and to theStatement of Additional Information dated as of September 1, 2020(as revised January 14, 2021):

iShares Emerging Markets Dividend ETF

Supplement to the Summary Prospectus and Prospectus both dated asof September 1, 2020, and to the Statement of Additional Informationdated as of September 1, 2020 (as revised January 14, 2021):

iShares Global REIT ETF

Supplement to the Summary Prospectus dated as of September 1,2020, to the Prospectus dated as of September 1, 2020 (as revisedDecember 7, 2020), and to the Statement of Additional Informationdated as of September 1, 2020 (as revised January 14, 2021):

iShares International Select Dividend ETF

Supplement to the Summary Prospectus and Prospectus both dated asof September 1, 2020, and to the Statement of Additional Informationdated as of September 1, 2020 (as revised February 9, 2021):

iShares Cohen & Steers REIT ETFiShares Core Dividend Growth ETFiShares Core High Dividend ETFiShares Core U.S. REIT ETFiShares Dow Jones U.S. ETFiShares International Developed Real Estate ETFiShares Morningstar Large-Cap ETFiShares Morningstar Large-Cap Growth ETFiShares Morningstar Large-Cap Value ETFiShares Morningstar Mid-Cap ETFiShares Morningstar Mid-Cap Growth ETFiShares Morningstar Mid-Cap Value ETFiShares Morningstar Small-Cap ETFiShares Morningstar Small-Cap Growth ETFiShares Morningstar Small-Cap Value ETFiShares MSCI KLD 400 Social ETFiShares MSCI USA ESG Select ETFiShares Select Dividend ETFiShares Transportation Average ETFiShares U.S. Basic Materials ETFiShares U.S. Consumer Goods ETFiShares U.S. Consumer Services ETFiShares U.S. Energy ETFiShares U.S. Financial Services ETFiShares U.S. Financials ETFiShares U.S. Healthcare ETFiShares U.S. Industrials ETFiShares U.S. Technology ETFiShares U.S. Utilities ETF

Supplement to the Summary Prospectus and Prospectus both datedas of September 1, 2020 (as revised December 7, 2020), and to theStatement of Additional Information dated as of September 1, 2020(as revised February 9, 2021):

iShares U.S. Dividend and Buyback ETF

Supplement to the Summary Prospectus, Prospectus and theStatement of Additional Information all dated as of December 1, 2020:

iShares Core Aggressive Allocation ETFiShares Core Conservative Allocation ETFiShares Core Growth Allocation ETFiShares Core Moderate Allocation ETFiShares Core MSCI Europe ETFiShares Core MSCI Pacific ETFiShares ESG Aware Aggressive Allocation ETFiShares ESG Aware Conservative Allocation ETFiShares ESG Aware Growth Allocation ETFiShares ESG Aware Moderate Allocation ETFiShares MSCI Kokusai ETF

Supplement to the Summary Prospectus dated as of September 30,2020, to the Prospectus dated as of September 22, 2020, and to theStatement of Additional Information dated as of September 22, 2020(as revised January 14, 2021):

iShares Virtual Work and Life Multisector ETF

Supplement to the Summary Prospectus and Prospectus both dated asof December 1, 2020, and to the Statement of Additional Informationdated as of December 1, 2020 (as revised January 14, 2021):

iShares Core MSCI EAFE ETFiShares Core MSCI International Developed Markets ETFiShares Core MSCI Total International Stock ETFiShares Cybersecurity and Tech ETFiShares Exponential Technologies ETFiShares Genomics Immunology and Healthcare ETFiShares MSCI ACWI ETFiShares MSCI ACWI ex U.S. ETFiShares MSCI ACWI Low Carbon Target ETFiShares MSCI All Country Asia ex Japan ETFiShares MSCI China A ETFiShares MSCI Global Multifactor ETF

iShares Robotics and Artificial Intelligence Multisector ETFiShares Self-Driving EV and Tech ETF

