0001100663 2021-03-01 2021-03-01 0001100663 ist:S000063466Member 2021-03-01 2021-03-01 0001100663 ist:S000063466Member ist:BloombergBarclaysMSCIGlobalGreenBondSelectUSDHedgedIndexMember 2021-03-01 2021-03-01 0001100663 ist:S000063466Member ist:C000205645Member 2021-03-01 2021-03-01 0001100663 ist:S000063466Member rr:AfterTaxesOnDistributionsAndSalesMember ist:C000205645Member 2021-03-01 2021-03-01 0001100663 ist:S000063466Member rr:AfterTaxesOnDistributionsMember ist:C000205645Member 2021-03-01 2021-03-01 pure iso4217:USD 0001100663 false 2021-11-12 2021-11-15 497 2020-10-31 N-1A 0.0935 0.0653 2021-03-01 iShares Trust iSHARES® GLOBAL GREEN BOND ETF Ticker: BGRN Stock Exchange: NASDAQ Investment Objective <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The iShares Global Green Bond ETF (the “Fund”) seeks to track the investment results of an index composed of global investment-grade green bonds that are issued to fund environmental projects, while mitigating exposure to currency fluctuations versus the U.S. dollar.</div> Fees and Expenses <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">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. BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fee such that the Fund’s total annual fund operating expenses after fee waiver will not exceed 0.20% through March 1, 2022. The contractual waiver may be terminated prior to March 1, 2022 only upon written agreement of the Trust and BFA.</div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">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.</div> March 1, 2022 Annual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investments) 0.0025 0 0.0000 0.0025 -0.0005 0.0020 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: 20 75 136 313 Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16% of the average value of its portfolio. 0.16 Principal Investment Strategies <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund seeks to track the investment results of the Bloomberg MSCI Global Green Bond Select (USD Hedged) Index (the “Underlying Index”), which measures the performance of global investment-grade (as determined by Bloomberg Index Services Limited, a subsidiary of Bloomberg Capital, Inc. (the “Index Provider” or “Bloomberg”)) green bonds issued to fund projects with direct environmental benefits.</div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Green bonds are fixed income securities, the proceeds of which are exclusively and formally applied to projects or activities that promote climate or other environmental </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">sustainability purposes. For inclusion in the Underlying Index, securities are independently evaluated by MSCI ESG Research LLC (“MSCI ESG Research”), pursuant to an agreement between MSCI ESG Research and Bloomberg Index Services Limited (or an affiliate), based on four criteria specified in the Green Bond Principles published by MSCI ESG Research (“Green Bond Principles”). The first criterion for bond eligibility in the Underlying Index is an evaluation of whether the use of proceeds falls within at least one of six eligible environmental categories defined by MSCI ESG Research (<span style="font-style:italic">i.e.</span>, alternative energy, energy efficiency, pollution prevention and control, sustainable water, green building, and climate adaption). The remaining three criteria for evaluation and inclusion in the Underlying Index are the existence of processes for green project evaluation and selection, the existence of processes for management of proceeds, and the existence of a commitment to ongoing reporting of the environmental impact. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Both self-labeled green bonds and unlabeled bonds are evaluated using these criteria for potential inclusion in the Underlying Index. So long as projects fall within an eligible MSCI ESG Research green bond category and </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">there is sufficient transparency on the use of proceeds, a bond is considered for the Underlying Index even if it is not explicitly marketed as a green bond. Meeting all four criteria is required for bonds issued after the publication of the Green Bond Principles in January 2014. Green bonds issued prior to 2014 that are widely accepted by investors as green bonds may still qualify for the Underlying Index, even if not all four principles are satisfied, since no formal guidelines were available to issuers at the time of issuance. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Underlying Index includes sovereign and government-related debt, corporate bonds and securitized bonds denominated in currencies determined by the Index Provider from both developed and emerging market issuers. As of October 31, 2020, the Underlying Index was comprised of securities issued by entities in the following 38 countries as well as securities issued or guaranteed by supranational entities: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Czech Republic, Denmark, Finland, France, Germany, Hong Kong, Hungary, India, Indonesia, Ireland, Italy, Japan, Lithuania, Luxembourg, Mexico, the Netherlands, Norway, the Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Korea, Spain, Sweden, Switzerland, the United Arab Emirates, the U.K. and the U.S. As of October 31, 2020, a significant portion of the Underlying Index is represented by financials, sovereign and quasi-sovereign debt obligations and non-U.S. agency debt securities. The components of the Underlying Index are likely to change over time. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Underlying Index includes fixed-rate coupon bonds and bonds that convert from fixed to floating rate, including </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">fixed-to-float perpetuals. Fixed-to-floating rate bonds are eligible during their fixed-rate term only. Certain types of securities, such as bonds with equity type features (<span style="font-style:italic">e.g.</span>, warrants, convertibles, and preferreds), inflation-linked bonds, floating-rate issues, fixed-rate perpetuals, tax-exempt municipal securities, private placements (other than those offered pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended (the “1933 Act”)) and retail bonds, are excluded from the Underlying Index. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Underlying Index will hold bonds until final maturity. As of October 31, 2020, the weighted average duration of the securities in the Underlying Index was 8.21 years and the weighted average maturity of the securities in the Underlying Index was 9.20 years. The securities in the Underlying Index are updated on the last business day of each month (the rebalancing date), and the currency risk of the securities in the Underlying Index is hedged to the U.S. dollar on a monthly basis. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">BFA uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments comprising an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market value and industry weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities and other components of the Underlying Index. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund generally will invest at least 90% of its assets in the component securities and other instruments of the Underlying Index and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates (“BlackRock Cash Funds”), as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. From time to time when conditions warrant, however, the Fund may invest at least 80% of its assets in the component securities and other instruments of the Underlying Index and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of BlackRock Cash Funds, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Components of the Underlying Index include fixed-income securities and </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">foreign currency forward contracts (both deliverable and non-deliverable) designed to hedge non-U.S. currency fluctuations against the U.S. dollar. The notional exposure to foreign currency forward contracts (both deliverable and non-deliverable) generally will be a short position that hedges the currency risk of the fixed-income portfolio. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Underlying Index sells forward the total value of the underlying non-U.S. dollar currencies at a one-month forward rate to hedge against fluctuations in the relative value of the non-U.S. dollar component currencies in relation to the U.S. dollar. The hedge is reset on a monthly basis. The Underlying Index is designed to have higher returns than an equivalent unhedged investment when the non-U.S. dollar component currencies are weakening relative to the U.S. dollar and appreciation in some of the non-U.S. dollar component currencies does not exceed the aggregate depreciation of the others. Conversely, the Underlying Index is designed to have lower returns than an equivalent unhedged investment when the non-U.S. dollar component currencies, on a net basis, are rising relative to the U.S. dollar. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">In order to track the “hedging” component of the Underlying Index, the Fund enters into foreign currency forward contracts designed to offset the Fund’s exposure to the non-U.S. dollar component currencies. A currency forward contract is a contract between two parties to buy or sell a specified amount of a specific currency in the future at an agreed-upon exchange rate. The Fund’s exposure to foreign currency </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">forward contracts is based on the aggregate exposure of the Fund to the non-U.S. dollar component currencies. While this approach is designed to minimize the impact of currency fluctuations on Fund returns, it does not necessarily eliminate the Fund’s exposure to the non-U.S. dollar component currencies. The return of the currency forward contracts may not perfectly offset the actual fluctuations in value between the non-U.S. dollar component currencies and the U.S. dollar. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may also use non-deliverable forward (“NDF”) contracts to execute its hedging transactions. An NDF is a contract where there is no physical settlement of two currencies at maturity. Rather, based on the movement of the currencies and the contractually agreed-upon exchange rate, a net cash settlement will be made by one party to the other in U.S. dollars. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received). </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The Underlying Index is sponsored by Bloomberg, MSCI ESG Research, or their affiliates, which are independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Industry Concentration Policy.<span style="font-weight:normal"> The Fund will concentrate its investments (</span><span style="font-style:italic;font-weight:normal">i.e.</span><span style="font-weight:normal">, hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. </div> Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry.  Summary of Principal Risks <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective. The order of the below risk factors does not indicate the significance of any particular risk factor.</div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Asset Class Risk.<span style="font-style:normal;font-weight:normal"> Securities and other assets in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.</span></div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Assets Under Management (AUM) Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> From time to time, an Authorized Participant (as defined in the </span><span style="font-weight:normal">Creations and Redemptions</span><span style="font-style:normal;font-weight:normal"> section of this prospectus (the “Prospectus”)), a third-party investor, the Fund’s adviser or an affiliate of the Fund’s adviser, or a fund may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There</span><span style="font-style:normal"> </span><span style="font-style:normal;font-weight:normal">can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at such levels, which could negatively impact the Fund.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Authorized Participant Concentration Risk.<span style="font-style:normal;font-weight:normal"> 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 (</span><span style="font-weight:normal">i.e.,</span><span style="font-style:normal;font-weight:normal"> 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, 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 for exchange-traded funds (“ETFs”), such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Call Risk<span style="font-style:normal">. </span><span style="font-style:normal;font-weight:normal">During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund's income, or in securities with greater risks or with other less favorable features.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Concentration Risk.<span style="font-style:normal;font-weight:normal"> 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,</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">region, market, industry, group of industries, sector, market segment or asset class. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Credit Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> Debt issuers and other counterparties may be unable or unwilling to make timely interest and/or principal payments when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on an issuer's or counterparty's financial condition and on the terms of an obligation.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Currency Hedging Risk.