open/document-extraction

Added by Kamaji | Added: 2026-10-10 22:50 | Views: 7 | Model: dorsalhub/pdf-extractor

This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.

iShares U.S. ETF Trust

Supplement dated October 9, 2026 to the currently effective Summary Prospectus, Prospectus, and Statement of Additional Information (“SAI”) for the iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) (the “Fund”)

The Board of Trustees has approved the following changes for the Fund that are expected to take effect on or around December 11, 2026:

Current New

Fund Name iShares Bloomberg Roll Select Commodity Strategy ETF

iShares Bloomberg Enhanced Roll Yield Commodity Strategy ETF

Underlying Index Bloomberg Roll Select Commodity Total Return Index

Bloomberg Enhanced Roll Yield Total Return Index

Š The Principal Investment Strategies section in the Fund’s Summary Prospectus and Prospectus are deleted in their entirety and replaced with the following:

The Fund seeks to track the investment results of the Bloomberg Enhanced Roll Yield Total Return Index (the “Underlying Index”), which measures the performance of futures contracts across the following six physical commodity groups: energy, precious metals, industrial metals, grains and derived grains, softs, and livestock, as determined by Bloomberg Index Services Limited (“Bloomberg” or the “Index Provider”). The Underlying Index, which is rebalanced annually, provides broad-based exposure to commodities as an asset class by using liquidity factors and sector caps to avoid over-concentration in any single commodity or commodity sector.

The Fund, through its Subsidiary (as defined below), invests in financial instruments providing exposure to commodities and not in the physical commodities themselves. In seeking to achieve its investment objective, the Fund expects to obtain a substantial portion of its exposure to the investment results of the Underlying Index through total return swaps referencing the Underlying Index and/or the commodity futures contracts represented in the Underlying Index. The Fund is expected to enter into new total return swap contracts on an ongoing basis and replace expiring contracts as necessary to maintain exposure to the Underlying Index. Total return swaps subsequently acquired by the Fund may have terms that differ from those previously held by the Fund. The Fund generally expects to pay a fixed payment rate and swap-related fees to each counterparty and receive the total return of the Underlying Index. Although the Underlying Index measures the performance of futures contracts, the Fund is not required to hold those futures contracts directly in order to obtain its exposure to the Underlying Index.

The Fund may also invest in swaps on commodity futures contracts and other commodity-linked swaps, exchange-traded commodity futures contracts, options on futures contracts, forward contracts and other commodity-linked instruments that provide exposure to commodities represented in, or related to, the Underlying Index (collectively, “Commodity Investments”). The Fund invests in Commodity Investments solely through its Subsidiary. Investing in Commodity Investments may have a leveraging effect on the Fund.

The Fund also seeks to generate interest income and capital appreciation on the cash balances arising from its investment in Commodity Investments through a cash management strategy consisting of investments in cash and cash equivalents, short term government obligations and short-term investment grade fixed-income securities (collectively, “Fixed-Income Investments”). The Fund invests in Fixed-Income Investments for investment purposes and to provide sufficient assets to account for (or “cover”) mark-to-market changes and to collateralize the Subsidiary’s investments in derivatives on a day-to-day basis. As part of its cash management strategy, the Fund may also invest in repurchase agreements, money market instruments, U.S. government and agency securities, Treasury Inflation-Protected Securities, sovereign debt obligations of non-U.S. countries and investment-grade corporate bonds.

Page 2

In order to maintain exposure to a futures contract on a particular commodity, an investor must sell the position in the expiring contract and buy a new position in a contract with a later delivery month, which is referred to as “rolling.” The Underlying Index employs a multi-contract roll schedule to spread risk across three to four futures contracts per commodity, e.g., three futures contracts per precious metal commodity and four futures contracts per commodity in all other commodity groups, with a roll period of ten business days. The Underlying Index rolls and rebalances these contracts monthly back to equal weightings on a price-percentage basis. If the price for the new futures contract is less than the price of the expiring contract, then the market for the commodity is said to be in “backwardation.” In these markets, roll returns are positive, which is referred to as “positive carry.” The term “contango” is used to describe a market in which the price for a new futures contract is more than the price of the expiring contract. In these markets, roll returns are negative, which is referred to as “negative carry.” The Underlying Index seeks to employ a positive carry strategy that emphasizes commodities and futures contract months with the greatest degree of backwardation and lowest degree of contango, resulting in net gains through positive roll returns.

As of August 31, 2026, the Underlying Index had approximately 102 constituents, and a significant portion of the Underlying Index was represented by the energy and agriculture commodity groups. The components of the Underlying Index are likely to change over time.

The Fund gains exposure to Commodity Investments by investing through a wholly owned subsidiary organized in the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by BFA and has the same investment objective as the Fund. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and, unless otherwise noted in this Prospectus, is not subject to the investor protections of the 1940 Act. The Subsidiary invests solely in Commodity Investments and cash and cash equivalents.

In compliance with Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), the Fund may invest up to 25% of its total assets in the Subsidiary. The Fund’s Commodity Investments held in the Subsidiary are intended to provide the Fund with exposure to broad commodities consistent with current U.S. federal income tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest directly in Commodity Investments.

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 selection of securities and/or other instruments. 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.

The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. 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 intended to collectively have an investment profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying Index, or other reasons as determined by BFA.

Page 3

In accordance with Rule 35d-1 under the 1940 Act, under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80% investment policy may be changed by the Company’s Board of Trustees (the “Board”) upon 60 days’ notice to shareholders.

The Commodity Futures Trading Commission (“CFTC”) has adopted certain requirements that subject registered investment companies and their advisers to regulation by the CFTC if a registered investment company invests more than a prescribed level of its net asset value in CFTC-regulated futures, options and swaps, or if a registered investment company markets itself as providing investment exposure to such instruments. Due to the Fund’s potential use of such instruments above the prescribed levels, it is considered a “commodity pool” under the Commodity Exchange Act (“CEA”). The Subsidiary is also deemed a commodity pool. BFA is considered a commodity pool operator (“CPO”) with respect to the Fund and the Subsidiary and is subject to regulation by the CFTC and the National Futures Association (“NFA”).

The Underlying Index is sponsored by the Index Provider, which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the components of the Underlying Index and publishes information regarding the market value of the Underlying Index.

Š The subsection entitled “The Bloomberg Roll Select Commodity Total Return Index” in the section entitled Construction and Maintenance of the Underlying Indexes in the Fund’s SAI is deleted in its entirety and replaced with the following:

The Bloomberg Enhanced Roll Yield Total Return Index

The Bloomberg Enhanced Roll Yield Total Return Index (the “Underlying Index”) measures the performance of a long-only basket of liquid commodity futures contracts across six physical commodity groups, including energy, precious metals, industrial metals, grains and derived grains, softs, and livestock, as determined by Bloomberg Index Services Limited (“Bloomberg” or the “Index Provider”). The Underlying Index, which is rebalanced annually, provides a broad-based exposure to commodities as an asset class by using liquidity factors and sector caps to avoid over-concentration in any single commodity or commodity sector.

