iShares Trust – iShares Large Cap 10% Target Buffer Sep ETF is an actively managed exchange-traded fund that seeks to provide investors with large-cap U.S. equity-market exposure through the share-price return of the iShares Core S&P 500 ETF, up to an approximate upside cap, while seeking to mitigate approximately the first 10% of losses of the underlying ETF over a 12-month outcome period ending each September. The fund principally invests in shares of the iShares Core S&P 500 ETF and exchange-traded flexible exchange options (FLEX Options) referencing that ETF; it offers defined-outcome equity exposure, a 10% downside buffer, and a periodically reset upside cap. The buffer and cap are designed to apply only to investors holding fund shares for the full hedge period; investors purchasing or selling shares during a hedge period may realize different outcomes, including reduced protection, lower upside potential, or losses. STEN is listed on Cboe BZX, has an annual distribution frequency, and carries a 0.50% management fee, with a 0.53% gross expense ratio. It is a series of iShares Trust and is sponsored by BlackRock Fund Advisors, an affiliate of BlackRock, Inc.; iShares is BlackRock’s global ETF platform, serving retail, wealth-management, institutional, and other investors. The fund was launched on September 30, 2025, and is headquartered administratively through its sponsor in New York, New York. Its principal market is the United States. In October 2025, BlackRock launched STEN as part of an expansion of its iShares Outcome ETF suite, alongside Large Cap 10% Target Buffer ETFs with December, March, and June outcome-period end dates; the launch represented a strategic expansion of BlackRock’s defined-outcome offerings designed to combine S&P 500-linked return potential with protection against modest market declines.