2020 PROSPECTUS - BLACKROCK

 
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                                                                           JULY 31, 2020

                                                             (as revised August 17, 2020)

       2020 Prospectus

 iShares Trust
 • iShares Emerging Markets Infrastructure ETF | EMIF | NASDAQ

  Beginning on January 1, 2021, as permitted by regulations adopted by the Securities
  and Exchange Commission (“SEC”), paper copies of the Fund’s shareholder reports
  will no longer be sent by mail, unless you specifically request paper copies of the
  reports 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 each
  time 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 be
  affected by this change and you need not take any action. If you hold accounts
  through a financial intermediary, you may contact your financial intermediary to
  enroll in electronic delivery. Please note that not all financial intermediaries may offer
  this service.
  You may elect to receive all future reports in paper free of charge. If you hold
  accounts through a financial intermediary, you can follow the instructions included
  with this disclosure, if applicable, or contact your financial intermediary to request
  that you continue to receive paper copies of your shareholder reports. Please note
  that not all financial intermediaries may offer this service. Your election to receive
  reports in paper will apply to all funds held with your financial intermediary.

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

 Table of Contents
                 Fund Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .               S-1
                 More Information About the Fund . . . . . . . .                                                1
                 A Further Discussion of Principal Risks . .                                                    2
                 A Further Discussion of Other Risks . . . . . .                                              20
                 Portfolio Holdings Information . . . . . . . . . . . . .                                     23
                 Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .               23
                 Shareholder Information . . . . . . . . . . . . . . . . . . . .                              26
                 Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         36
                 Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . .                     36
                 Index Provider . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .             38
                 Disclaimers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          38

 The “S&P Emerging Markets Infrastructure IndexTM” is a product of S&P Dow Jones Indices LLC or its affiliates
 (“SPDJI”), and has been licensed for use by BlackRock Fund Advisors or its affiliates. Standard & Poor’s® and
 S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a
 registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); iShares® and BlackRock® are
 registered trademarks of BlackRock Fund Advisors and its affiliates; and these trademarks have been licensed
 for use by SPDJI and sublicensed for certain purposes by iShares Trust. The Fund is not sponsored, endorsed,
 sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties makes any
 representation regarding the advisability of investing in such product(s); nor do they have any liability for any
 errors, omissions, or interruptions of the S&P Emerging Markets Infrastructure Index.

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                iSHARES® EMERGING MARKETS
                    INFRASTRUCTURE ETF
                    Ticker: EMIF                          Stock Exchange: NASDAQ

 Investment Objective
 The iShares Emerging Markets Infrastructure ETF (the “Fund”) seeks to track the
 investment results of an index composed of 30 of the largest emerging market equities
 in the infrastructure industry.

 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. 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 the
 management fees, interest expenses, taxes, expenses incurred with respect to the
 acquisition and disposition of portfolio securities and the execution of portfolio
 transactions, including brokerage commissions, distribution fees or expenses, litigation
 expenses and any extraordinary expenses. The Fund may incur “Acquired Fund Fees
 and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro rata share of
 the fees and expenses incurred by investing in other investment companies. The
 impact of Acquired Fund Fees and Expenses is included in the total returns of the
 Fund. Acquired Fund Fees and Expenses are not included in the calculation of the ratio
 of expenses to average net assets shown in the Financial Highlights section of the
 Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has
 contractually agreed to waive its management fees in an amount equal to the Acquired
 Fund Fees and Expenses, if any, attributable to investments by the Fund in other series
 of the Trust and iShares, Inc. through July 31, 2022. The contractual waiver may be
 terminated prior to July 31, 2022 only upon written agreement of the Trust and BFA.
 You may pay other fees, such as brokerage commissions and other fees to financial
 intermediaries, which are not reflected in the tables and examples below.
                                           Annual Fund Operating Expenses
                                    (ongoing expenses that you pay each year as a
                                     percentage of the value of your investments)1

                                                                                                   Total Annual
                                                                                                       Fund
                   Distribution                                       Total Annual                  Operating
                       and                          Acquired Fund         Fund                       Expenses
 Management       Service (12b-1)       Other            Fees          Operating                       After
    Fees               Fees           Expenses      and Expenses2      Expenses      Fee Waiver2    Fee Waiver

    0.60%             None             None            0.00%             0.60%         0.00%         0.60%

   1
       The expense information in the table has been restated to reflect current fees.
   2
       The amount rounded to 0.00%.

                                                        S-1
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 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

   $61                       $192                           $335                        $750

 Portfolio Turnover. The Fund may pay                China, Greece, Malaysia, Mexico,
 transaction costs, such as                          Russia, South Korea and Thailand.
 commissions, when it buys and sells                 Companies domiciled in an emerging or
 securities (or “turns over” its portfolio).         developed market country are eligible
 A higher portfolio turnover rate may                for inclusion as long as the majority of
 indicate higher transaction costs and               the company’s revenues are derived
 may result in higher taxes when Fund                from emerging market operations.
 shares are held in a taxable account.               Based on the methodology, constituents
 These costs, which are not reflected in             must have a minimum total market
 the Annual Fund Operating Expenses or               capitalization as of the rebalancing
 in the Example, affect the Fund’s                   reference date of $250 million and a
 performance. During the most recent                 minimum float adjusted market
 fiscal year, the Fund’s portfolio turnover          capitalization as of the rebalancing
 rate was 18% of the average value of its            reference date of $200 million.
 portfolio.                                          Constituents must also have a 3-month
                                                     Average Daily Value Traded of greater
 Principal Investment                                than $1 million. The Underlying Index
 Strategies                                          may include large-, mid- or small-
 The Fund seeks to track the investment              capitalization companies. As of March
 results of the S&P Emerging Markets                 31, 2020, a significant portion of the
 Infrastructure IndexTM (the “Underlying             Underlying Index is represented by
 Index”), which is designed to track the             securities of companies in the energy,
 performance of 30 of the largest                    industrials, infrastructure and utilities
 publicly listed companies in the                    industries or sectors. The components
 infrastructure industry in emerging                 of the Underlying Index are likely to
 markets, as determined by S&P Dow                   change over time.
 Jones Indices LLC (the “Index Provider”             BFA uses a “passive” or indexing
 or “SPDJI”). The Underlying Index                   approach to try to achieve the Fund’s
 includes three distinct infrastructure              investment objective. Unlike many
 sub-sectors: energy, transportation and             investment companies, the Fund does
 utilities. As of March 31, 2020, the                not try to “beat” the index it tracks and
 Underlying Index was comprised of                   does not seek temporary defensive
 securities of companies in the following            positions when markets decline or
 countries or regions: Brazil, Chilé,                appear overvalued.