The Underlying Index employs a multi-contract roll schedule to spread risk across three to four futures contracts per commodity, e.g., three futures contracts per precious metal commodity and four futures contracts per commodity in all other commodity groups, with a roll period of ten business days. The Underlying Index rolls and rebalances these contracts monthly back to equal weightings on a price-percentage basis.

To construct the Underlying Index, the Index Provider calculates the liquidity percentage and slope scores for each commodity using trading volumes and historic U.S. dollar values of each futures contract within the volume horizon, and then applies the following capping:

Š No single commodity (e.g., natural gas, silver) may constitute more than 15% of the Index;

Š No related group of commodities (e.g., energy, precious metals, livestock, or grains & derived grains) may constitute more than 33% of the Index;

Š No single commodity (e.g., natural gas, silver) may constitute less than 1.5% of the Index as liquidity allows.

Such capping may be exceeded by the commodity target weight calculated for each commodity on the last Underlying Index business day of November for the following year and implemented at the January Roll Period with the regular monthly roll and rebalance of the Underlying Index.

Page 4

Š The section entitled Non-Fundamental Investment Policies of the Fund in the Fund’s SAI is deleted in its entirety and replaced with the following:

Non-Fundamental Investment Policies of the Fund

Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder approval, the Fund may not purchase shares of any registered open-end investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1). The foregoing restriction does not restrict the Fund from acquiring the shares of registered open-end investment companies to the extent otherwise permissible under other provisions of the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.

Notations Regarding the Fund’s Fundamental and Non-Fundamental Investment Policies

Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment restrictions apply only at the time that a transaction is undertaken. Any change in the percentage of the Fund’s assets invested in certain securities or other instruments resulting from market fluctuations or other changes in the Fund’s total assets will not require the Fund to dispose of an investment.

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-CMDY-1026

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Page 5

S ummar y Prospectu s

• i Shares Bloomber g Roll Select Commodit y Strate gy ET F | C MD Y | N Y S E Ar ca

Before you invest, you may want to review the Fund ’s ’s prospectus, which contains more information about t he Fund and its risks. You can find the Fund’s prospectus ( includin g amendments and supplements ) an d other information about the Fund, includin g the Fund ’s ’s statement of additional information and shareholder reports, online at https://www.blackrock.com/prospectus. You can also g et this in fo formation a t no cost by by callin g 1-800-iShares ( 1-800-474-2737 ) or by by sendin g an e-mail request t o iSharesETFs@blackrock.com, or from y our financial professional. The Fund ’s ’s prospectus and statement o f additional in fo formation, both dated February ry 27, 2026, as amended and supplemented fr from time to time , are incorporated by by reference into ( le g ally ly made a part of) f) this Summary ry Prospectus. Information on th e Fund ’s ’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at https://www.i S hares.com.

The Securities and Exchan g e Commission and Commodit y Futures Tradin g Commission (“CFTC”) have no t approved or disapproved these securities or passed upon the adequac y o f this prospectus. An y representatio n to the contrar y is a criminal o ff ense.

(as revised May 29, 2026)

Page 6

i S HARE S ® B L OO MBER G R O LL S ELE C T CO MM O DITY

S TRATE G Y ET F

T i c k e r: CMDY S tock Exchan g e: NYSE Arca

Investment Obj bj ect i v e

The iShares Bloomber g Roll Select Commodity Strate g y ETF (the “Fund”) seeks to track the investment results of an index composed of a b road range o f commodity exposures with enhanced roll selection, on a total return basis.

F ees and Expense s

The followin g table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. Amounts in the table are rounded to the nearest basis point, which in some cases may be “ 0.00. ” The investment advisory agreement between i S hares U. S . ETF Trust (the “Trust”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory A g reement”) provides that BFA will pay all operatin g expenses o f the Fund, except: (i) the management f ees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to th e acquisition and disposition of portfolio securities, commodities or other financial instruments and the execution of portfolio transactions , includin g brokera g e commissions, (v) distribution fees or expenses, and (vi) liti g ation expenses and any extraordinary expenses . The Fund may incur “Acquired Fund Fees and Expenses.” Acquired Fund Fees and Expenses re f lect the Fund’ s p ro ra ta share o f the f ee s and expenses incurred indirectly by the Fund as a result of investin g in other investment companies. The impact of Acquired Fund Fees an d Expenses is included in the Fund’s total return but is not included in the Fund’s ratio o f expenses to average net assets. Both f igures are s hown i n th e Financial Highlights ts section of the Fund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, has contractually a g reed to waive a portion of its mana g ement fees in an amount equal to the Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other funds advised by BFA, or its affiliates, through February 28, 2031. The contractual waiver may be terminated prior to February 28, 2031 only upon written a g reement of the Trust and BFA . You may pay other fees , such as brokerage commissions and other fees to financial intermediaries , which are not reflected in the tables and exam p les below . Annual Fund Operat i ng Expense s (ongoing expenses that you pay each year as a 1 percenta g e of the value of y our investments ) 1

Mana g emen t F ees

Dis tr i but io n a nd Serv i ce ( 12b-1 ) Fees O ther E xpense s

A c q u i red Fund Fees an d E xpense s

To To tal Annua l Fu nd Operat i ng E x p ense s

F ee Waiv e r a nd/o r E x p ens e Re imbur se m e nt

To To tal Annual F un d Operatin g E x p enses After F ee Wa i v er an d /o r E xpense Re imbur se m e nt 0 .28 % N one 0 .00 % 0 .01 % 0.29 % ( 0.01 )% 0 .28 %

1 O peratin g expenses paid by BFA under the Investment Advisory A g reement exclude Acquired Fund Fees and Expenses, i f any . 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 y ou invest $ 10,000 in the Fund for the time periods indicated and then sell all of y our shares at the end of thos e periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the s ame. Althou g h your actual costs may be hi g her or lower, based on these assumptions, your costs would be:

1Y e ar 3 Y e ar s 5 Y e ar s 1 0Y e ar s $ 2 9 $ 9 0 $ 15 7 $ 36 3

S - 1

Page 7

P o rtf o li o Turn o v e r . The Fund ma y pa y transact i on costs, such a s comm i ss i ons, when i t, d i rectly or i nd i rectly throu g h a subs i d i ary , b uys and sells securities or other assets ( or “ turns over ” its port f olio). A hi g her port f olio turnover rate may indicate hi g her transact i on costs and may result i nh ig her taxes when Fund s hares are held i n a taxable account. These costs , wh i ch are no t reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. Durin g the most recent f iscal year, the Fund’s port f olio turnover rate was 0% o f th e average value of its portfolio .

