SEPTEMBER 1, 2020

2020 Summary Prospectus• iShares U.S. Energy ETF | IYE | 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 reports, 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 September 1, 2020, as amendedand supplemented from time to time, are incorporated by reference into (legally made apart of) this Summary Prospectus. Information on the Fund’s net asset value, marketprice, 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.

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® U.S. ENERGY ETFTicker: IYE Stock Exchange: NYSE Arca

Investment ObjectiveThe iShares U.S. Energy ETF (the “Fund”) seeks to track the investment results of anindex composed of U.S. 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

0.42% None 0.00% 0.42%

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

$43 $135 $235 $530

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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 12% of the average value of itsportfolio.

Principal InvestmentStrategiesThe Fund seeks to track the investmentresults of the Dow Jones U.S. Oil & GasIndex (the “Underlying Index”), whichmeasures the performance of the oiland gas sector of the U.S. equitymarket. The Underlying Index includeslarge-, mid- and small-capitalizationcompanies and may change over time.As of April 30, 2020, a significantportion of the Underlying Index isrepresented by securities of companiesin the energy and oil and gas industriesor sectors. The components of theUnderlying Index are likely to changeover time.

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

selection. 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 UnderlyingIndex, 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).

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The Underlying Index is sponsored byS&P Dow Jones Indices LLC (the “IndexProvider” or “SPDJI”), whichis independent of the Fund and BFA. TheIndex Provider determines thecomposition and relative weightings ofthe 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 doesnot 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.

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.

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 has

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established 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.

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 restrictionscould have an adverse effect on the

Fund’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.

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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 issues,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.

Non-Diversification Risk. The Fundmay invest a large percentage of itsassets in securities issued by or

representing a small number of issuers.As a result, the Fund’s performancemay depend on the performance of asmall number of issuers.

Oil and Gas Industry Risk. Companiesin the oil and gas industry are affectedby worldwide energy prices andexploration and production costs.Companies in the oil and gas industrymay have significant operations in areasat risk for natural disasters, social andpolitical unrest, and environmentaldamage. These companies may also beat risk for increased governmentregulation and intervention, litigation,and negative publicity and publicperception.

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 orinadequate 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 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.

Securities Lending Risk. The Fund mayengage in securities lending. Securitieslending involves the risk that the Fund

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may 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.

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, pricing differences,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.

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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

18.95%

3.75% 4.28%

25.70%

-9.64%

-22.22%

25.60%

-1.95%

-19.20%

9.93%

1 The Fund’s year-to-date return as of June 30, 2020 was -35.93% .

The best calendar quarter return during the periods shown above was 20.79% in the4th quarter of 2010; the worst was -25.17% 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: 6/12/2000)Return Before Taxes 9.93% -3.18% 2.20%Return After Taxes on Distributions1 8.27% -3.96% 1.64%Return After Taxes on Distributions and Sale of FundShares1 7.04% -2.37% 1.78%

Dow Jones U.S. Oil & Gas Index (Index returns do notreflect deductions for fees, expenses, or taxes) 10.41% -2.80% 2.62%

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 exchange-traded fund(commonly referred to as an “ETF”).Individual shares of the Fund may onlybe bought and sold in the secondarymarket through a broker-dealer.Because ETF shares trade at marketprices rather than at NAV, shares maytrade at a price greater than NAV (apremium) or less than NAV (a discount).An investor may incur costs attributableto the difference between the highestprice a buyer is willing to pay topurchase shares of the Fund (bid) andthe 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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