Supplement to the Summary Prospectus and Prospectus both dated asof December 1, 2020, and to the Statement of Additional Informationdated as of December 1, 2020 (as revised December 17, 2020):

iShares China Large-Cap ETFiShares MSCI EAFE ETFiShares MSCI EAFE Growth ETFiShares MSCI EAFE Min Vol Factor ETFiShares MSCI EAFE Small-Cap ETFiShares MSCI EAFE Value ETFiShares MSCI Europe Financials ETFiShares MSCI Europe Small-Cap ETFiShares MSCI Intl Momentum Factor ETFiShares MSCI Intl Multifactor ETFiShares MSCI Intl Quality Factor ETFiShares MSCI Intl Size Factor ETFiShares MSCI Intl Small-Cap Multifactor ETFiShares MSCI Intl Value Factor ETFiShares MSCI USA Mid-Cap Multifactor ETFiShares MSCI USA Min Vol Factor ETFiShares MSCI USA Momentum Factor ETFiShares MSCI USA Multifactor ETFiShares MSCI USA Quality Factor ETFiShares MSCI USA Size Factor ETFiShares MSCI USA Small-Cap Min Vol Factor ETFiShares MSCI USA Small-Cap Multifactor ETFiShares MSCI USA Value Factor ETFiShares U.S. Tech Breakthrough Multisector ETF

Supplement to the Summary Prospectus, Prospectus and Statementof Additional Information, all dated as of December 30, 2020:

iShares ESG Advanced MSCI EAFE ETFiShares ESG Advanced MSCI USA ETFiShares ESG Aware MSCI EAFE ETFiShares ESG Aware MSCI USA ETFiShares ESG Aware MSCI USA Small-Cap ETFiShares ESG MSCI USA Leaders ETFiShares MSCI Australia ETFiShares MSCI Austria ETFiShares MSCI Belgium ETF

iShares MSCI Canada ETFiShares MSCI Denmark ETFiShares MSCI Eurozone ETFiShares MSCI Finland ETFiShares MSCI France ETFiShares MSCI Germany ETFiShares MSCI Germany Small-Cap ETFiShares MSCI Hong Kong ETFiShares MSCI Indonesia ETFiShares MSCI Ireland ETFiShares MSCI Israel ETFiShares MSCI Italy ETFiShares MSCI Japan Equal Weighted ETFiShares MSCI Japan ETFiShares MSCI Japan Small-Cap ETFiShares MSCI Japan Value ETFiShares MSCI Mexico ETFiShares MSCI Netherlands ETFiShares MSCI New Zealand ETFiShares MSCI Norway ETFiShares MSCI Pacific ex Japan ETFiShares MSCI Philippines ETFiShares MSCI Poland ETFiShares MSCI Russia ETFiShares MSCI Singapore ETFiShares MSCI South Africa ETFiShares MSCI Spain ETFiShares MSCI Sweden ETFiShares MSCI Switzerland ETFiShares MSCI Thailand ETFiShares MSCI Turkey ETFiShares MSCI United Kingdom ETFiShares MSCI United Kingdom Small-Cap ETFiShares MSCI USA Equal Weighted ETFiShares MSCI World ETF

Supplement to the Summary Prospectus and Prospectus both dated asof December 30, 2020, and to the Statement of Additional Informationdated as of December 30, 2020 (as revised January 14, 2021):

iShares ESG Advanced MSCI EM ETFiShares ESG MSCI EM Leaders ETFiShares MSCI Argentina and Global Exposure ETFiShares MSCI Brazil Small-Cap ETF

iShares MSCI China ETFiShares MSCI China Small-Cap ETFiShares MSCI Emerging Markets ex China ETFiShares MSCI Global Impact ETFiShares MSCI India ETFiShares MSCI India Small-Cap ETFiShares MSCI Kuwait ETFiShares MSCI Peru ETFiShares MSCI Qatar ETFiShares MSCI Saudi Arabia ETFiShares MSCI UAE ETF

Supplement to the Summary Prospectus and Prospectus both dated asof December 30, 2020, and to the Statement of Additional Informationdated as of December 30, 2020 (as revised March 1, 2021):

iShares Core MSCI Emerging Markets ETFiShares ESG Aware MSCI EM ETFiShares MSCI Brazil ETFiShares MSCI BRIC ETFiShares MSCI Chile ETFiShares MSCI Colombia ETFiShares MSCI Emerging Markets Asia ETFiShares MSCI Emerging Markets ETFiShares MSCI Emerging Markets Min Vol Factor ETFiShares MSCI Emerging Markets Multifactor ETFiShares MSCI Emerging Markets Small-Cap ETFiShares MSCI Global Agriculture Producers ETFiShares MSCI Global Energy Producers ETFiShares MSCI Global Gold Miners ETFiShares MSCI Global Metals & Mining Producers ETFiShares MSCI Global Min Vol Factor ETFiShares MSCI Global Silver and Metals Miners ETFiShares MSCI Malaysia ETFiShares MSCI South Korea ETFiShares MSCI Taiwan ETF