                                               S-2
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 Indexing may eliminate the chance that               the Underlying Index before fees and
 the Fund will substantially outperform               expenses of the Fund.
 the Underlying Index but also may                    The Fund may lend securities
 reduce some of the risks of active                   representing up to one-third of the
 management, such as poor security                    value of the Fund’s total assets
 selection. Indexing seeks to achieve                 (including the value of any collateral
 lower costs and better after-tax                     received).
 performance by aiming to keep portfolio
 turnover low in comparison to actively               The Underlying Index is a product of
 managed investment companies.                        SPDJI, which is independent of the Fund
                                                      and BFA. The Index Provider determines
 BFA uses a representative sampling                   the composition and relative weightings
 indexing strategy to manage the Fund.                of the securities in the Underlying Index
 “Representative sampling” is an                      and publishes information regarding the
 indexing strategy that involves investing            market value of the Underlying Index.
 in a representative sample of securities
 that collectively has an investment                  Industry Concentration Policy. The
 profile similar to that of an applicable             Fund will concentrate its investments
 underlying index. The securities                     (i.e., hold 25% or more of its total
 selected are expected to have, in the                assets) in a particular industry or group
 aggregate, investment characteristics                of industries to approximately the same
 (based on factors such as market                     extent that the Underlying Index is
 capitalization and industry weightings),             concentrated. For purposes of this
 fundamental characteristics (such as                 limitation, securities of the U.S.
 return variability and yield) and liquidity          government (including its agencies and
 measures similar to those of an                      instrumentalities) and repurchase
 applicable underlying index. The Fund                agreements collateralized by U.S.
 may or may not hold all of the securities            government securities are not
 in the Underlying Index.                             considered to be issued by members of
                                                      any industry. Because all of the
 The Fund generally will invest at least              securities included in the Underlying
 90% of its assets in the component                   Index are issued by utility, energy and
 securities of the Underlying Index and in            transportation infrastructure
 investments that have economic                       companies, the Fund will be
 characteristics that are substantially               concentrated in the infrastructure
 identical to the component securities of             industry.
 the Underlying Index (i.e., depositary
 receipts representing securities of the              Summary of Principal Risks
 Underlying Index) and may invest up to
                                                      As with any investment, you could lose
 10% of its assets in certain futures,
                                                      all or part of your investment in the
 options and swap contracts, cash and
                                                      Fund, and the Fund’s performance could
 cash equivalents, including shares of
                                                      trail that of other investments. The Fund
 money market funds advised by BFA or
                                                      is subject to certain risks, including the
 its affiliates, as well as in securities not
                                                      principal risks noted below, any of
 included in the Underlying Index, but
                                                      which may adversely affect the Fund’s
 which BFA believes will help the Fund
                                                      net asset value per share (“NAV”),
 track the Underlying Index. The Fund
                                                      trading price, yield, total return and
 seeks to track the investment results of

                                                S-3
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 ability to meet its investment objective.         extent that the Fund’s investments are
 The order of the below risk factors does          concentrated in the securities and/or
 not indicate the significance of any              other assets of a particular issuer or
 particular risk factor.                           issuers, country, group of countries,
 Asset Class Risk. Securities and other            region, market, industry, group of
 assets in the Underlying Index or in the          industries, sector or asset class.
 Fund’s portfolio may underperform in              Currency Risk. Because the Fund’s
 comparison to the general financial               NAV is determined in U.S. dollars, the
 markets, a particular financial market or         Fund’s NAV could decline if the currency
 other asset classes.                              of a non-U.S. market in which the Fund
 Authorized Participant Concentration              invests depreciates against the U.S.
 Risk. Only an Authorized Participant (as          dollar or if there are delays or limits on
 defined in the Creations and                      repatriation of such currency. Currency
 Redemptions section of this prospectus            exchange rates can be very volatile and
 (the “Prospectus”)) may engage in                 can change quickly and unpredictably.
 creation or redemption transactions               As a result, the Fund’s NAV may change
 directly with the Fund, and none of               quickly and without warning.
 those Authorized Participants is                  Custody Risk. Less developed
 obligated to engage in creation and/or            securities markets are more likely to
 redemption transactions. The Fund has             experience problems with the clearing
 a limited number of institutions that             and settling of trades, as well as the
 may act as Authorized Participants on             holding of securities by local banks,
 an agency basis (i.e., on behalf of other         agents and depositories.
 market participants). To the extent that          Cybersecurity Risk. Failures or
 Authorized Participants exit the                  breaches of the electronic systems of
 business or are unable to proceed with            the Fund, the Fund’s adviser,
 creation or redemption orders with                distributor, the Index Provider and other
 respect to the Fund and no other                  service providers, market makers,
 Authorized Participant is able to step            Authorized Participants or the issuers of
 forward to create or redeem, Fund                 securities in which the Fund invests
 shares may be more likely to trade at a           have the ability to cause disruptions,
 premium or discount to NAV and                    negatively impact the Fund’s business
 possibly face trading halts or delisting.         operations and/or potentially result in
 Authorized Participant concentration              financial losses to the Fund and its
 risk may be heightened for exchange-              shareholders. While the Fund has
 traded funds (“ETFs”), such as the Fund,          established business continuity plans
 that invest in securities issued by non-          and risk management systems seeking
 U.S. issuers or other securities or               to address system breaches or failures,
 instruments that have lower trading               there are inherent limitations in such
 volumes.                                          plans and systems. Furthermore, the
 Concentration Risk. The Fund may be               Fund cannot control the cybersecurity
 susceptible to an increased risk of loss,         plans and systems of the Fund’s Index
 including losses due to adverse events            Provider and other service providers,
 that affect the Fund’s investments more           market makers, Authorized Participants
 than the market as a whole, to the