<span style="font-style:normal;font-weight:normal"> In seeking to track the “hedging” component of the Underlying Index, the Fund invests in currency forward contracts (which may include both physically-settled forward contracts and NDFs) designed to hedge the currency exposure of non-U.S. dollar denominated securities held in its portfolio. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and its reference asset, and there can be no assurance that the Fund’s hedging transactions will be effective.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions in a geographic region in which the Fund invests. In addition, in order to minimize transaction costs, or for other reasons, the Fund’s exposure to the non-U.S. dollar component currencies may not be fully hedged at all times. At certain times, the Fund may use an optimized hedging strategy and will hedge a smaller number of non-U.S. dollar </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">component currencies to reduce hedging costs. Because currency forwards are over-the-counter instruments, the Fund is subject to counterparty risk as well as market or liquidity risk with respect to the hedging transactions the Fund enters into. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The effectiveness of the Fund’s currency hedging strategy will in general be affected by the volatility of both the Underlying Index and the volatility of the U.S. dollar relative to the currencies to be hedged, measured on an aggregate basis. Increased volatility in either or both of the Underlying Index and the U.S. dollar relative to the currencies to be hedged will generally reduce the effectiveness of the Fund’s currency hedging strategy. In addition, volatility in one or more of the currencies may offset stability in another currency and reduce the overall effectiveness of the hedges. The effectiveness of the Fund’s currency hedging strategy may also in general be affected by interest rates. Significant differences between U.S. dollar interest rates and some or all of the applicable foreign currency interest rates may impact the effectiveness of the Fund’s currency hedging strategy. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Currency Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if one or more of the currencies of the non-U.S. markets in which the Fund invests depreciates against the U.S. dollar and the depreciation of one currency is not offset by appreciation in another currency and/or the Fund's attempt to hedge currency exposure to the depreciating currency or currencies is unsuccessful. Generally, an increase in the value of the U.S. dollar against the non-U.S. dollar component currencies will reduce the value of a security denominated in such currencies, as</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">applicable. In addition, fluctuations in the exchange rates between currencies could affect the economy or particular business operations of companies in a geographic region, including securities in which the Fund invests, causing an adverse impact on the Fund’s investments in the affected region and the U.S. As a result, investors have the potential for losses regardless of the length of time they intend to hold Fund shares. 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. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Cybersecurity Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> Failures or breaches of the electronic systems of the Fund, the Fund's adviser, distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund’s Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Derivatives Risk. <span style="font-style:normal;font-weight:normal">The Fund’s use of derivatives may reduce the Fund’s returns or increase volatility. Volatility is defined as the characteristic of a security, a currency, an index or a market to fluctuate significantly in price within a short time period. Derivatives may also be subject to counterparty</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Counterparty risk for OTC derivatives is generally higher than that for derivatives traded on an exchange or through a clearing house. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate perfectly with the value of the underlying asset, the performance of the asset class to which the Fund seeks exposure or the performance of the overall markets. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, or movements between the time of periodic reallocations of Fund assets, which losses are potentially unlimited. Certain derivatives may give rise to a form of leverage and may expose the Fund to greater risk and increase its costs. To the extent that the Fund invests in rolling futures contracts, it may be subject to additional risk. The impact of U.S. and global regulation of derivatives may make derivatives more costly, may limit the availability of derivatives, may delay or restrict the exercise by the Fund of termination rights or remedies upon a counterparty default under derivatives held by the Fund (which could result in losses), or may otherwise adversely affect the value or performance of derivatives. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Extension Risk. <span style="font-style:normal;font-weight:normal">During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly than originally anticipated and</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">the value of those securities may fall sharply, resulting in a decline in the Fund’s income and potentially in the value of the Fund’s investments. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Financials Sector Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, and decreased liquidity in credit markets. The extent to which the Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. In recent years, cyberattacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Geographic Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in, or which are exposed to, the affected region.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Green Bond Investment Strategy Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> The Fund’s investment strategy of investing in green bonds limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have a green bond focus. The Fund’s green bond investment strategy may result in the Fund investing in securities or industry</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">sectors that underperform the market as a whole or underperform other funds with a green bond focus. In addition, projects funded by green bonds selected by the Index Provider may not result in direct environmental benefits. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Illiquid Investments Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. During periods of market volatility, liquidity in the market for the Fund’s shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s shares trading at a premium or discount to the Fund’s NAV.