Supplement to the Summary Prospectus, Prospectus and Statementof Additional Information, all dated as of December 30, 2020 (asrevised March 1, 2021):

iShares MSCI Frontier and Select EM ETF

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-RPM-0321

PLEASE RETAIN THIS SUPPLEMENTFOR FUTURE REFERENCE

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iSHARES® GLOBAL ENERGY ETFTicker: IXC Stock Exchange: NYSE Arca

Investment ObjectiveThe iShares Global Energy ETF (the “Fund”) seeks to track the investment results of anindex composed of global equities in the energy sector.

Fees and ExpensesThe following table describes the fees and expenses that you will incur if you buy, holdand sell shares of the Fund. The investment advisory agreement between iShares Trust(the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment AdvisoryAgreement”) provides that BFA will pay all operating expenses of the Fund, except themanagement fees, interest expenses, taxes, expenses incurred with respect to theacquisition and disposition of portfolio securities and the execution of portfoliotransactions, including brokerage commissions, distribution fees or expenses, litigationexpenses and any extraordinary expenses.

You may pay other fees, such as brokerage commissions and other fees to financialintermediaries, which are not reflected in the tables and examples below.

Annual Fund Operating Expenses(ongoing expenses that you pay each year as apercentage of the value of your investments)

ManagementFees

Distribution andService (12b-1)

FeesOther

Expenses1

Total AnnualFund

OperatingExpenses

0.46% None 0.00% 0.46%

1 The amount rounded to 0.00%.

Example. This Example is intended to help you compare the cost of owning shares ofthe Fund with the cost of investing in other funds. The Example assumes that youinvest $10,000 in the Fund for the time periods indicated and then sell all of yourshares at the end of those periods. The Example also assumes that your investmenthas 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, yourcosts would be:

1 Year 3 Years 5 Years 10 Years

$47 $148 $258 $579

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Portfolio Turnover. The Fund may paytransaction costs, such ascommissions, when it buys and sellssecurities (or “turns over” its portfolio).A higher portfolio turnover rate mayindicate higher transaction costs andmay result in higher taxes when Fundshares are held in a taxable account.These costs, which are not reflected inthe Annual Fund Operating Expenses orin the Example, affect the Fund’sperformance. During the most recentfiscal year, the Fund’s portfolio turnoverrate was 7% of the average value of itsportfolio.

Principal InvestmentStrategiesThe Fund seeks to track the investmentresults of the S&P Global 1200 EnergyIndexTM (the “Underlying Index”), whichmeasures the performance ofcompanies that S&P Dow Jones IndicesLLC (the “Index Provider” or “SPDJI”), asubsidiary of S&P Global, Inc., deems tobe part of the energy sector of theeconomy and that SPDJI believes areimportant to global markets. It is asubset of the S&P Global 1200TM. TheUnderlying Index may include large-,mid- or small-capitalization companies.As of March 31, 2020, a significantportion of the Underlying Index isrepresented by securities of companiesin the energy industry or sector. Thecomponents of the Underlying Index arelikely to change over time. As of March31, 2020, the Underlying Index wascomprised of securities of companies inthe following countries: Australia,Austria, Brazil, Canada, Chilé, China,Colombia, Finland, France, Italy, Japan,Norway, Portugal, Spain, the UnitedKingdom (the “U.K.”) and the U.S.

BFA uses a “passive” or indexingapproach to try to achieve the Fund’s

investment objective. Unlike manyinvestment companies, the Fund doesnot try to “beat” the index it tracks anddoes not seek temporary defensivepositions when markets decline orappear overvalued.

Indexing may eliminate the chance thatthe Fund will substantially outperformthe Underlying Index but also mayreduce some of the risks of activemanagement, such as poor securityselection. Indexing seeks to achievelower costs and better after-taxperformance by aiming to keep portfolioturnover low in comparison to activelymanaged investment companies.

BFA uses a representative samplingindexing strategy to manage the Fund.“Representative sampling” is anindexing strategy that involves investingin a representative sample of securitiesthat collectively has an investmentprofile similar to that of an applicableunderlying index. The securitiesselected are expected to have, in theaggregate, investment characteristics(based on factors such as marketcapitalization and industry weightings),fundamental characteristics (such asreturn variability and yield) and liquiditymeasures similar to those of anapplicable underlying index. The Fundmay or may not hold all of the securitiesin the Underlying Index.