                                             S-4
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 or issuers of securities in which the             time to time and may not be identified
 Fund invests.                                     and corrected by the Index Provider for
 Energy Sector Risk. The market value              a period of time or at all, which may
 of securities in the energy sector may            have an adverse impact on the Fund
 decline for many reasons, including,              and its shareholders. Unusual market
 among others, changes in energy prices,           conditions may cause the Index
 energy supply and demand, government              Provider to postpone a scheduled
 regulations and energy conservation               rebalance, which could cause the
 efforts.                                          Underlying Index to vary from its normal
                                                   or expected composition.
 Equity Securities Risk. Equity
 securities are subject to changes in              Industrials Sector Risk. Companies in
 value, and their values may be more               the industrials sector may be adversely
 volatile than those of other asset                affected by changes in the supply of and
 classes. The Underlying Index is                  demand for products and services,
 comprised of common stocks, which                 product obsolescence, claims for
 generally subject their holders to more           environmental damage or product
 risks than preferred stocks and debt              liability and changes in general
 securities because common                         economic conditions, among other
 stockholders’ claims are subordinated             factors.
 to those of holders of preferred stocks           Infectious Illness Risk. An outbreak of
 and debt securities upon the bankruptcy           an infectious respiratory illness, COVID-
 of the issuer.                                    19, caused by a novel coronavirus has
 Geographic Risk. A natural disaster               resulted in travel restrictions, disruption
 could occur in a geographic region in             of healthcare systems, prolonged
 which the Fund invests, which could               quarantines, cancellations, supply chain
 adversely affect the economy or the               disruptions, lower consumer demand,
 business operations of companies in the           layoffs, ratings downgrades, defaults
 specific geographic region, causing an            and other significant economic impacts.
 adverse impact on the Fund’s                      Certain markets have experienced
 investments in, or which are exposed to,          temporary closures, extreme volatility,
 the affected region.                              severe losses, reduced liquidity and
                                                   increased trading costs. These events
 Index-Related Risk. There is no                   will have an impact on the Fund and its
 guarantee that the Fund’s investment              investments and could impact the
 results will have a high degree of                Fund’s ability to purchase or sell
 correlation to those of the Underlying            securities or cause elevated tracking
 Index or that the Fund will achieve its           error and increased premiums or
 investment objective. Market                      discounts to the Fund’s NAV. Other
 disruptions and regulatory restrictions           infectious illness outbreaks in the future
 could have an adverse effect on the               may result in similar impacts.
 Fund’s ability to adjust its exposure to
 the required levels in order to track the         Infrastructure Industry Risk.
 Underlying Index. Errors in index data,           Companies in the infrastructure
 index computations or the construction            industry may be subject to a variety of
 of the Underlying Index in accordance             factors that could adversely affect their
 with its methodology may occur from               business or operations, including high

                                             S-5
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 interest costs in connection with capital           investment strategy may not produce
 construction programs, high degrees of              the intended results.
 leverage, costs associated with                     Market Risk. The Fund could lose
 governmental, environmental and other               money over short periods due to short-
 regulations, the level of government                term market movements and over
 spending on infrastructure projects, and            longer periods during more prolonged
 other factors. The stock prices of                  market downturns. Local, regional or
 transportation companies may be                     global events such as war, acts of
 affected by supply and demand for their             terrorism, the spread of infectious
 specific product, government                        illness or other public health issue,
 regulation, world events and economic               recessions, or other events could have a
 conditions. The profitability of energy             significant impact on the Fund and its
 companies is related to worldwide                   investments and could result in
 energy prices, exploration, and                     increased premiums or discounts to the
 production spending. Utilities                      Fund’s NAV.
 companies face intense competition,
 which may have an adverse effect on                 Market Trading Risk. The Fund faces
 their profit margins, and the rates                 numerous market trading risks,
 charged by regulated utility companies              including the potential lack of an active
 are subject to review and limitation by             market for Fund shares, losses from
 governmental regulatory commissions.                trading in secondary markets, periods of
                                                     high volatility and disruptions in the
 Issuer Risk. The performance of the                 creation/redemption process. ANY OF
 Fund depends on the performance of                  THESE FACTORS, AMONG OTHERS,
 individual securities to which the Fund             MAY LEAD TO THE FUND’S SHARES
 has exposure. Changes in the financial              TRADING AT A PREMIUM OR
 condition or credit rating of an issuer of          DISCOUNT TO NAV.
 those securities may cause the value of
 the securities to decline.                          National Closed Market Trading Risk.
                                                     To the extent that the underlying
 Large-Capitalization Companies Risk.                securities and/or other assets held by
 Large-capitalization companies may be               the Fund trade on foreign exchanges or
 less able than smaller capitalization               in foreign markets that may be closed
 companies to adapt to changing market               when the securities exchange on which
 conditions. Large-capitalization                    the Fund’s shares trade is open, there
 companies may be more mature and                    are likely to be deviations between the
 subject to more limited growth potential            current price of such an underlying
 compared with smaller capitalization                security and the last quoted price for
 companies. During different market                  the underlying security (i.e., the Fund’s
 cycles, the performance of large-                   quote from the closed foreign market).
 capitalization companies has trailed the            These deviations could result in
 overall performance of the broader                  premiums or discounts to the Fund’s
 securities markets.                                 NAV that may be greater than those
 Management Risk. As the Fund will not               experienced by other ETFs.
 fully replicate the Underlying Index, it is         Non-Diversification Risk. The Fund
 subject to the risk that BFA’s                      may invest a large percentage of its
                                                     assets in securities issued by or