Principal Investment Strate g ie s

The Fund seeks to track the investment results of the Bloomber g R oll S elect C ommodity Total Return Index (the “ Underlyin g Index”), which measures the performance of 25 futures contracts across 23 phys i cal a g r i cultural, ener g y, prec i ous metals and i ndustr i al metals commod i t i es. The Underly i ng Index, wh i ch is rebalanced annuall y , prov i des broad-based exposure t o commodities as an asset class by using liquidity f actors an d s ector caps to avo i d over-concentrat i on i n any s i ngle commod i t y or commodit y sector . The Fund, through its Subsidiary (as de f ined below), invests i n financial instruments providing exposure to commodities and no t i n the phys i cal commod i t i es themselves. In seek i ng to ach i eve i ts i nvestment object i ve, the Fund pr i mar i ly i nvests i n exchange traded futures contracts (“Index Futures”) on the Underlyin g Index and is expected to roll out o f existing positions in Index Future s and establ i sh new pos i t i ons i n Index Futures on an ongo i ng bas i s. Index Futures subsequently acqu i red by the Fund may have term s that differ from those of the Index Futures it currently holds, and the purchase and sale o f these Index Futures ma y incu r transaction fees. Although the Fund may hold the same futures contracts under the same futures rollin g schedule as those i ncluded i n the Underly i ng Index, the Fund i s not obl i gated to invest in any futures contracts included in the Underlyin g Index . The Fund may also invest in exchan g e-traded commodity futures contracts similar to those f ound in the Underlying Index, swaps and options on futures that correlate to the investment returns o f commod i t i es w i thout i nvest i ng d i rectly i n phys i cal commod i t i es, and over-the-counter commod i ty-l i nked i nstruments such a s commodit y -linked notes, swaps and f orward contract s (collectively with Index Futures, “Commodity Investments”) . Investin g in Commodity Investments may have a levera g in g effec t on the Fund . The Fund also seeks to generate i nterest i ncome and cap i tal appreciation on the cash balances arisin g from its investment in Commodity Investments through a cash management strateg y consistin g of investments in cash and cash equivalents, short term government obl i gat i ons and short-term i nvestment grade fixed-income securities (collectively, “Fixed-Incom e Investments” ) . The Fund invests in Fixed-Income Investments for investment purposes and to provide sufficient assets to account for (or “cover”) mark-to-market chan g es and to collateralize th e S ubsidiary ’ s investments in derivatives on a day-to-day basis.

f utures contract is less than the price o f the expiring contract , then the market f or the commodit y is said to be i n “ backwardation. ” In these markets, roll returns are p ositive, whic h is re f erred to as “positive carry.” The term “contan g o” is used to describe a market in which the price f or a new f utures contract is more than the price o f the expirin g contract. In these markets, rol l returns are ne g ative, which is referred to as “ne g ative carry.” Th e Underly i ng Index seeks to employ a pos i t i ve carry strategy that emphasizes commodities and futures contract months with th e greatest degree o f backwardation and lowest degree o f contango , result i ng i n net ga i ns through pos i t i ve roll returns . As of January 8, 2026, the Underlyin g Index had 25 components . The Fund gains exposure to C ommodity Investments by investing through a wholly owned subsidiary organized in the Cayma n Islands (the “Subsidiary”). The Subsidiary is advised by BFA an d has the same i nvestment ob j ect i ve as the Fund. Unl i ke the Fund, the Subsidiary is not an investment company re g istered under the Investment Company Act o f 1940, as amended (the “1940 Act”) and, unless otherw i se noted i n th i s Prospectus, i s not subject t o the investor protections of the 1940 Act. The Subsidiary invest s solely in Commodity Investments and cash and cash equivalents.

In compliance with Subchapter M of the Internal Revenue Code o f 1986, as amended (the “ Internal Revenue C ode ” ), the Fund may invest up to 25% of its total assets in the Subsidiary. The Fund’ s C ommodity Investments held in the Subsidiary are intended t o prov i de the Fund w i th exposure to broad commod i t i es cons i sten t with current U.S. federal income tax laws applicable to investment companies such as the Fund, which limit the ability o f investmen t companies to invest directly in Commodity Investments.

The remainder of the Fund’s assets are invested directl y b y the Fund, pr i mar i ly i nF i xed-Income Investments, i nclud i n g repurchase agreements, money market instruments, U.S . government and agency securities, Treasury In f lation-Protecte d S ecurities, sovereign debt obligations of non-U.S. countries an d investment- g rade corporate bonds.

BFA uses an indexing approach to try to achieve the Fund’ s investment objective. The Fund does not try to “beat” the index i t tracks and does not seek temporar y de f ensive positions when markets decl i ne or appear overvalued . Index i ng may el i m i nate the chance that the Fund w i ll substant i ally outperform the Underlyin g Index but also may reduce some of the risks o f active management, such as poor selection o f securities and/or other i nstruments. Index i ng seeks to ach i eve lower costs and better a f ter-tax per f ormance by aiming to keep port f olio turnover low i n compar i son to act i vely managed i nvestmen t com p an i es . BFA uses a representat i ve sampl i ng i ndex i ng strategy to manag e the Fund. “Representative samplin g ” is an indexin g strate g y tha t involves investing in a representative sample o f securities or othe r instruments that collectivel y has an investment profile similar t o that of an applicable underlyin g index. The instruments selecte d are expected to have, i n the aggregate, i nvestment character i st i cs (based on factors such as market value and industry weightings) , f undamental characteristics (such as return variability, duration, matur i ty, cred i t rat i ngs and y i eld) and l i qu i d i ty measures s i m i lar t o those of an applicable underlyin g index. The Fund may or may not hold all of the components of the Underlying Index .

S -2

Page 8

The C ommodity Futures Tradin gC ommission ( “C FT C” ) ha s adopted certa i n requ i rements that subject re gi stered i nvestment companies and their advisers to regulation by the CFTC i fa re gi stered i nvestment company i nvests more than a prescr i be d level o f its net asset value in CFTC-re g ulated f utures, options an d s waps, or i f a re g istered investment company markets itsel f a s prov i d i ng i nvestment exposure to such i nstruments. Due to the Fund’s p otential use of such instruments above the p rescribe d levels, it is considered a “ commodity pool ” under the C ommodity Exchange Act (“CEA”). The Subsidiary is also deemed a commod i ty pool. BFA i s cons i dered a commod i ty pool operator (“CPO”) with respect to the Fund and the Subsidiary and is s ubject to re g ulation by the CFTC and the National Future s Association ( “ NFA” A” ).

The Underlyin g Index is sponsored by Bloomber g Index Service s Limited (the “Index Provider” or “Bloomberg”), whic h is independent of the Fund and BFA. The Index Provide r d etermines the composition and relative weightings o f th e components of the Underlying Index and publishes information re g ardin g the market value of the Underlyin g Index .

S ummar y of Principal Risk s

As with an y investment, y ou could lose all or part of y ou r investment in the Fund, and the Fund’s per f ormance could trail that of other investments. The Fund is sub j ect to certain risks , includin g the principal risks noted below (either directly or through its investments in the Subsidiary) any of which may adversely affect the Fund’s net asset value per share ( “NAV” ) , trad i ng pr i ce, y i eld, total return and ab i l i ty to meet i ts i nvestment objective. Certain key risks are prioritized below (with other s f ollowing in alphabetical order), but the relative signi f icance o f any risk is difficult to predict and may change over time. You shoul d review each risk factor carefully.