The Fund generally invests at least 90%of its assets in securities of theUnderlying Index and in depositaryreceipts representing securities of theUnderlying Index. The Fund may investthe remainder of its assets in certainfutures, options and swap contracts,cash and cash equivalents, includingshares of money market funds advisedby BFA or its affiliates, as well as insecurities not included in the Underlying

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Index, but which BFA believes will helpthe Fund track the Underlying Index.The Fund seeks to track the investmentresults of the Underlying Index beforefees and expenses of the Fund.

The Fund may lend securitiesrepresenting up to one-third of thevalue of the Fund’s total assets(including the value of any collateralreceived).

The Underlying Index is a product ofSPDJI, which is independent of the Fundand BFA. The Index Provider determinesthe composition and relative weightingsof the securities in the Underlying Indexand publishes information regarding themarket value of the Underlying Index.

Industry Concentration Policy. TheFund will concentrate its investments(i.e., hold 25% or more of its totalassets) in a particular industry or groupof industries to approximately the sameextent that the Underlying Index isconcentrated. For purposes of thislimitation, securities of the U.S.government (including its agencies andinstrumentalities) and repurchaseagreements collateralized by U.S.government securities are notconsidered to be issued by members ofany industry.

Summary of Principal RisksAs with any investment, you could loseall or part of your investment in theFund, and the Fund’s performance couldtrail that of other investments. The Fundis subject to certain risks, including theprincipal risks noted below, any ofwhich may adversely affect the Fund’snet asset value per share (“NAV”),trading price, yield, total return andability to meet its investment objective.The order of the below risk factors does

not indicate the significance of anyparticular risk factor.

Asset Class Risk. Securities and otherassets in the Underlying Index or in theFund’s portfolio may underperform incomparison to the general financialmarkets, a particular financial market orother asset classes.

Authorized Participant ConcentrationRisk. Only an Authorized Participant (asdefined in the Creations andRedemptions section of this prospectus(the “Prospectus”)) may engage increation or redemption transactionsdirectly with the Fund, and none ofthose Authorized Participants isobligated to engage in creation and/orredemption transactions. The Fund hasa limited number of institutions thatmay act as Authorized Participants onan agency basis (i.e., on behalf of othermarket participants). To the extent thatAuthorized Participants exit thebusiness or are unable to proceed withcreation or redemption orders withrespect to the Fund and no otherAuthorized Participant is able to stepforward to create or redeem, Fundshares may be more likely to trade at apremium or discount to NAV andpossibly face trading halts or delisting.Authorized Participant concentrationrisk may be heightened for exchange-traded funds (“ETFs”), such as the Fund,that invest in securities issued by non-U.S. issuers or other securities orinstruments that have lower tradingvolumes.

Commodity Risk. The Fund’sinvestments in certain companies,especially resource extraction andproduction companies, are sensitive tofluctuations in certain commodity

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markets, and changes in those marketsmay cause the Fund’s portfolio to losevalue.

Concentration Risk. The Fund may besusceptible to an increased risk of loss,including losses due to adverse eventsthat affect the Fund’s investments morethan the market as a whole, to theextent that the Fund’s investments areconcentrated in the securities and/orother assets of a particular issuer orissuers, country, group of countries,region, market, industry, group ofindustries, sector or asset class.

Currency Risk. Because the Fund’sNAV is determined in U.S. dollars, theFund’s NAV could decline if the currencyof a non-U.S. market in which the Fundinvests depreciates against the U.S.dollar or if there are delays or limits onrepatriation of such currency. Currencyexchange rates can be very volatile andcan change quickly and unpredictably.As a result, the Fund’s NAV may changequickly and without warning.

Cybersecurity Risk. Failures orbreaches of the electronic systems ofthe Fund, the Fund’s adviser,distributor, the Index Provider and otherservice providers, market makers,Authorized Participants or the issuers ofsecurities in which the Fund investshave the ability to cause disruptions,negatively impact the Fund’s businessoperations and/or potentially result infinancial losses to the Fund and itsshareholders. While the Fund hasestablished business continuity plansand risk management systems seekingto address system breaches or failures,there are inherent limitations in suchplans and systems. Furthermore, theFund cannot control the cybersecurityplans and systems of the Fund’s IndexProvider and other service providers,

market makers, Authorized Participantsor issuers of securities in which theFund invests.