                                               S-6
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 representing a small number of issuers.           privatizing, certain entities and
 As a result, the Fund’s performance               industries. Privatized entities may lose
 may depend on the performance of a                money or be re-nationalized.
 small number of issuers.                          Reliance on Trading Partners Risk.
 Non-U.S. Securities Risk. Investments             The Fund invests in countries or regions
 in the securities of non-U.S. issuers are         whose economies are heavily
 subject to the risks associated with              dependent upon trading with key
 investing in those non-U.S. markets,              partners. Any reduction in this trading
 such as heightened risks of inflation or          may have an adverse impact on the
 nationalization. The Fund may lose                Fund’s investments. Through its
 money due to political, economic and              holdings of securities of certain issuers,
 geographic events affecting issuers of            the Fund is specifically exposed to U.S.
 non-U.S. securities or non-U.S.                   Economic Risk.
 markets. In addition, non-U.S. securities         Risk of Investing in China.
 markets may trade a small number of               Investments in Chinese securities,
 securities and may be unable to                   including certain Hong Kong-listed
 respond effectively to changes in                 securities, subject the Fund to risks
 trading volume, potentially making                specific to China. Investments in certain
 prompt liquidation of holdings difficult          Hong Kong-listed securities may also
 or impossible at times. The Fund is               subject the Fund to exposure to
 specifically exposed to Asian                     Chinese companies. China may be
 Economic Risk.                                    subject to considerable degrees of
 Operational Risk. The Fund is exposed             economic, political and social instability.
 to operational risks arising from a               China is an emerging market and
 number of factors, including, but not             demonstrates significantly higher
 limited to, human error, processing and           volatility from time to time in
 communication errors, errors of the               comparison to developed markets. Over
 Fund’s service providers, counterparties          the last few decades, the Chinese
 or other third-parties, failed or                 government has undertaken reform of
 inadequate processes and technology               economic and market practices and has
 or systems failures. The Fund and BFA             expanded the sphere of private
 seek to reduce these operational risks            ownership of property in China.
 through controls and procedures.                  However, Chinese markets generally
 However, these measures do not                    continue to experience inefficiency,
 address every possible risk and may be            volatility and pricing anomalies resulting
 inadequate to address significant                 from governmental influence, a lack of
 operational risks.                                publicly available information and/or
 Passive Investment Risk. The Fund is              political and social instability. Internal
 not actively managed, and BFA generally           social unrest or confrontations with
 does not attempt to take defensive                other neighboring countries, including
 positions under any market conditions,            military conflicts in response to such
 including declining markets.                      events, may also disrupt economic
                                                   development in China and result in a
 Privatization Risk. Some countries in             greater risk of currency fluctuations,
 which the Fund invests have privatized,           currency non-convertibility, interest rate
 or have begun the process of                      fluctuations and higher rates of

                                             S-7
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 inflation. China has experienced                   investments based on investor
 security concerns, such as terrorism               protection considerations.
 and strained international relations.              Risk of Investing in Emerging
 Additionally, China is alleged to have             Markets. The Fund’s investments in
 participated in state-sponsored                    emerging market issuers may be
 cyberattacks against foreign companies             subject to a greater risk of loss than
 and foreign governments. Actual and                investments in issuers located or
 threatened responses to such activity,             operating in more developed markets.
 including purchasing restrictions,                 Emerging markets may be more likely to
 sanctions, tariffs or cyberattacks on the          experience inflation, political turmoil
 Chinese government or Chinese                      and rapid changes in economic
 companies, may impact China’s                      conditions than more developed
 economy and Chinese issuers of                     markets. Companies in many emerging
 securities in which the Fund invests.              markets are not subject to the same
 Incidents involving China’s or the                 degree of regulatory requirements,
 region’s security may cause uncertainty            accounting standards or auditor
 in Chinese markets and may adversely               oversight as companies in more
 affect the Chinese economy and the                 developed countries, and as a result,
 Fund’s investments. Export growth                  information about the securities in
 continues to be a major driver of                  which the Fund invests may be less
 China’s rapid economic growth.                     reliable or complete. Emerging markets
 Reduction in spending on Chinese                   often have less reliable securities
 products and services, institution of              valuations and greater risk associated
 additional tariffs or other trade barriers         with custody of securities than
 (including as a result of heightened               developed markets. There may be
 trade tensions or a trade war between              significant obstacles to obtaining
 China and the U.S., or in response to              information necessary for investigations
 actual or alleged Chinese cyber activity)          into or litigation against companies and
 or a downturn in any of the economies              shareholders may have limited legal
 of China’s key trading partners may                remedies. The Fund is not actively
 have an adverse impact on the Chinese              managed and does not select
 economy. Chinese companies, including              investments based on investor
 Chinese companies that are listed on               protection considerations.
 U.S. exchanges, are not subject to the
 same degree of regulatory                          Risk of Investing in Russia. Investing
 requirements, accounting standards or              in Russian securities involves significant
 auditor oversight as companies in more             risks, including legal, regulatory and
 developed countries, and as a result,              economic risks that are specific to
 information about the Chinese                      Russia. In addition, investing in Russian
 securities in which the Fund invests may           securities involves risks associated with
 be less reliable or complete. There may            the settlement of portfolio transactions
 be significant obstacles to obtaining              and loss of the Fund’s ownership rights
 information necessary for investigations           in its portfolio securities as a result of
 into or litigation against Chinese                 the system of share registration and
 companies and shareholders may have                custody in Russia. A number of
 limited legal remedies. The Fund is not            jurisdictions, including the U.S., Canada
 actively managed and does not select               and the European Union (the “EU”),