Commodi di ty-L in inked Deri ri vati ti ves Ri Ris isk. k. The value of a commodity l i nked der i vat i ve i nstrument ( i nclud i n g swaps based on suc h instruments) typically is based upon the price movements o f the underly i n g commod i ty or an econom i c var i able l i nked to suc h price movements. The current market prices, or “ spot prices, ” an d the price at a specified future date implied by the value of certai n commod i ty-l i nked der i vat i ves ( i nclud i n g swaps based on such instruments), or the “ f utures prices,” f or commodities will var y d epend i n g upon expectat i ons re g ard i n g market cond i t i ons. Th e value o f commodity-linked investments tied to both spot and futures prices of commodities may fluctuate quickly and d ramatically as a result of chan g es affectin g a particula r commod i ty and may not correlate to pr i ce movements i n othe r asset classes, such as stocks, bonds and cash. Commodity-linke d d er i vat i ves are subject to the r i sk that the counterparty to the transaction, the exchange or trading facility on which they trade or the applicable clearin g house may default or otherwise fail t o perform. The Fund’s use of commodity-linked derivatives may als o have a levera g in g effect on the Fund’s portfolio because of th e leverage inherent in the use o f derivatives. Leverage generally magnifies the effect of a change in the value of an asset an d creates a risk of loss of value on a lar g er pool of assets than the Fund would otherw i se have had. The Fund i s requ i red to post mar g in with respect to its holdin g s in derivatives. Each of thes e f actors and events could have a signi f icant negative impact on the Fund .

Carry ry Strategy gy Risk. k. The f utures market f or a commodity i n which the price f or a new f utures contract is less than the price o f an expiring contract, known as a market trading in a state o f “ backwardation, ” may not continue to trade with the same de g ree o f backwardation or with the resulting returns. To the extent that a commodity f utures market is not trading in a state o f backwardat i on (or i s trad i ng i n such a state, but to a lesse r degree), the Fund’s cost to maintain exposure to the commodit y may increase, the positive carry strategy may prove unsuccess f ul , and the investment performance of the Fund may suffer . Futures Contract Ri Ris isk. k. Futures contracts ma yi nvolve r i sks different from, and possibly greater than, the risks associated wit h investing directly in the underlying assets. S waps or othe r derivatives on futures contracts also may be adversely impacte d by these risks. The primary risks of futures contracts include: ( i ) an imperfect correlation between the value of the futures contrac t and that of the underlyin g asset; (ii) resale restrictions or the lac k o f a liquid secondary market and the resulting inability to close a futures contract when desired; (iii) losses from unanticipate d market movements, which are potentially unlimited; (iv) BFA’ A’s inability to predict correctly the direction of the prices of future s contracts and other financial and economic factors; ( v )a counterparty’s de f ault in the per f ormance o f its obligations; (vi ) the obl i gat i on to make da i ly cash payments to ma i nta i n the required margin f or the f utures contract; and (vii) the possibility that a failure to close a position may result in delivery of an illiqui d commod i t y to the Fund . As futures contracts approach expiration, they may be “rolled ” ( i. i.e . , replaced by s i m i lar contracts w i th a later exp i rat i on to ma i nta i n exposure to the underly i ng asset), wh i ch i nvolve s additional risks. In certain market conditions, the sale price of a near-term month contract can be lower than the purchase price o f a longer-term contract, resulting in a cost to “roll” the futures co ntr ac t.

Marke ke tRi Risk . T he Fund could lose money over short per i ods due to short-term market movements and over longer per i ods dur i n g more prolonged market downturns. Local, reg i onal or globa l events such as war, acts of terrorism, p andemics or other p ubli c health issues, recessions, the prospect or occurrence o fa sovereign default or other financial crisis, or other events coul d have a signi f icant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’ s NAV . Index-Related Ri Ris isk. k. The Index Prov i der may rely on var i ou s sources of information to assess the criteria of com p onents of the Underlying Index, including information that may be based o n assumptions and estimates. Neither the Fund nor BFA can offe r assurances that the Index Provider’s methodology or sources o f information will provide an accurate assessment of include d components or will result in the Fund meetin g its investmen t object i ve. Errors i n i ndex data, i ndex computat i ons or th e construction of the Underlyin g Index in accordance with it s methodology may occur, and the Index Provider may not identi fy or correct them promptly or at all, wh i ch may have an advers e im p act on the Fund and its shareholders. Unusual marke t conditions or other unforeseen circumstances (such as natura l d i sasters, pol i t i cal unrest or war) may i mpact the Index Prov i de r or a th i rd-party data prov i der and could cause the Index Prov i de r

S -3

Page 9

to postpone a scheduled rebalance. Th i s could cause the U nderlyin g Index to vary f rom its normal or expected composition . Asse t C la ss Ris is k. k. Th e secu r i t ies a n do th e r asse t si n th e U nderlyin g Index or in the Fund’s port f olio may underper f orm i n comparison to financial markets g enerally, a particular financia l market, another i ndex, or other asset classes . A uthori riz ized Parti tic ic ip ipant Concentrati tio ion Ri Ris isk. A n “A u th o riz ed Participant” is a member or participant o f a clearing agency registered with the SEC, which has a written agreement with the Fund or one o f its service providers that allows the Authorize d Participant to place orders for the purchase and redemption o f creation units ( “Creation Units” ) . Only an Authorized Participant may engage i n creat i on or redempt i on transact i ons d i rectly w i t h the Fund. There are a limited number of institutions that ma y act as Authorized Participants f or the Fund, including on an agenc y b asis on behalf of other market participants. No Authorize d Participant is obli g ated to en g a g e in creation or redemption transact i ons. To the extent that Author i zed Part i c i pants ex i t the b usiness or do not place creation or redemption orders for th e Fund and no other Author i zed Part i c i pant places orders, Fun d s hares are more l i kely to trade at a prem i um or d i scount to NAV AV and possibly face tradin g halts or delistin g . Cash Management Ri Ris isk . If a significant amount of the Fund’s assets is invested in cash and cash equivalents, the Fund ma y underperform other funds that do not similarl y invest in cash and cash equivalents for investment purposes and/or to collateralize d erivative instruments. Further, the Fund may face increased cred i tr i sk w i th respect to the bank or other counterparty hold i n g s uch assets and the r i sk that the counterpart y ma y be unable or unw i ll i ng (or perce i ved as such) to honor i ts obl i gat i ons . Commodi di ty Market D is isrupti tio ion Ri Ris isk. k. The commod i ty market s are subject to temporar y d i stort i ons and other d i srupt i ons due to , amon g other factors, lack of liquidity, the participation of s peculators, and government regulat i on, i ntervent i on and othe r actions. U.S. futures exchan g es and some forei g n exchan g es limit the amount o ff luctuation in f utures contract prices that may occur in a single business day (generally referred to as “daily price fluctuation limits” ) . The maximum or minimum price of a contrac t as a result of these limits is referred to as a “limit price.” If th e l i m i t p r i ce has been reached i na p art i cular contract, no trades may be executed beyond the l i m i t pr i ce. L i m i t pr i ces have th e effect of precluding trading in a particular contract or forcing the liquidation o f contracts at disadvantageous times or prices. Th e CFTC and the U.S. commodities exchanges are also authorized to take other actions in the event of a market emer g ency, includin g, f or example, the imposition o f higher margin requirements and the suspension of trading. Any of those actions, if taken, coul d adversely a ff ect the returns o f the Fund.