Dividend Risk. There is no guaranteethat issuers of the stocks held by theFund will declare dividends in the futureor that, if declared, they will be paid, orthat they will either remain at currentlevels or increase over time.

Energy Sector Risk. The market valueof securities in the energy sector maydecline for many reasons, including,among others, changes in energy prices,energy supply and demand, governmentregulations and energy conservationefforts.

Equity Securities Risk. Equitysecurities are subject to changes invalue, and their values may be morevolatile than those of other assetclasses. The Underlying Index iscomprised of common stocks, whichgenerally subject their holders to morerisks than preferred stocks and debtsecurities because commonstockholders’ claims are subordinatedto those of holders of preferred stocksand debt securities upon the bankruptcyof the issuer.

Geographic Risk. A natural disastercould occur in a geographic region inwhich the Fund invests, which couldadversely affect the economy or thebusiness operations of companies in thespecific geographic region, causing anadverse impact on the Fund’sinvestments in, or which are exposed to,the affected region.

Index-Related Risk. There is noguarantee that the Fund’s investmentresults will have a high degree ofcorrelation to those of the UnderlyingIndex or that the Fund will achieve itsinvestment objective. Marketdisruptions and regulatory restrictions

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could have an adverse effect on theFund’s ability to adjust its exposure tothe required levels in order to track theUnderlying Index. Errors in index data,index computations or the constructionof the Underlying Index in accordancewith its methodology may occur fromtime to time and may not be identifiedand corrected by the Index Provider fora period of time or at all, which mayhave an adverse impact on the Fundand its shareholders. Unusual marketconditions may cause the IndexProvider to postpone a scheduledrebalance, which could cause theUnderlying Index to vary from its normalor expected composition.

Infectious Illness Risk. An outbreak ofan infectious respiratory illness, COVID-19, caused by a novel coronavirus hasresulted in travel restrictions, disruptionof healthcare systems, prolongedquarantines, cancellations, supply chaindisruptions, lower consumer demand,layoffs, ratings downgrades, defaultsand other significant economic impacts.Certain markets have experiencedtemporary closures, extreme volatility,severe losses, reduced liquidity andincreased trading costs. These eventswill have an impact on the Fund and itsinvestments and could impact theFund’s ability to purchase or sellsecurities or cause elevated trackingerror and increased premiums ordiscounts to the Fund’s NAV. Otherinfectious illness outbreaks in the futuremay result in similar impacts.

Issuer Risk. The performance of theFund depends on the performance ofindividual securities to which the Fundhas exposure. Changes in the financialcondition or credit rating of an issuer ofthose securities may cause the value ofthe securities to decline.

Large-Capitalization Companies Risk.Large-capitalization companies may beless able than smaller capitalizationcompanies to adapt to changing marketconditions. Large-capitalizationcompanies may be more mature andsubject to more limited growth potentialcompared with smaller capitalizationcompanies. During different marketcycles, the performance of large-capitalization companies has trailed theoverall performance of the broadersecurities markets.

Management Risk. As the Fund will notfully replicate the Underlying Index, it issubject to the risk that BFA’sinvestment strategy may not producethe intended results.

Market Risk. The Fund could losemoney over short periods due to short-term market movements and overlonger periods during more prolongedmarket downturns. Local, regional orglobal events such as war, acts ofterrorism, the spread of infectiousillness or other public health issue,recessions, or other events could have asignificant impact on the Fund and itsinvestments and could result inincreased premiums or discounts to theFund’s NAV.

Market Trading Risk. The Fund facesnumerous market trading risks,including the potential lack of an activemarket for Fund shares, losses fromtrading in secondary markets, periods ofhigh volatility and disruptions in thecreation/redemption process. ANY OFTHESE FACTORS, AMONG OTHERS,MAY LEAD TO THE FUND’S SHARESTRADING AT A PREMIUM ORDISCOUNT TO NAV.

National Closed Market Trading Risk.To the extent that the underlyingsecurities and/or other assets held by

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the Fund trade on foreign exchanges orin foreign markets that may be closedwhen the securities exchange on whichthe Fund’s shares trade is open, thereare likely to be deviations between thecurrent price of such an underlyingsecurity and the last quoted price forthe underlying security (i.e., the Fund’squote from the closed foreign market).These deviations could result inpremiums or discounts to the Fund’sNAV that may be greater than thoseexperienced by other ETFs.