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 have imposed economic sanctions on                 for the Fund and negative tax
 certain Russian individuals and Russian            consequences for its shareholders.
 corporate entities. Additionally, Russia           Structural Risk. The countries in which
 is alleged to have participated in state-          the Fund invests may be subject to
 sponsored cyberattacks against foreign             considerable degrees of economic,
 companies and foreign governments.                 political and social instability.
 Actual and threatened responses to
 such activity, including purchasing                Thematic Investing Risk. The Fund
 restrictions, sanctions, tariffs or                relies on the Index Provider for the
 cyberattacks on the Russian                        identification of securities for inclusion
 government or Russian companies, may               in the Underlying Index that reflect
 impact Russia’s economy and Russian                themes and sub-themes and its
 issuers of securities in which the Fund            performance may suffer if such
 invests.                                           securities are not correctly identified or
                                                    if a theme or sub-theme develops in an
 Securities Lending Risk. The Fund may              unexpected manner. Performance may
 engage in securities lending. Securities           also suffer if the stocks included in the
 lending involves the risk that the Fund            Underlying Index do not benefit from
 may lose money because the borrower                the development of such themes or sub-
 of the loaned securities fails to return           themes. Performance may also be
 the securities in a timely manner or at            impacted by the inclusion of non-theme-
 all. The Fund could also lose money in             relevant exposures in the Underlying
 the event of a decline in the value of             Index. There is no guarantee that the
 collateral provided for loaned securities          Underlying Index will reflect the theme
 or a decline in the value of any                   and sub-theme exposures intended.
 investments made with cash collateral.
 These events could also trigger adverse            Tracking Error Risk. The Fund may be
 tax consequences for the Fund.                     subject to tracking error, which is the
                                                    divergence of the Fund’s performance
 Security Risk. Some countries and                  from that of the Underlying Index.
 regions in which the Fund invests have             Tracking error may occur because of
 experienced security concerns, such as             differences between the securities and
 terrorism and strained international               other instruments held in the Fund’s
 relations. Incidents involving a country’s         portfolio and those included in the
 or region’s security may cause                     Underlying Index, pricing
 uncertainty in its markets and may                 differences (including, as applicable,
 adversely affect its economy and the               differences between a security’s price
 Fund’s investments.                                at the local market close and the Fund’s
 Small Fund Risk. When the Fund’s size              valuation of a security at the time of
 is small, the Fund may experience low              calculation of the Fund’s NAV),
 trading volume and wide bid/ask                    transaction costs incurred by the Fund,
 spreads. In addition, the Fund may face            the Fund’s holding of uninvested cash,
 the risk of being delisted if the Fund             differences in timing of the accrual of or
 does not meet certain conditions of the            the valuation of dividends or interest,
 listing exchange. Any resulting                    the requirements to maintain pass-
 liquidation of the Fund could cause the            through tax treatment, portfolio
 Fund to incur elevated transaction costs           transactions carried out to minimize the

                                              S-9
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 distribution of capital gains to                   Valuation Risk. The price the Fund
 shareholders, acceptance of custom                 could receive upon the sale of a security
 baskets, changes to the Underlying                 or other asset may differ from the
 Index or the costs to the Fund of                  Fund’s valuation of the security or other
 complying with various new or existing             asset and from the value used by the
 regulatory requirements. This risk may             Underlying Index, particularly for
 be heightened during times of increased            securities or other assets that trade in
 market volatility or other unusual                 low volume or volatile markets or that
 market conditions. Tracking error also             are valued using a fair value
 may result because the Fund incurs fees            methodology as a result of trade
 and expenses, while the Underlying                 suspensions or for other reasons. In
 Index does not. INDEX ETFs THAT                    addition, the value of the securities or
 TRACK INDICES WITH SIGNIFICANT                     other assets in the Fund’s portfolio may
 WEIGHT IN EMERGING MARKETS                         change on days or during time periods
 ISSUERS MAY EXPERIENCE HIGHER                      when shareholders will not be able to
 TRACKING ERROR THAN OTHER INDEX                    purchase or sell the Fund’s shares.
 ETFs THAT DO NOT TRACK SUCH                        Authorized Participants who purchase
 INDICES.                                           or redeem Fund shares on days when
 Utilities Sector Risk. The utilities               the Fund is holding fair-valued securities
 sector is subject to significant                   may receive fewer or more shares, or
 government regulation and oversight.               lower or higher redemption proceeds,
 Deregulation, however, may subject                 than they would have received had the
 utility companies to greater competition           Fund not fair-valued securities or used a
 and may reduce their profitability.                different valuation methodology. The
 Companies in the utilities sector may be           Fund’s ability to value investments may
 adversely affected due to increases in             be impacted by technological issues or
 fuel and operating costs, rising costs of          errors by pricing services or other third-
 financing capital construction and the             party service providers.
 cost of complying with regulations,
 among other factors.

                                             S-10
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 Performance Information
 The bar chart and table that follow show how the Fund has performed on a calendar
 year basis and provide an indication of the risks of investing in the Fund. Both assume
 that 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 the
 future. Supplemental information about the Fund’s performance is shown under the
 heading Total Return Information in the Supplemental Information section of the
 Prospectus. If BFA had not waived certain Fund fees during certain periods, the Fund’s
 returns would have been lower.
                     Year-by-Year Returns1 (Years Ended December 31)

                 30%
                                        21.30%                                      20.05%
                         18.68%
                 20%                                                                                   15.81%

                 10%                             3.46%                      5.57%

                    0%
                                                         -2.11%
                 -10%
                              -12.77%                             -13.67%                    -12.99%
                 -20%

                         2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

   1
       The Fund’s year-to-date return as of June 30, 2020 was -30.07%.
 The best calendar quarter return during the periods shown above was 14.67% in the
 1st quarter of 2012; the worst was -24.76% in the 3rd quarter of 2011.
 Updated performance information, including the Fund’s current NAV, may be obtained
 by visiting our website at www.iShares.com or by calling 1-800-iShares (1-800-474-
 2737) (toll free).

                                                          S-11
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                                 Average Annual Total Returns
                          (for the periods ended December 31, 2019)
                                                                 One Year    Five Years     Ten Years
 (Inception Date: 6/16/2009)
    Return Before Taxes                                           15.81%        1.97%         3.44%
    Return After Taxes on Distributions1                          15.16%        1.38%         2.87%
    Return After Taxes on Distributions and Sale of Fund
    Shares1                                                        9.69%        1.47%         2.74%
 S&P Emerging Markets Infrastructure IndexTM (Index
 returns do not reflect deductions for fees, expenses, or
 taxes)                                                           16.42%        2.25%         3.62%

