ThZeal - The Zeal

Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a
percentage of the value of your investments)^1,2

Management

Fees

Distribution and

Service (12b‑1)

Fees

Other

Expenses³

Total Annual

Fund

Operating

Expenses

iShares^®

iShares Trust

Supplement dated July 22, 2025

to the currently effective Summary Prospectus, Prospectus

and Statement of Additional Information (the “SAI”) for the iShares New York Muni Bond ETF

(NYF) (the “Fund”)

Effective August 1, 2025, the annual management fee for the Fund, as a percentage of average daily net assets, is 0.09%. Accordingly, effective immediately, the following changes are made:

In the “Fees and Expenses” section of the Summary Prospectus and the Prospectus, the Annual Fund Operating Expenses table and the Example section are deleted in their entirety and replaced with the following:

Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.

The expense information in the table has been restated to reflect current fees.

The amount rounded to 0.00%.

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:

The management fee of the Fund is changed to 0.09% in the fee table in the “Management of the Funds” section of the Prospectus and in the “Investment Adviser” section of the SAI.

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‑SUPP‑NYF‑0725

PLEASE RETAIN THIS SUPPLEMENT

FOR FUTURE REFERENCE