Non-Diversification Risk. The Fundmay invest a large percentage of itsassets in securities issued by orrepresenting a small number of issuers.As a result, the Fund’s performancemay depend on the performance of asmall number of issuers.

Non-U.S. Securities Risk. Investmentsin the securities of non-U.S. issuers aresubject to the risks associated withinvesting in those non-U.S. markets,such as heightened risks of inflation ornationalization. The Fund may losemoney due to political, economic andgeographic events affecting issuers ofnon-U.S. securities or non-U.S.markets. In addition, non-U.S. securitiesmarkets may trade a small number ofsecurities and may be unable torespond effectively to changes intrading volume, potentially makingprompt liquidation of holdings difficultor impossible at times. The Fund isspecifically exposed to EuropeanEconomic Risk.

Operational Risk. The Fund is exposedto operational risks arising from anumber of factors, including, but notlimited to, human error, processing andcommunication errors, errors of theFund’s service providers, counterpartiesor other third-parties, failed or

inadequate processes and technologyor systems failures. The Fund and BFAseek to reduce these operational risksthrough controls and procedures.However, these measures do notaddress every possible risk and may beinadequate to address significantoperational risks.

Passive Investment Risk. The Fund isnot actively managed, and BFA generallydoes not attempt to take defensivepositions under any market conditions,including declining markets.

Risk of Investing in DevelopedCountries. The Fund’s investment indeveloped country issuers may subjectthe Fund to regulatory, political,currency, security, economic and otherrisks associated with developedcountries. Developed countries tend torepresent a significant portion of theglobal economy and have generallyexperienced slower economic growththan some less developed countries.Certain developed countries haveexperienced security concerns, such asterrorism and strained internationalrelations. Incidents involving a country’sor region’s security may causeuncertainty in its markets and mayadversely affect its economy and theFund’s investments. In addition,developed countries may be adverselyimpacted by changes to the economicconditions of certain key tradingpartners, regulatory burdens, debtburdens and the price or availability ofcertain commodities.

Risk of Investing in the U.S. Certainchanges in the U.S. economy, such aswhen the U.S. economy weakens orwhen its financial markets decline, mayhave an adverse effect on the securitiesto which the Fund has exposure.

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Securities Lending Risk. The Fund mayengage in securities lending. Securitieslending involves the risk that the Fundmay lose money because the borrowerof the loaned securities fails to returnthe securities in a timely manner or atall. The Fund could also lose money inthe event of a decline in the value ofcollateral provided for loaned securitiesor a decline in the value of anyinvestments made with cash collateral.These events could also trigger adversetax consequences for the Fund.

Security Risk. Some countries andregions in which the Fund invests haveexperienced security concerns, such asterrorism and strained internationalrelations. Incidents involving a country’sor region’s security may causeuncertainty in its markets and mayadversely affect its economy and theFund’s investments.

Structural Risk. The countries in whichthe Fund invests may be subject toconsiderable degrees of economic,political and social instability.

Tracking Error Risk. The Fund may besubject to tracking error, which is thedivergence of the Fund’s performancefrom that of the Underlying Index.Tracking error may occur because ofdifferences between the securities andother instruments held in the Fund’sportfolio and those included in theUnderlying Index, pricingdifferences (including, as applicable,differences between a security’s priceat the local market close and the Fund’svaluation of a security at the time ofcalculation of the Fund’s NAV),transaction costs incurred by the Fund,the Fund’s holding of uninvested cash,differences in timing of the accrual of orthe valuation of dividends or interest,

the requirements to maintain pass-through tax treatment, portfoliotransactions carried out to minimize thedistribution of capital gains toshareholders, acceptance of custombaskets, changes to the UnderlyingIndex or the costs to the Fund ofcomplying with various new or existingregulatory requirements. This risk maybe heightened during times of increasedmarket volatility or other unusualmarket conditions. Tracking error alsomay result because the Fund incurs feesand expenses, while the UnderlyingIndex does not.

Valuation Risk. The price the Fundcould receive upon the sale of a securityor other asset may differ from theFund’s valuation of the security or otherasset and from the value used by theUnderlying Index, particularly forsecurities or other assets that trade inlow volume or volatile markets or thatare valued using a fair valuemethodology as a result of tradesuspensions or for other reasons. Inaddition, the value of the securities orother assets in the Fund’s portfolio maychange on days or during time periodswhen shareholders will not be able topurchase or sell the Fund’s shares.Authorized Participants who purchaseor redeem Fund shares on days whenthe Fund is holding fair-valued securitiesmay receive fewer or more shares, orlower or higher redemption proceeds,than they would have received had theFund not fair-valued securities or used adifferent valuation methodology. TheFund’s ability to value investments maybe impacted by technological issues orerrors by pricing services or other third-party service providers.