The constituents of the Underlyin g Index may experience such di srupt i ons i n trad i ng. The Fund may be negat i vely i mpacted by the cessation of trading in futures contracts included in the Fund’s U nderlyin g Index or by a futures exchan g e imposin g a limit price.

Commodi di ty Ri Ris isk. k. T he Fund has substant i al exposure to co mm odi t ies . Th e F u n di nv es t si n i n s tr u m e nt s th a t a r e s usceptible to f luctuations in certain commodit y markets and to price changes due to trade relations, including the imposition o f tari ff s by the U.S. and other countries. Any negative changes in

commod i ty markets that may be due to chan g es i n supply and demand f or commodities, market events, war, re g ulator y developments, pol i t i cal i nstab i l i t y , other catastroph i c events, o r o th e r fac t o r s th a t th e F u n d ca nn o t co ntr o l cou l d h a v ea n ad v e r se impact on the C ommodit y Investments in which the Fund invests . Co n ce ntratio io n Ris is k. k. The Fund may be susceptible to a n increased risk o f loss, including losses due to adverse events tha t affect the Fund’s investments more than the market as a whole , t o th ee xt e nt th a t th e F u n d ’ s inv es tm e nt sa r e co n ce ntr a t ed in th e securities or other assets o f one or more issuers, countries o r other g eo g raph i c un i ts, markets, i ndustr i es, project types, o r asset c l asses . Counterparty Ri Ris isk. k. C ertain commodit y -linked derivative instruments, uncleared swaps and other f orms o ff inancia l i nstruments that i nvolve counterpart i es subject the Fund to th e risk that the counterparty could default on its obli g ations under the agreement, either through the counterparty’s bankruptcy o r failure to perform its obli g ations. In the event of a counterparty de f ault, the Fund could experience lengthy delays in recoverin g some or all of its assets or obtain no recover y at all and, if th e counterparty is subject to speci f ied types o f resolutio n proceed i ngs, the Fund may be subject to stays that l i m i t i ts ab i l i t y to close out p ositions and limit risk. The Fund’s investments in th e f utures markets also introduce the risk that its f utures commission merchant (“FCM”) could default on an obligation se t f orth in an agreement between the Fund and the FCM, includin g the FCM’s obligation to return margin posted in connection wit h th e F u n d ’ s f u t u r es co ntr ac t s . Credi di tRi Ris is k . C redit risk is the risk that an issuer, guarantor or liquidit y provider of a fixed-income securit y ma y be unable o r unw i ll i ng, or may be perce i ved as unable or unw i ll i ng, to make t i mely pr i nc i pal and/or i nterest payments or to otherw i se hono r i ts obl i gat i ons. The cred i t rat i ng ass i gned to a secur i ty or i ts i ssue r does not necessaril y reflect the issuer’s current financia l condition or an investment ’ s volatility or liquidity. An actual o r perceived decline in an issuer’s creditworthiness may result in a decrease in the value and liquidity of its securities as well a s greater price volatility, which may make it difficult to sell the securities. The Fund may be adversely affected if an investmen t that it holds experiences a downgrade or a de f ault.

D e rivative ves Ris is k. k. The Fund’s use of derivatives ( e. g . , futures , f orwards, swaps, options) may be riskier than other types o f investments and may not have the intended effect on the Fund’ s performance. Derivatives can be sensitive to chan g es in economic and market conditions, and they may increase the Fund’s v olat i l i ty. The Fund also may exper i ence reduced returns as a result o f transaction costs and losses on derivatives positions. There is the risk of imperfect correlation between the value of a derivative and that of the asset underlyin g the derivative. Der i vat i ves may create i nvestment leverage, wh i ch could result in losses that si g nificantly exceed the Fund’s ori g inal investment . Derivatives are subject to the risk o f mispricing or imprope r v aluation, particularl y if there is not a liquid secondar y market for the instrument. Certain derivatives are subject to counterpart y r i sk, wh i ch i s the r i sk that the other party i n the transact i on w i l l not fulfill its contractual obli g ations. The use of derivatives als o exposes the Fund to add i t i onal operat i onal and legal r i sks .

S -4

Page 10

Energy Sector Ri Ris isk. T he per f ormance o f ener g y-related commod i t i es i s g enerally cycl i cal and h ig hly dependent on ener gy prices. The market value o f energy-related commodities ma y d ecline f or many reasons, includin g , amon g others, chan g es i n ener g y pr i ces, ener g y supply and demand, g lobal pol i t i ca l chan g es, terror i sm, natural d i sasters and other catastrophes; government regulat i ons, taxat i on pol i c i es and energy conservation efforts. The ener g y sector has recently experience d increased volatility. In particular, signi f icant market volatility in the crude oil markets as well as the oil futures markets, which resulted in the market price o f the f ront month WTI crude oi l futures contract falling below zero for a period of time.

Illi liq iqu id id Investments Ri Ris isk . A n i ll i qu i d i nvestment i s an y i nvestment that the Fund reasonably expects cannot be sold or d isposed of in current market conditions in seven calendar days or less without significantly changing the market value of the i nvestment. To the extent the Fund holds i ll i qu i d i nvestments, th e i ll i qu i d i nvestments ma y reduce i ts returns because the Fund ma y b e unable to transact at advantageous t i mes or pr i ces. In add i t i on , if the Fund is limited in its ability to sell illiquid investments durin g per i ods when shareholders are redeem i ng the i r shares, i tw i ll need to sell l iq u i d secur i t i es to meet redem p t i on re q uests an d illiquid securities will become a larger portion o f the Fund’s holdings. During periods of market volatility, liquidity in th e market f or Fund shares may be impacted by the liquidity in th e market for the underlying securities or other assets held by the Fund, wh i ch could lead to Fund shares trad i n g at a prem i um o r d iscount to the Fund’s NAV.

In co m e Ris is k. k. The Fund’s income may decline due to fallin g interest rates or other f actors. This can occur because the Fun d may be requ i red to i nvest i n lower-y i eld i n g bonds when a bond in the Fund’s port f olio matures, is near maturity, is called or i s prepa i d, when bonds i n the Underly i ng Index are subst i tuted, o r when the Fund otherw i se needs to p urchase add i t i onal bonds. The Index Provider’s substitution o f bonds in the Underlying Index ma y occur, for example, when the time to maturity for the bond no longer matches the Underlying Index’s stated maturity guidelines.

