IShares Trust - BlackRock

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iShares? Trust

Statement of Additional Information

Dated August 1, 2019

This combined Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the current prospectuses (each, a "Prospectus" and collectively, the "Prospectuses") for the following series of iShares Trust (the "Trust"):

Fund

iShares Core S&P 500 ETF iShares Core S&P Mid-Cap ETF iShares Core S&P Small-Cap ETF iShares Core S&P Total U.S. Stock Market ETF iShares Core S&P U.S. Growth ETF iShares Core S&P U.S. Value ETF iShares Europe ETF iShares Expanded Tech Sector ETF iShares Expanded Tech-Software Sector ETF iShares Focused Value Factor ETF iShares Global 100 ETF iShares Global Clean Energy ETF iShares Global Comm Services ETF iShares Global Consumer Discretionary ETF iShares Global Consumer Staples ETF iShares Global Energy ETF iShares Global Financials ETF iShares Global Industrials ETF iShares Global Infrastructure ETF iShares Global Utilities ETF iShares International Developed Property ETF iShares International Preferred Stock ETF iShares JPX-Nikkei 400 ETF iShares Micro-Cap ETF iShares Mortgage Real Estate ETF iShares Nasdaq Biotechnology ETF iShares North American Natural Resources ETF iShares North American Tech-Multimedia Networking ETF iShares PHLX Semiconductor ETF iShares Preferred and Income Securities ETF iShares Residential Real Estate ETF iShares Russell 1000 ETF iShares Russell 1000 Growth ETF iShares Russell 1000 Pure U.S. Revenue ETF iShares Russell 1000 Value ETF iShares Russell 2000 ETF iShares Russell 2000 Growth ETF iShares Russell 2000 Value ETF iShares Russell 3000 ETF iShares Russell Mid-Cap ETF iShares Russell Mid-Cap Growth ETF iShares Russell Mid-Cap Value ETF iShares Russell Top 200 ETF

Ticker

IVV IJH IJR ITOT IUSG IUSV IEV IGM IGV FOVL IOO ICLN IXP RXI KXI IXC IXG EXI IGF JXI WPS IPFF JPXN IWC REM IBB IGE IGN SOXX PFF REZ IWB IWF AMCA IWD IWM IWO IWN IWV IWR IWP IWS IWL

Listing Exchange

NYSE Arca NYSE Arca NYSE Arca NYSE Arca NASDAQ NASDAQ NYSE Arca NYSE Arca Cboe BZX NYSE Arca NYSE Arca NASDAQ NYSE Arca NYSE Arca NYSE Arca NYSE Arca NYSE Arca NYSE Arca NASDAQ NYSE Arca NYSE Arca Cboe BZX NYSE Arca NYSE Arca Cboe BZX NASDAQ Cboe BZX NYSE Arca NASDAQ NASDAQ NYSE Arca NYSE Arca NYSE Arca NASDAQ NYSE Arca NYSE Arca NYSE Arca NYSE Arca NYSE Arca NYSE Arca NYSE Arca NYSE Arca NYSE Arca

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Fund

iShares Russell Top 200 Growth ETF iShares Russell Top 200 Value ETF iShares S&P 100 ETF iShares S&P 500 Growth ETF iShares S&P 500 Value ETF iShares S&P Mid-Cap 400 Growth ETF iShares S&P Mid-Cap 400 Value ETF iShares S&P Small-Cap 600 Growth ETF iShares S&P Small-Cap 600 Value ETF iShares U.S. Aerospace & Defense ETF iShares U.S. Broker-Dealers & Securities Exchanges ETF iShares U.S. Healthcare Providers ETF iShares U.S. Home Construction ETF iShares U.S. Infrastructure ETF iShares U.S. Insurance ETF iShares U.S. Medical Devices ETF iShares U.S. Oil & Gas Exploration & Production ETF iShares U.S. Oil Equipment & Services ETF iShares U.S. Pharmaceuticals ETF iShares U.S. Real Estate ETF iShares U.S. Regional Banks ETF iShares U.S. Telecommunications ETF

Ticker

IWY IWX OEF IVW IVE

IJK IJJ IJT IJS ITA IAI IHF ITB IFRA IAK IHI IEO IEZ IHE IYR IAT IYZ

Listing Exchange

NYSE Arca NYSE Arca NYSE Arca NYSE Arca NYSE Arca NYSE Arca NYSE Arca NASDAQ NYSE Arca Cboe BZX NYSE Arca NYSE Arca Cboe BZX Cboe BZX NYSE Arca NYSE Arca Cboe BZX NYSE Arca NYSE Arca NYSE Arca NYSE Arca Cboe BZX

The Prospectuses for the above-listed funds (each, a "Fund" and collectively, the "Funds") are dated August 1, 2019, as amended and supplemented from time to time. Capitalized terms used herein that are not defined have the same meaning as in the applicable Prospectus, unless otherwise noted. The Financial Statements and Notes contained in the applicable Annual Report and Semi-Annual Report of the Trust for the Funds are incorporated by reference into and are deemed to be part of this SAI. A copy of each Fund's Prospectus, Annual Report and Semi-Annual Report may be obtained without charge by writing to the Trust's distributor, BlackRock Investments, LLC (the "Distributor" or "BRIL"), 1 University Square Drive, Princeton, NJ 08540, calling 1-800-iShares (1-800-474-2737) or visiting . Each Fund's Prospectus is incorporated by reference into this SAI.