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Performance InformationThe bar chart and table that follow show how the Fund has performed on a calendaryear basis and provide an indication of the risks of investing in the Fund. Both assumethat all dividends and distributions have been reinvested in the Fund. Past performance(before and after taxes) does not necessarily indicate how the Fund will perform in thefuture. Supplemental information about the Fund’s performance is shown under theheading Total Return Information in the Supplemental Information section of theProspectus.

Year-by-Year Returns1 (Years Ended December 31)

45%

30%

15%

0%

-15%

-30%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

11.00%

0.47% 2.56%

16.23%

-11.60%

-22.09%

28.04%

5.45%

-14.59%

12.33%

1 The Fund’s year-to-date return as of June 30, 2020 was -35.54%.

The best calendar quarter return during the periods shown above was 16.32% in the4th quarter of 2010; the worst was -20.70% in the 4th quarter of 2018.

Updated performance information, including the Fund’s current NAV, may be obtainedby visiting our website at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).

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Average Annual Total Returns(for the periods ended December 31, 2019)

One Year Five Years Ten Years

(Inception Date: 11/12/2001)Return Before Taxes 12.33% 0.18% 1.72%Return After Taxes on Distributions1 10.12% -0.81% 1.03%Return After Taxes on Distributions and Sale of FundShares1 8.14% 0.03% 1.38%

S&P Global 1200 Energy Index (Index returns do notreflect deductions for fees, expenses, or taxes) 11.75% -0.07% 1.62%

1 After-tax returns in the table above are calculated using the historical highest individualU.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 thoseshown, and after-tax returns shown are not relevant to tax-exempt investors or investorswho hold shares through tax-deferred arrangements, such as 401(k) plans or individualretirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fundshares are calculated assuming that an investor has sufficient capital gains of the samecharacter from other investments to offset any capital losses from the sale of Fund shares.As a result, Fund returns after taxes on distributions and sales of Fund shares may exceedFund returns before taxes and/or returns after taxes on distributions.

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ManagementInvestment Adviser. BlackRock FundAdvisors.

Portfolio Managers. Rachel Aguirre,Jennifer Hsui, Alan Mason, Greg Savageand Amy Whitelaw (the “PortfolioManagers”) are primarily responsible forthe day-to-day management of theFund. Each Portfolio Managersupervises a portfolio managementteam. Ms. Aguirre, Ms. Hsui, Mr. Mason,Mr. Savage and Ms. Whitelaw have beenPortfolio Managers of the Fund since2018, 2012, 2016, 2008 and 2018,respectively.

Purchase and Sale of FundSharesThe Fund is an ETF. Individual shares ofthe Fund may only be bought and sold inthe secondary market through a broker-dealer. Because ETF shares trade atmarket prices rather than at NAV,shares may trade at a price greater thanNAV (a premium) or less than NAV (adiscount). An investor may incur costsattributable to the difference betweenthe highest price a buyer is willing topay to purchase shares of the Fund (bid)and the lowest price a seller is willing toaccept for shares of the Fund (ask)when buying or selling shares in thesecondary market (the “bid-askspread”).

Tax InformationThe Fund intends to make distributionsthat may be taxable to you as ordinaryincome or capital gains, unless you areinvesting through a tax-deferredarrangement such as a 401(k) plan oran IRA, in which case, your distributionsgenerally will be taxed when withdrawn.

Payments to Broker-Dealersand Other FinancialIntermediariesIf you purchase shares of the Fundthrough a broker-dealer or otherfinancial intermediary (such as a bank),BFA or other related companies maypay the intermediary for marketingactivities and presentations,educational training programs,conferences, the development oftechnology platforms and reportingsystems or other services related to thesale or promotion of the Fund. Thesepayments may create a conflict ofinterest by influencing the broker-dealeror other intermediary and yoursalesperson to recommend the Fundover another investment. Ask yoursalesperson or visit your financialintermediary’s website for moreinformation.

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For more information visit www.iShares.com or call 1-800-474-2737

Investment Company Act file No.: 811-09729

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