      1
          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 sale 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-12
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 Management                                           Tax Information
 Investment Adviser. BlackRock Fund                   The Fund intends to make distributions
 Advisors.                                            that may be taxable to you as ordinary
 Portfolio Managers. Rachel Aguirre,                  income or capital gains, unless you are
 Jennifer Hsui, Alan Mason, Greg Savage               investing through a tax-deferred
 and Amy Whitelaw (the “Portfolio                     arrangement such as a 401(k) plan or
 Managers”) are primarily responsible for             an IRA, in which case, your distributions
 the day-to-day management of the                     generally will be taxed when withdrawn.
 Fund. Each Portfolio Manager                         Payments to Broker-Dealers
 supervises a portfolio management
 team. Ms. Aguirre, Ms. Hsui, Mr. Mason,
                                                      and Other Financial
 Mr. Savage and Ms. Whitelaw have been                Intermediaries
 Portfolio Managers of the Fund since                 If you purchase shares of the Fund
 2018, 2012, 2016, 2009 and 2018,                     through a broker-dealer or other
 respectively.                                        financial intermediary (such as a bank),
                                                      BFA or other related companies may
 Purchase and Sale of Fund                            pay the intermediary for marketing
 Shares                                               activities and presentations,
 The Fund is an ETF. Individual shares of             educational training programs,
 the Fund may only be bought and sold in              conferences, the development of
 the secondary market through a broker-               technology platforms and reporting
 dealer. Because ETF shares trade at                  systems or other services related to the
 market prices rather than at NAV,                    sale or promotion of the Fund. These
 shares may trade at a price greater than             payments may create a conflict of
 NAV (a premium) or less than NAV (a                  interest by influencing the broker-dealer
 discount). An investor may incur costs               or other intermediary and your
 attributable to the difference between               salesperson to recommend the Fund
 the highest price a buyer is willing to              over another investment. Ask your
 pay to purchase shares of the Fund (bid)             salesperson or visit your financial
 and the lowest price a seller is willing to          intermediary’s website for more
 accept for shares of the Fund (ask)                  information.
 when buying or selling shares in the
 secondary market (the “bid-ask
 spread”).

                                               S-13
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Table of Contents

 More Information About the Fund
 This Prospectus contains important information about investing in the Fund. Please
 read this Prospectus carefully before you make any investment decisions. Additional
 information regarding the Fund is available at www.iShares.com.
 BFA is the investment adviser to the Fund. Shares of the Fund are listed for trading on
 The Nasdaq Stock Market LLC (“NASDAQ”). The market price for a share of the Fund
 may be different from the Fund’s most recent NAV.
 ETFs are funds that trade like other publicly-traded securities. The Fund is designed to
 track an index. Similar to shares of an index mutual fund, each share of the Fund
 represents an ownership interest in an underlying portfolio of securities and other
 instruments intended to track a market index. Unlike shares of a mutual fund, which
 can be bought and redeemed from the issuing fund by all shareholders at a price based
 on NAV, shares of the Fund may be purchased or redeemed directly from the Fund at
 NAV solely by Authorized Participants and only in aggregations of a specified number
 of shares (“Creation Units”). Also unlike shares of a mutual fund, shares of the Fund
 are listed on a national securities exchange and trade in the secondary market at
 market prices that change throughout the day.
 The Fund invests in a particular segment of the securities markets and seeks to track
 the performance of a securities index that is not representative of the market as a
 whole. The Fund is designed to be used as part of broader asset allocation strategies.
 Accordingly, an investment in the Fund should not constitute a complete investment
 program.
 An index is a financial calculation, based on a grouping of financial instruments, and is
 not an investment product, while the Fund is an actual investment portfolio. The
 performance of the Fund and the Underlying Index may vary for a number of reasons,
 including transaction costs, non-U.S. currency valuations, asset valuations, corporate
 actions (such as mergers and spin-offs), timing variances and differences between the
 Fund’s portfolio and the Underlying Index resulting from the Fund’s use of
 representative sampling or from legal restrictions (such as diversification
 requirements) that apply to the Fund but not to the Underlying Index. From time to
 time, the Index Provider may make changes to the methodology or other adjustments
 to the Underlying Index. Unless otherwise determined by BFA, any such change or
 adjustment will be reflected in the calculation of the Underlying Index performance on
 a going-forward basis after the effective date of such change or adjustment. Therefore,
 the Underlying Index performance shown for periods prior to the effective date of any
 such change or adjustment will generally not be recalculated or restated to reflect
 such change or adjustment.
 “Tracking error” is the divergence of the Fund’s performance from that of the
 Underlying Index. BFA expects that, over time, the Fund’s tracking error will not exceed
 5%. Because the Fund uses a representative sampling indexing strategy, it can be
 expected to have a larger tracking error than if it used a replication indexing strategy.
 “Replication” is an indexing strategy in which a fund invests in substantially all of the

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 securities in its underlying index in approximately the same proportions as in the
 underlying index.
 The Fund may borrow as a temporary measure for extraordinary or emergency
 purposes, including to meet redemptions or to facilitate the settlement of securities or
 other transactions. The Fund does not intend to borrow money in order to leverage its
 portfolio.
 An investment in the Fund is not a bank deposit and it is not insured or guaranteed by
 the Federal Deposit Insurance Corporation or any other government agency, BFA or
 any of its affiliates.
 The Fund’s investment objective and the Underlying Index may be changed without
 shareholder approval.

 A Further Discussion of Principal Risks
 The Fund is subject to various risks, including the principal risks noted below, any of
 which may adversely affect the Fund’s NAV, trading price, yield, total return and ability
 to meet its investment objective. You could lose all or part of your investment in the
 Fund, and the Fund could underperform other investments. The order of the below risk
 factors does not indicate the significance of any particular risk factor.
 Asian Economic Risk. Many Asian economies have experienced rapid growth and
 industrialization in recent years, but there is no assurance that this growth rate will be
 maintained. Other Asian economies, however, have experienced high inflation, high
 unemployment, currency devaluations and restrictions, and over-extension of credit.
 Geopolitical hostility, political instability, and economic or environmental events in any
 one Asian country may have a significant economic effect on the entire Asian region,
 as well as on major trading partners outside Asia. Any adverse event in the Asian
 markets may have a significant adverse effect on some or all of the economies of the
 countries in which the Fund invests. Many Asian countries are subject to political risk,
 including political instability, corruption and regional conflict with neighboring
 countries. North Korea and South Korea each have substantial military capabilities,
 and historical tensions between the two countries present the risk of war. Escalated
 tensions involving the two countries and any outbreak of hostilities between the two
 countries, or even the threat of an outbreak of hostilities, could have a severe adverse
 effect on the entire Asian region. Certain Asian countries have developed increasingly
 strained relationships with the U.S., and if these relations were to worsen, they could
 adversely affect Asian issuers that rely on the U.S. for trade. In addition, many Asian
 countries are subject to social and labor risks associated with demands for improved
 political, economic and social conditions. These risks, among others, may adversely
 affect the value of the Fund’s investments.
 Asset Class Risk. The securities and other assets in the Underlying Index or in the
 Fund’s portfolio may underperform in comparison to other securities or indexes that
 track other countries, groups of countries, regions, industries, groups of industries,
 markets, asset classes or sectors. Various types of securities, currencies and indexes
 may experience cycles of outperformance and underperformance in comparison to the
 general financial markets depending upon a number of factors including, among other