References to the Investment Company Act of 1940, as amended (the "Investment Company Act" or the "1940 Act"), or other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or modifications by the Securities and Exchange Commission (the "SEC"), SEC staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no action or other relief or permission from the SEC, SEC staff or other authority.

iShares? and BlackRock? are registered trademarks of BlackRock Fund Advisors and its affiliates.

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iShares?

Notice to Shareholders

The following change to the iShares Global Consumer Discretionary ETF's (the "Fund") underlying index, as disclosed in a supplement dated April 24, 2019, that was scheduled to take effect for the Fund on or around June 24, 2019 will now take effect on or around September 23, 2019.

Underlying Index

Current S&P Global 1200 Consumer Discretionary IndexTM

New

S&P Global 1200 Consumer Discretionary (Sector) Capped IndexTM

Change in the Fund's "Construction and Maintenance of the Underlying Indexes"

The section of the SAI entitled "S&P Global 1200 Consumer Discretionary IndexTM" on page 54 is deleted in its entirety and is replaced by the following new section entitled "S&P Global 1200 Consumer Discretionary (Sector) Capped IndexTM":

S&P Global 1200 Consumer Discretionary (Sector) Capped IndexTM

Number of Components: approximately 149

Index Description. The S&P Global 1200 Consumer Discretionary (Sector) Capped IndexTM measures the performance of companies that S&P deems to be part of the consumer discretionary sector of the economy and that S&P believes are important to global markets. It is a subset of the S&P Global IndexTM. Component companies include consumer product manufacturing, service, media and retail companies.

The Underlying Index uses a capping methodology to limit the weight of the securities of any single issuer to a maximum of 10% of the Underlying Index. Additionally, the capping methodology limits the sum of the weights of the securities of all issuers that individually constitute more than 5% of the weight of the Underlying Index to a maximum of 25% of the weight of the Underlying Index in the aggregate. In order to implement this capping methodology, the Underlying Index constrains at quarterly rebalance: (i) the weight of any single issuer to a maximum of 10%, and (ii) the aggregate weight of all issuers that individually exceed 4.50% of the index weight to maximum of 22.50%. Between scheduled quarterly index reviews, the Underlying Index is rebalanced at the end of any day on which the following constraints are breached: 25.00% for all issuers that individually represent more than 5.00% of the weight of the Underlying Index. In implementing this capping methodology, SPDJI may consider two or more companies as belonging to the same issuer where there is reasonable evidence of common control.

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.

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TABLE OF CONTENTS

General Description of the Trust and its Funds Exchange Listing and Trading Investment Strategies and Risks

Borrowing Currency Transactions Diversification Status Futures, Options on Futures and Securities Options Lending Portfolio Securities Liquidity Risk Management Non-U.S. Securities Regulation Regarding Derivatives Repurchase Agreements Reverse Repurchase Agreements Securities of Investment Companies Short-Term Instruments and Temporary Investments Swap Agreements Tracking Stocks Future Developments General Considerations and Risks Borrowing Risk Custody Risk Dividend Risk Illiquid Investments Risk National Closed Market Trading Risk Operational Risk Risk of Derivatives Risk of Equity Securities Risk of Futures and Options on Futures Transactions Risk of Investing in Non-U.S. Equity Securities Risk of Investing in Large-Capitalization Companies Risk of Investing in Micro-Capitalization Companies Risk of Investing in Mid-Capitalization Companies Risk of Investing in Small-Capitalization Companies Risk of Non-U.S. Preferred Stock Risk of Swap Agreements Securities Lending Risk

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Risk of Investing in Asia Risk of Investing in Australasia Risk of Investing in Canada Risk of Investing in Central and South America Risk of Investing in China Risk of Investing in the Chinese Equity Markets Risk of Investing in Developed Countries Risk of Investing in Emerging Markets Risk of Investing in Europe Risk of Investing in Japan Risk of Investing in the Middle East Risk of Investing in North America Risk of Investing in the U.K U.S. Economic Trading Partners Risk Risk of Investing in the Aerospace and Defense Industry Risk of Investing in the Basic Materials Industry Risk of Investing in the Biotechnology Industry Risk of Investing in the Capital Goods Industry Risk of Investing in the Chemicals Industry Risk of Investing in the Clean Energy Sub-Industry Risk of Investing in the Communication Services Sector Risk of Investing in the Consumer Discretionary Sector Risk of Investing in the Consumer Goods Industry Risk of Investing in the Consumer Services Industry Risk of Investing in the Consumer Staples Sector Risk of Investing in the Energy Sector Risk of Investing in the Financials Sector Risk of Investing in the Healthcare Sector Risk of Investing in the Home Construction Industry Risk of Investing in the Hotel & Lodging REITs Sub-Industry Risk of Investing in the Industrials Sector Risk of Investing in the Information Technology Sector Risk of Investing in the Infrastructure Industry Risk of Investing in the Insurance Industry Risk of Investing in the Materials Sector Risk of Investing in the Medical Equipment Industry Risk of Investing in Mortgage Real Estate Investment Trusts

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