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Income Risk. <span style="font-style:normal;font-weight:normal">The Fund's income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower-yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Index-Related Risk. <span style="font-style:normal;font-weight:normal">There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on 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. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Infectious Illness Risk. <span style="font-style:normal;font-weight:normal">An outbreak of an infectious respiratory illness, COVID-19, caused by a novel coronavirus has resulted in travel restrictions, disruption of healthcare systems, prolonged quarantines, cancellations, supply chain disruptions, lower consumer demand, layoffs, ratings downgrades, defaults and other significant economic impacts. Certain markets have experienced temporary closures, extreme volatility, severe losses, reduced liquidity and increased trading costs. These events will have an impact on the Fund and its investments and could impact the Fund’s ability to purchase or sell securities or cause elevated tracking error and increased premiums or discounts to the Fund's NAV. Other infectious illness outbreaks in the future may result in similar impacts.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Interest Rate Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low, or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. The historically low interest rate environment heightens the risks associated with rising interest rates. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Issuer Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> The performance of the Fund depends on the performance of individual securities and other instruments to which the Fund has exposure. The Fund may be adversely affected if an issuer of underlying securities held by the Fund is unable or unwilling to repay principal or interest when due. Changes in the financial condition or credit rating of an issuer of those securities or counterparty on other instruments may cause the value of the securities or instruments to decline.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Management Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> As the Fund will not fully replicate the Underlying Index, it is subject to the risk that BFA's investment strategy may not produce the intended results.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Market Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> The Fund could lose money over short periods due to short-term market movements and over</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">longer periods during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Market Trading Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, losses due to ineffective currency hedges, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">National Closed Market Trading Risk.<span style="font-style:normal;font-weight:normal"> To the extent that the underlying securities and/or other assets held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (</span><span style="font-weight:normal">i.e</span><span style="font-style:normal;font-weight:normal">., the Fund’s quote from the closed foreign market). These deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other ETFs.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Non-U.S. Agency Debt Risk.<span style="font-style:normal;font-weight:normal"> The Fund invests in uncollateralized bonds issued by agencies, subdivisions or instrumentalities of foreign governments. Bonds issued by foreign government agencies, subdivisions or instrumentalities are generally backed</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">only by the general creditworthiness and reputation of the entity issuing the bonds and may not be backed by the full faith and credit of the foreign government. Moreover, a foreign government that explicitly provides its full faith and credit to a particular entity may be, due to changed circumstances, unable or unwilling to provide that support. A non-U.S. agency’s operations and financial condition are influenced by the foreign government’s economic and other policies. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Non-U.S. Issuers Risk. <span style="font-style:normal;font-weight:normal">Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. The Fund is specifically exposed to </span><span style="font-style:normal">European Economic Risk</span><span style="font-style:normal;font-weight:normal">.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Operational Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund and BFA seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Passive Investment Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> The Fund is not actively managed, and BFA generally</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">does not attempt to take defensive positions under any market conditions, including declining markets. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Reliance on Trading Partners Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> The Fund invests in countries or regions whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its holdings of securities of certain issuers, the Fund is specifically exposed to </span><span style="font-style:normal">Asian Economic Risk, European Economic Risk and North American Economic Risk.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Risk of Investing in Developed Countries<span style="font-style:normal">. </span><span style="font-style:normal;font-weight:normal">The Fund’s investment in developed country issuers may subject the Fund to regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a significant portion of the global economy and have generally experienced slower economic growth than some less developed countries. Certain developed countries have experienced security concerns, such as terrorism and strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or availability of certain commodities.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Risk of Investing in France. <span style="font-style:normal;font-weight:normal">The Fund’s investment in French issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks specific to France. Recently, new</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">concerns emerged with respect to the economic outlook for certain European Union (the “EU”) countries, including France. External demand for French exports is expected to be negatively impacted by the U.K. resolution to leave the EU. As a result, the French economy may experience adverse trends due to concerns about a prolonged economic downturn, potential weakness in exports, high rates of unemployment and rising government debt levels. The French economy is dependent on agricultural exports, and as a result, is susceptible to fluctuations in demand for agricultural products. France has experienced several terrorist attacks over the past several years, creating a climate of insecurity that has been detrimental to tourism. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Risk of Investing in Russia. <span style="font-style:normal;font-weight:normal">Investing in Russian securities involves significant risks, including legal, regulatory, currency and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the settlement of portfolio transactions and loss of the Fund’s ownership rights in its portfolio securities as a result of the system of share registration and custody in Russia. A number of jurisdictions, including the U.S., Canada and the EU, have imposed economic sanctions on certain Russian individuals and Russian corporate entities. Additionally, Russia is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and Russian</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">issuers of securities in which the Fund invests. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Securities Lending Risk. <span style="font-style:normal;font-weight:normal">The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Sovereign and Quasi-Sovereign Obligations Risk. <span style="font-style:normal;font-weight:normal">The Fund invests in securities issued by or guaranteed by non-U.S. sovereign governments and by entities affiliated with or backed by non-U.S. sovereign governments, which may be unable or unwilling to repay principal or interest when due. In times of economic uncertainty, the prices of these securities may be more volatile than those of corporate debt obligations or of other government debt obligations.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Structural Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> The countries in which the Fund invests may be subject to considerable degrees of economic, political and social instability.</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Tax Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> The Fund invests in derivatives. The federal income tax treatment of a derivative may not be as favorable as a direct investment in an underlying asset. Derivatives may produce taxable income and taxable realized gain. Derivatives may adversely affect the timing, character and amount of income the Fund realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than as capital gains. In addition, certain</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. Income from swaps is generally taxable. In addition, the tax treatment of certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or administrative pronouncements issued by the U.S. Internal Revenue Service (“IRS”). </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">As part of the Fund's currency hedging strategy, the Fund may match currency forward contracts with the non-U.S. dollar denominated securities whose currency risk is intended to be hedged wholly or partially by such contracts. If the Fund were to perform such matching for income tax purposes, this matching would potentially result in the Fund’s deferral for U.S. federal income tax purposes of the realized gains or losses attributable to foreign currency forward contracts until such gains or losses offset the currency-related losses on the matched non-U.S. dollar denominated securities. If the IRS were to disagree with such deferral treatment or the matching methodology used, the Fund's income could become undistributed and incur tax liabilities. The Fund may reevaluate, adjust, begin, or discontinue the matching of such contracts in the future. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Tracking Error Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">Underlying Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at the time of calculation of the Fund’s NAV), transaction and hedging costs incurred and forward rates achieved by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or other distributions, interest, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index and the cost to the Fund of complying with various new or existing regulatory requirements. These risks may be heightened during times of increased market volatility or other unusual market conditions in the affected securities and/or foreign exchange markets. In addition, tracking error may result because the Fund incurs fees and expenses, while the Underlying Index does not, and because the Fund accepts creations and redemptions during time periods between which it is able to adjust its currency hedges, whereas the Underlying Index does not adjust its hedging during these periods. BFA EXPECTS THAT THE FUND MAY EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX ETFS. </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:italic;font-weight:bold;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">Valuation Risk<span style="font-style:normal">.</span><span style="font-style:normal;font-weight:normal"> The price the Fund could receive upon the sale of a security or unwind of a financial instrument or other asset may differ from the Fund's valuation of the security, instrument or other asset and from the value used by the Underlying Index, particularly for securities or other instruments that</span> </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other instruments in the Fund's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund's shares. Authorized Participants who purchase or redeem Fund shares on </div> <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;">days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers. </div> As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. Performance Information <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">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.</div> 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. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Year by Year Returns (Years Ended December 31) <div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">The best calendar quarter return during the periods shown above was 3.98% in the 2nd quarter of 2020; the worst was -1.23% in the 4th quarter of 2019. </div><div style="color:#000000;font-family:arial;font-size:9pt;font-style:normal;font-weight:normal;line-height:12pt;margin-top:4pt;text-align:left;text-decoration:none;text-transform:none;">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). </div> best 0.0398 2020-06-30 worst -0.0123 2019-12-31 www.iShares.com 1-800-iShares (1-800-474-2737) (toll free) Average Annual Total Returns (for the periods ended December 31, 2020) 2018-11-13 0.0653 0.0824 0.0572 0.0706 0.0385 0.0582 0.0668 0.0834 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. 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. The amount rounded to 0.00%.