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 things, inflation, interest rates, productivity, global demand for local products or
 resources, and regulation and governmental controls. This may cause the Fund to
 underperform other investment vehicles that invest in different asset classes.
 Authorized Participant Concentration Risk. Only an Authorized Participant may
 engage in creation or redemption transactions directly with the Fund, and none of
 those Authorized Participants is obligated to engage in creation and/or redemption
 transactions. The Fund has a limited number of institutions that may act as Authorized
 Participants on an agency basis (i.e., on behalf of other market participants). To the
 extent that Authorized Participants exit the business or are unable to proceed with
 creation or redemption orders with respect to the Fund and no other Authorized
 Participant is able to step forward to create or redeem Creation Units, Fund shares
 may be more likely to trade at a premium or discount to NAV and possibly face trading
 halts or delisting. Authorized Participant concentration risk may be heightened
 because ETFs, such as the Fund, that invest in securities issued by non-U.S. issuers or
 other securities or instruments that are less widely traded often involve greater
 settlement and operational issues and capital costs for Authorized Participants, which
 may limit the availability of Authorized Participants.
 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 and/or other assets of a particular issuer or issuers, country, group of
 countries, region, market, industry, group of industries, sector or asset class. The Fund
 may be more adversely affected by the underperformance of those securities and/or
 other assets, may experience increased price volatility and may be more susceptible to
 adverse economic, market, political or regulatory occurrences affecting those
 securities and/or other assets than a fund that does not concentrate its investments.
 Currency Risk. Because the Fund’s NAV is determined on the basis of the U.S. dollar,
 investors may lose money 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
 repatriation of such currency, even if such currency value of the Fund’s holdings in that
 market increases. 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.
 Custody Risk. Custody risk refers to the risks inherent in the process of clearing and
 settling trades, as well as the holding of securities by local banks, agents and
 depositories. Low trading volumes and volatile prices in less developed markets may
 make trades harder to complete and settle, and governments or trade groups may
 compel local agents to hold securities in designated depositories that may not be
 subject to independent evaluation. Local agents are held only to the standards of care
 of their local markets. In general, the less developed a country’s securities markets
 are, the higher the degree of custody risk.
 Cybersecurity Risk. With the increased use of technologies such as the internet to
 conduct business, the Fund, Authorized Participants, service providers and the
 relevant listing exchange are susceptible to operational, information security and
 related “cyber” risks both directly and through their service providers. Similar types of

                                             3
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 cybersecurity risks are also present for issuers of securities in which the Fund invests,
 which could result in material adverse consequences for such issuers and may cause
 the Fund’s investment in such portfolio companies to lose value. Unlike many other
 types of risks faced by the Fund, these risks typically are not covered by insurance. In
 general, cyber incidents can result from deliberate attacks or unintentional events.
 Cyber incidents include, but are not limited to, gaining unauthorized access to digital
 systems (e.g., through “hacking” or malicious software coding) for purposes of
 misappropriating assets or sensitive information, corrupting data, or causing
 operational disruption. Cyberattacks may also be carried out in a manner that does not
 require gaining unauthorized access, such as causing denial-of-service attacks on
 websites (i.e., efforts to make network services unavailable to intended users).
 Recently, geopolitical tensions may have increased the scale and sophistication of
 deliberate attacks, particularly those from nation-states or from entities with nation-
 state backing.
 Cybersecurity failures by or breaches of the systems of the Fund’s adviser, distributor
 and other service providers (including, but not limited to, index and benchmark
 providers, fund accountants, custodians, transfer agents and administrators), market
 makers, Authorized Participants or the issuers of securities in which the Fund invests,
 have the ability to cause disruptions and impact business operations, potentially
 resulting in: financial losses, interference with the Fund’s ability to calculate its NAV,
 disclosure of confidential trading information, impediments to trading, submission of
 erroneous trades or erroneous creation or redemption orders, the inability of the Fund
 or its service providers to transact business, violations of applicable privacy and other
 laws, regulatory fines, penalties, reputational damage, reimbursement or other
 compensation costs, or additional compliance costs. In addition, cyberattacks may
 render records of Fund assets and transactions, shareholder ownership of Fund
 shares, and other data integral to the functioning of the Fund inaccessible or
 inaccurate or incomplete. Substantial costs may be incurred by the Fund in order to
 resolve or prevent cyber incidents in the future. While the Fund has established
 business continuity plans in the event of, and risk management systems to prevent,
 such cyber incidents, there are inherent limitations in such plans and systems,
 including the possibility that certain risks have not been identified and that prevention
 and remediation efforts will not be successful or that cyberattacks will go undetected.
 Furthermore, the Fund cannot control the cybersecurity plans and systems put in place
 by service providers to the Fund, issuers in which the Fund invests, the Index Provider,
 market makers or Authorized Participants. The Fund and its shareholders could be
 negatively impacted as a result.
 Energy Sector Risk. The success of companies in the energy sector may be cyclical
 and highly dependent on energy prices. The market value of securities issued by
 companies in the energy sector may decline for the following reasons, among others:
 changes in the levels and volatility of global energy prices, energy supply and demand,
 and capital expenditures on exploration and production of energy sources; exchange
 rates, interest rates, economic conditions, and tax treatment; and energy conservation
 efforts, increased competition and technological advances. Companies in this sector
 may be subject to substantial government regulation and contractual fixed pricing,
 which may increase the cost of doing business and limit the earnings of these