Int e re res t Rat e Ri Ris k . Int e r es tr a t e ri s kr e f e r s t o th e ri s k of f luctuations in the value o f a f ixed-income security due to change s in the general level of interest rates. Interest rate changes can b e s udden and unpredictable and are in f luenced by a number o f factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand fo r f ixed-income securities. An increase in interest rates generally wil l cause the value of fixed-income securities to decline. Securities w i th longer matur i t i es generally are more sens i t i ve to i nterest rate changes and subject to greater fluctuations in value. Changes in interest rates may have unpredictable effects on fixed-incom e markets and result in heightened volatility and lower liquidity f o r certain instruments, which ma y adversel y affect a Fund’s per f ormance. During periods o f very low or negative interes t rates, a Fund may be unable to ma i nta i n pos i t i ve returns or pa y di v ide n ds t os h a r e h o l de r s . Issuer Ri Ris is k . T he performance of the Fund depends on the p erformance of individual securities or other assets to which th e Fund has exposure. The value o f securities or other assets ma y d ecline, or perform differentl y from the market as a whole, due t o

changes in the f inancial condition or credit rating o f the issuer o r coun t erpar t y . Manag age gement Ris k . Th e Fun dg enera ll y d oes not attempt to ta ke de f ensive positions under any market conditions, includin g declinin g markets. As the Fund will not fully replicate th e Underlying Index and may hold securities or other assets no t included in the Underlyin g Index, it is subject to the risk that th e investment strategy of BFA may not produce the intended results. There is no g uarantee that the Fund’s investment results will hav e a high degree o f correlation to those o f the Underlying Index o r that the Fund w i ll ach i eve i ts i nvestment ob j ect i ve . Market Tradi din ing Ri Ris isk . T he Fund f aces numerous market tradin g risks, includin g the potential lack of an active market for Fun d shares (including through a trading halt), losses f rom trading i n secondary markets, periods of high volatility, and disruptions in the process of creatin g and redeemin g Fund shares. Any of these f actors, among others, may lead to the Fund’s shares trading in the secondary market at a prem i um or d i scount to NAV or to the intraday value o f the Fund’s port f olio holdings. I f you buy Fun d shares at a t i me when the market pr i ce i s at a prem i um to NAV or sell Fund shares at a t i me when the market p r i ce i s at a d i scount to NAV, you may pay significantly more or receive significantl y less than the underlyin g value of the Fund shares . Op Operati tio ional and Technology Ri Ris isks ks . T he Fund i sd i rectly an d i nd i rectly suscept i ble to operat i onal and technolo g yr i sks , i nclud i ng those related to human errors, process i ng errors , communication errors, systems failures, cybersecurity incidents , and the use o f arti f icial intelligence and machine learning (“AI”), which may result in losses for the Fund and its shareholders o r ma y impair the Fund’s operations. While the Fund’s servic e prov i ders are requ i red to have appropr i ate operat i onal , information security and cybersecurity risk management policie s and procedures, their methods o f risk management may di ff e r from those of the Fund. Operational and technology risks for th e i ssue r s in whi c h th e F u n d inv es t s cou l da l so r esu lt in m a t e ri al adverse consequences for such issuers and ma y cause the Fund’ s i nv es tm e nt si n suc h issue r s t o l ose v a l ue.

Pri ri vately Issued Securi ri ti tie ies Ri Ris isk. k. Pr i vately i ssued secur i t i es are securities that have not been re g istered under the Securities Ac t o f 1933, as amended (the “1933 Act”). Such securities typicall y are subject to legal restr i ct i ons on resale and generally are no t traded i n establ i shed publ i c markets. As a result, pr i vately i ssue d secur i t i es may be deemed to be i ll i qu i d i nvestments, may be mor e difficult to value than publicly traded securities, may be subject to wide f luctuations in value and may have higher transaction costs . There can be no assurance that a trad i ng market w i ll ex i st at an y time f or any particular privately issued security. Di ff iculty in sellin g such secur i t i es at a des i rable t i me or pr i ce ma y result i n a loss t o th e F u n d.

Risk of Investing in Agriculture and Livestoc k . I nvestments i n the a g r i cultural and l i vestock sectors may be volat i le and chan ge unpredictably as a result o f many f actors, such as legislative or re g ulatory developments relatin g to food safety, the imposition o f tari ff s or other trade restraints, and the supply and demand o f each commod i ty. Increased compet i t i on and changes i n consume r tastes and spendin g can also influence the demand fo r agricultural and livestock products, a ff ecting the price o f suc h commodities and the performance of the Fund .

S -5

Page 11

Risk of Investing in Gold. d. T h e Fun dh as exposure to g o ld t h rou gh i ts i nvestments i n total return swaps on the Underly i n g Index . Thus, the Fund’s port f olio may be adversely a ff ected by change s or trends in the price o fg old. The price o fg old and o fg old-related i nstruments h i stor i call y has been volat i le, wh i ch ma y adversel y a ff ect the value o f total return swaps on the Underlyin g Index. Governments, central banks, or other larger holders can influenc e the production and sale of g old, which may adversely affect the per f ormance o f the Fund . Risk of Investing in Precious Metals. P rices of precious metals and o f precious metal-related f inancial instruments historicall y have been very volatile. The high volatility of precious metal prices may adversely a ff ect the prices o ff inancial instruments tha t d erive their value from the price of underlying precious metals. The production and sale of precious metals by g overnments or central banks or other larger holders can be affected by variou s economic, financial, social and political factors, which ma y b e unpredictable and may have a signi f icant impact on the prices o f prec i ous metals . Risk o f Investing in the U. S . Investing in U. S . issuers subject s the Fund to legal, regulatory, pol i t i cal, currency, secur i ty, an d economic risks that are specific to the U.S. Certain chan g es in the U .S., such as a weakening of the U.S. economy or a decline in it s financial markets, may have an adverse effect on U.S. issuers.

Risk o f Swap Agreements. A swap i s a two-part y contract tha t g enerally obl ig ates each counterparty to exchan g e per i od ic payments based on a pre-determ i ned underly i ng i nvestment or not i onal amount and to exchange collateral to secure th e obligations o f each counterparty. Swaps may be leveraged an d are subject to counterparty r i sk, cred i tr i sk and pr i c i ng r i sk. Swaps may be subject to illiquidity risk, and it may not be possibl e for the Fund to liquidate a swap position at an advantageous tim e or price, which may result in si g nificant losses. Certai n s tandardized interest rate and credit de f ault swaps are required to b e traded on an exchange or trading platform and centrall y cleared. Most other swaps are entered into a ne g otiated, bi-latera l b asis and traded in the over-the-counter market. Swaps are s ubject to b i -lateral var i at i on mar gi n. The Fund i s requ i red b y f inancial regulators to post initial margin in connection wit h trad i ng over-the-counter swaps. These requ i rements may ra i s e the costs f or the Fund’s investment in swaps.