                                             4
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 companies. A significant portion of the revenues of these companies may depend on a
 relatively small number of customers, including governmental entities and utilities. As
 a result, governmental budget constraints may have a material adverse effect on the
 stock prices of companies in this sector. Energy companies may also operate in, or
 engage in, transactions involving countries with less developed regulatory regimes or a
 history of expropriation, nationalization or other adverse policies. Energy companies
 also face a significant risk of liability from accidents resulting in injury or loss of life or
 property, pollution or other environmental problems, equipment malfunctions or
 mishandling of materials and a risk of loss from terrorism, political strife or natural
 disasters. Any such event could have serious consequences for the general population
 of the affected area and could have an adverse impact on the Fund’s portfolio and the
 performance of the Fund. Energy companies can be significantly affected by the supply
 of, and demand for, specific products (e.g., oil and natural gas) and services,
 exploration and production spending, government subsidization, world events and
 general economic conditions. Energy companies may have relatively high levels of debt
 and may be more likely than other companies to restructure their businesses if there
 are downturns in energy markets or in the global economy.
 Equity Securities Risk. The Fund invests in equity securities, which are subject to
 changes in value that may be attributable to market perception of a particular issuer or
 to general stock market fluctuations that affect all issuers. Investments in equity
 securities may be more volatile than investments in other asset classes. The
 Underlying Index is comprised of common stocks, which generally subject their
 holders to more risks than preferred stocks and debt securities because common
 stockholders’ claims are subordinated to those of holders of preferred stocks and debt
 securities upon the bankruptcy of the issuer.
 Geographic Risk. Some of the companies in which the Fund invests are located in
 parts of the world that have historically been prone to natural disasters, such as
 earthquakes, tornadoes, volcanic eruptions, droughts, floods, hurricanes or tsunamis,
 and are economically sensitive to environmental events. Any such event may adversely
 impact the economies of these geographic areas or business operations of companies
 in these geographic areas, causing an adverse impact on the value of the Fund.
 Index-Related Risk. The Fund seeks to achieve a return that corresponds generally to
 the price and yield performance, before fees and expenses, of the Underlying Index as
 published by the Index Provider. There is no assurance that the Index Provider or any
 agents that may act on its behalf will compile the Underlying Index accurately, or that
 the Underlying Index will be determined, composed or calculated accurately. While the
 Index Provider provides descriptions of what the Underlying Index is designed to
 achieve, neither the Index Provider nor its agents provide any warranty or accept any
 liability in relation to the quality, accuracy or completeness of the Underlying Index or
 its related data, and they do not guarantee that the Underlying Index will be in line with
 the Index Provider’s methodology. BFA’s mandate as described in this Prospectus is to
 manage the Fund consistently with the Underlying Index provided by the Index Provider
 to BFA. BFA does not provide any warranty or guarantee against the Index Provider’s or
 any agent’s errors. Errors in respect of the quality, accuracy and completeness of the
 data used to compile the Underlying Index may occur from time to time and may not

                                               5
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 be identified and corrected by the Index Provider for a period of time or at all,
 particularly where the indices are less commonly used as benchmarks by funds or
 managers. In addition, there may be heightened risks associated with the adequacy
 and reliability of the information the Index Provider uses given the Fund’s exposure to
 emerging markets, as certain emerging markets may have less information available or
 less regulatory oversight. Such errors may negatively or positively impact the Fund and
 its shareholders. For example, during a period where the Underlying Index contains
 incorrect constituents, the Fund would have market exposure to such constituents and
 would be underexposed to the Underlying Index’s other constituents. Shareholders
 should understand that any gains from Index Provider errors will be kept by the Fund
 and its shareholders and any losses or costs resulting from Index Provider errors will
 be borne by the Fund and its shareholders.
 Unusual market conditions may cause the Index Provider to postpone a scheduled
 rebalance, which could cause the Underlying Index to vary from its normal or expected
 composition. The postponement of a scheduled rebalance in a time of market volatility
 could mean that constituents that would otherwise be removed at rebalance due to
 changes in market capitalizations, issuer credit ratings, or other reasons may remain,
 causing the performance and constituents of the Underlying Index to vary from those
 expected under normal conditions. Apart from scheduled rebalances, the Index
 Provider or its agents may carry out additional ad hoc rebalances to the Underlying
 Index due to reaching certain weighting constraints, unusual market conditions or in
 order, for example, to correct an error in the selection of index constituents. When the
 Underlying Index is rebalanced and the Fund in turn rebalances its portfolio to attempt
 to increase the correlation between the Fund’s portfolio and the Underlying Index, any
 transaction costs and market exposure arising from such portfolio rebalancing will be
 borne directly by the Fund and its shareholders. Therefore, errors and additional ad
 hoc rebalances carried out by the Index Provider or its agents to the Underlying Index
 may increase the costs to and the tracking error risk of the Fund.
 Industrials Sector Risk. The value of securities issued by companies in the industrials
 sector may be adversely affected by supply and demand changes related to their
 specific products or services and industrials sector products in general. The products
 of manufacturing companies may face obsolescence due to rapid technological
 developments and frequent new product introduction. Global events, trade disputes
 and changes in government regulations, economic conditions and exchange rates may
 adversely affect the performance of companies in the industrials sector. Companies in
 the industrials sector may be adversely affected by liability for environmental damage
 and product liability claims. The industrials sector may also be adversely affected by
 changes or trends in commodity prices, which may be influenced by unpredictable
 factors. Companies in the industrials sector, particularly aerospace and defense
 companies, may also be adversely affected by government spending policies because
 companies in this sector tend to rely to a significant extent on government demand for
 their products and services.
 Infectious Illness Risk. An outbreak of an infectious respiratory illness, COVID-19,
 caused by a novel coronavirus that was first detected in December 2019 has spread
 globally. The impact of this outbreak has adversely affected the economies of many

                                            6
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