Subs id idi dia iary Ri Ris isk. k. B y investing in the Subsidiary, the Fund i s indirectly exposed to the risks associated with the S ubsidiary ’s investments. The Subsidiary is not registered under the 1940 Act , and, unless otherw i se noted i n th i s Pros p ectus, i s not subject t o the investor protections o f the 1940 Act. Changes in the laws o f the U.S. and/or the Cayman Islands could result in the inability o f the Fund and/or the S ubsidiary to operate as described in the Prospectus and the Statement of Additional Information (“SAI”), and could adversely affect the Fund . Tax Ri Ris isk. k. T he Fund i nvests i n commod i ty-l i nked der i vat i ve s indirectly throu g h the Subsidiary because income from these investments, i f made directly, might not be treated as “quali f yin g income” for purposes of the Fund qualifying as a regulate d

investment company ( “RIC” )f or U.S. f ederal income tax purposes . Based on f inal re g ulations issued by the U.S. Internal Revenu e S ervice ( “IRS” ) on which taxpayers may rely for taxable years be g innin g a f ter September 28, 2016, the Fund expects its incom e with respect to the Subsidiary to be quali f ying income. In th e f uture, i f the IRS issues new re g ulations or other g uidance, o r C on g ress enacts le g islation, limitin g the circumstances in whic h the Fund ’ s income with respect to the S ubsidiary will b e considered “qualifying income,” the Fund might be required t o make changes to its operations, which could reduce the Fund ’ s ab i l i ty to ga i n i nvestment exposure to commod i t i es. Fund shareholders could also ex p er i ence adverse tax conse q uences i n such c i rcumstances . Tracking Error Risk . T he Fund may be subject to “trackin g error,” which is the divergence o f the Fund’s per f ormance f rom that o f the Underlyin g Index. Trackin g error may occur due to a number o f f actors, including di ff erences between the securities and other assets held in the Fund’s portfolio and those included in the Underlyin g Index; differences in the timin g and methodolo g ie s used to value secur i t i es and other assets; transact i on costs and other expenses i ncurred by the Fund that the Underly i n g Inde x does not incur; the Fund’s holding o f uninvested cash; di ff erence s in the timing of the accrual or the valuation of dividends o r i nterest rece i ved by the Fund or d i str i but i ons pa i d to Fun d shareholders; tax gains or losses; differences between th e amount and/or timin g of withholdin g taxes on dividends reflecte d in the Underlying Index from the Fund’s obligation, if any, fo r foreign withholding taxes; the requirements for the Fund t o maintain pass-through tax treatment; port f olio transaction s carried out to minimize the distribution of capital gains t o shareholders; the acceptance of custom baskets; chan g es to th e Underlying Index; and impacts to the Fund of complying wit h certa i n re g ulatory requ i rements or l i m i ts. Track i n g error r i sk may be heightened during times o f increased market volatility or other unusual market cond i t i ons. A Fund that tracks an i ndex w i t h exposure to swaps, options, f utures and/or other derivatives ma y exper i ence h i gher track i ng error than ETFs that do not track suc h i n de x es.

Va Valuati tio ion Ri Ris is k . T he pr i ce that the Fund could rece i ve upon th e sale ( or other disposition ) of a security or other asset may diffe r f rom the Fund’s valuation o f the security or other asset , particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a f air valu e methodology. The price received by the Fund also may differ fro m the value used by the Underlyin g Index. In addition, the value o f the securities or other assets in the Fund’s portfolio may chang e on days or dur i n g t i me per i ods when i nvestors are not able t o purchase or sell Fund shares. Author i zed Part i c i pants that create or redeem Fund shares on days when the Fund is holding fair v alued securities or other assets ma y receive fewer or more shares, or lower or h i gher redempt i on proceeds, than they would h a v e r ece iv ed h ad th e secu riti es o r o th e r asse t s n o t bee nf a ir v alued or been valued using a di ff erent methodology. The ability t o v alue i nvestments may be i mpacted by technolog i cal i ssues or errors by pricin g services or other third-party service providers .

S - 6

Page 12

Per f ormance In f ormatio n

Prior to March 1, 2021, the Fund did not seek to track the investment results o f an index. The p er f ormance in f ormation below p rior to M arch 1, 2021 is based on the per f ormance o f the Fund when BFA used an investment strate g y substantially similar to the methodolo g yo f the Underlyin g Index. The performance information below illustrates how the Fund’s performance has varied over different periods an d provides some indication o f the risks o f investin g in the Fund. The bar chart shows how the per f ormance o f the Fund has varied f rom one calendar y ear to another over the periods shown. The table compares the Fund’s per f ormance to that o f an appropriate broad-base d s ecurities market index and the Underlyin g Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s return s reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performanc e (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, includin g the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll f ree) . Calendar Year-by-Year Returns

40% 30% 20% 10% 0% -10% -20%

2 0 1 9 2 0 2 0 2 0 21 2 0 22 2 0 2 3 2 0 2 4 2 0 2 5

5.70% 0.75%

26.97%

14.23%

-9.09%

5.35%

16.11%

Return ( % ) Per i od Ende d D ur i n g the per i ods shown i n the chart: Best Q uarte r 2 4.15 % March 31 , 2022 Worst Q uarter - 19.40 % March 31 , 202 0

A verage Annual Total Return s (for the periods ended December 31 , 2025 )

O ne Year F i ve Years

S i nce Fun d Incept i o n ( Inception Date: 4/3/2018 ) R e t u rn B e f o r e Ta Ta x es 1 6.11% 10.03% 5.5 9% Return A f ter Taxes on Distribution s 1 0.59 % 6.56 % 3.21 % Return A f ter Taxes on Distributions and Sale o f Fund Share s 9 .47 % 6.27 % 3.26 % M SC I All C ountr y World Index (Net ) 1 ( Returns do not re f lect deductions f or f ees, expenses o r taxes except f or withholdin g taxes on reinvested dividends ) 2 2.34 % 11.19 % 11.39 % B loomberg Roll Select Commod i ty Total Return Inde x ( Returns do not re f lect deductions f o r f ees, expenses or taxes ) 16.52 % 10.73 % 6.17 %

1 Returns for net indices g enerally assume the reinvestment of dividends after the deduction of the maximum withholdin g tax in each country applicable to n on-residents of the country as determined by the index provider. Such indices use withholdin g tax rates that are often at a hi g her rate than the rates t o w hich the Fund is subject in each country, includin g for countries where the Fund is not subject to withholdin g taxes. When this is the case, inde x performance will be lower than if the index used the Fund’s applicable withholdin g tax rates, if any.

After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do no t re f lect the impact o f state or local taxes. Actual a f ter-tax returns depend on an investor’s tax situation and may di ff er f rom those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements , s uch 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 su ff icient capital gains o f the same character f rom other investments to o ff set any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund return s b e f ore taxes and/or returns a f ter taxes on distributions .

S -7

Page 13

Tax In fo rmati o n

The Fund i ntends to make d i str i but i ons that ma y be taxable to y o u as ord i nary i ncome or cap i tal g a i ns, unless you are i nvest i n g throu g h a tax-deferred arran g ement such as a 401(k) plan or a n IRA, i n wh i ch case, your d i str i but i ons g enerally w i ll be taxed whe n w i thdrawn .

Payments to Broker-Dealers and Other Financia l Int e rm e diari es

I f you purchase shares o f the Fund through a broker-dealer o r other financial intermediary (such as a bank), BFA or other relate d companies may pay the intermediary for marketin g activities an d presentations, educational training programs, con f erences, th e development of technology platforms and reporting systems o r other services related to the sale or promotion o f the Fund. Thes e payments may create a conflict of interest by influencing th e broker-dealer or other i ntermed i ar y and y our salesperson t o recommend the Fund over another i nvestment. Ask you r salesperson or visit y our financial intermediar y ’s website for more in f ormation.

S -8

M ana g emen t

Pur c ha se and S al eo f Fund S har es

The Fund is an ETF. Individual shares of the Fund ma y onl y b e b ought and sold i n the secondary market through a broker-dealer . Because ETF shares trade at market pr i ces rather than at NAV , s hares may trade at a pr i ce g reater than NAV (a prem i um) or les s than NAV (a d i scount). An i nvestor may i ncur costs attr i butable to the difference between the highest price a buyer is willing to pay to purchase shares o f the Fund (bid) and the lowest price a selle r is willing to accept for shares of the Fund (ask) when buying o r s elling shares in the secondary market (the “ bid-ask spread ” ) .

Inv es tm e nt Adv ise r and S ub-Adv ise r. T h e F u n d’s inv es tm e nt ad vi se ri s BFA. Th e F u n d’s sub - ad vi se ri s Bl ac kR oc k Int e rn a ti o n a l Limited ( “BIL” or the “Sub-Adviser” ) . Port f olio Managers. Orlando Montalvo, Richard Me j zak, Erin Armstron g and Kyle Peppo (the “Portfolio Mana g ers”) are primarily responsible for the day-to-day mana g ement of the Fund. Mr. Montalvo, Mr. Me j zak, Ms. Armstron g and Mr. Peppo h ave been Portfolio Mana g ers of the Fund since 2023, 2018, 2025 and 2026, respect i vely.

Page 14

[THIS PAGE INTENTIONALLY LEFT BLANK ]

Page 15

[THIS PAGE INTENTIONALLY LEFT BLANK ]

Page 16

For more in f ormation visit www.iShares.com or call 1-800-474-273 7

Investment Compan y Act file No.: 811-22649

IS - S P- C

MDY

G o paperless. . . I t’s Easy, Economical and G reen ! G o to www. i cs d e li very.com

0526

Truncated: This annotation is too large to fit. View the raw JSON.

{
  "annotation_id": "030dab34-332c-441d-8140-bc7c09699a49",
  "date_created": "2026-10-10T22:50:46.953000Z",
  "date_modified": "2026-10-10T22:50:46.953000Z",
  "file_hash": "64f0209cdd2dd2ebc59b8932564f71e26611fae97c16ebc8923be8238a75cad8",
  "private": false,
  "record": {
    "attributes": {
      "chunk_type": "page_range",
      "end_page": 16,
      "start_page": 1
    },
    "blocks": [
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 167,
          "x": 418,
          "y": 69
        },
        "id": "b1049e6f-48e8-4b4d-badf-c7d62adc304c",
        "page_number": 1,
        "text": "iShares U.S. ETF Trust"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 260,
          "x": 372,
          "y": 92
        },
        "id": "29d727f2-664b-47ee-9b96-351a38b40207",
        "page_number": 1,
        "text": "Supplement dated October 9, 2026"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 467,
          "x": 268,
          "y": 108
        },
        "id": "dd6e541e-a5af-41dc-a1ed-cd17899034cc",
        "page_number": 1,
        "text": "to the currently effective Summary Prospectus, Prospectus, and"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 376,
          "x": 314,
          "y": 123
        },
        "id": "cadaf300-1283-4a28-8854-604b5ffde72a",
        "page_number": 1,
        "text": "Statement of Additional Information (\u201cSAI\u201d) for the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 564,
          "x": 220,
          "y": 139
        },
        "id": "a7e329a7-d7e8-40cf-85e0-c3f65045791b",
        "page_number": 1,
        "text": "iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) (the \u201cFund\u201d)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 756,
          "x": 116,
          "y": 162
        },
        "id": "a104650d-fa11-4e9c-a810-10930cdb1cac",
        "page_number": 1,
        "text": "The Board of Trustees has approved the following changes for the Fund that are expected to take effect"
      },
      {
        "block_type": "box",
        "box": {
          "height": 11,
          "width": 250,
          "x": 116,
          "y": 178
        },
        "id": "c3f64035-9b2a-4cb3-a8eb-1f81d57672ca",
        "page_number": 1,
        "text": "on or around December 11, 2026:"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 563,
          "x": 183,
          "y": 199
        },
        "id": "bdea26ad-b063-48d9-aa48-467305a7dcd9",
        "page_number": 1,
        "text": "Current New"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 89,
          "x": 141,
          "y": 227
        },
        "id": "7f5778fb-34ba-422c-86d5-e786e46c7dde",
        "page_number": 1,
        "text": "Fund Name"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 309,
          "x": 257,
          "y": 219
        },
        "id": "ee8f5029-1043-4244-9683-652a1995e52f",
        "page_number": 1,
        "text": "iShares Bloomberg Roll Select Commodity"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 96,
          "x": 363,
          "y": 235
        },
        "id": "353915a1-1937-4d3b-aecd-daf3f57b3e2f",
        "page_number": 1,
        "text": "Strategy ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 287,
          "x": 584,
          "y": 219
        },
        "id": "62b22da6-b59e-43cb-afba-12bb8ad94a34",
        "page_number": 1,
        "text": "iShares Bloomberg Enhanced Roll Yield"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 186,
          "x": 643,
          "y": 235
        },
        "id": "ae2c07b4-da17-4af1-beae-2f1fbeb3f6d5",
        "page_number": 1,
        "text": "Commodity Strategy ETF"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 132,
          "x": 120,
          "y": 266
        },
        "id": "dd19aa33-9b35-4c59-9bfe-0c4e520e92b3",
        "page_number": 1,
        "text": "Underlying Index"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 293,
          "x": 265,
          "y": 258
        },
        "id": "d1fe10d5-e8f7-417a-b4f5-9686fb829234",
        "page_number": 1,
        "text": "Bloomberg Roll Select Commodity Total"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 96,
          "x": 363,
          "y": 273
        },
        "id": "4a3d93d0-deac-4954-9f6e-a421c7090dfb",
        "page_number": 1,
        "text": "Return Index"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 271,
          "x": 592,
          "y": 258
        },
        "id": "63f943bc-35ad-4398-83d0-eaf2e59ada47",
        "page_number": 1,
        "text": "Bloomberg Enhanced Roll Yield Total"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 96,
          "x": 688,
          "y": 273
        },
        "id": "8d9e8433-5355-4534-81fe-88ce920ab1c3",
        "page_number": 1,
        "text": "Return Index"
      },
      {
        "block_type": "box",
        "box": {
          "height": 6,
          "width": 9,
          "x": 116,
          "y": 307
        },
        "id": "a3a143e3-9cc8-4219-9777-127b2e02c617",
        "page_number": 1,
        "text": "\u0160"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 750,
          "x": 136,
          "y": 304
        },
        "id": "78154ea3-6cc9-45cc-94f8-1b4e714d5049",
        "page_number": 1,
        "text": "The Principal Investment Strategies section in the Fund\u2019s Summary Prospectus and Prospectus are"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 426,
          "x": 137,
          "y": 320
        },
        "id": "b0ec0495-637a-40c6-ba18-5f78237189f7",
        "page_number": 1,
        "text": "deleted in their entirety and replaced with the following:"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 716,
          "x": 156,
          "y": 343
        },
        "id": "cf3a5d89-b86f-45aa-a242-c4596963c733",
        "page_number": 1,
        "text": "The Fund seeks to track the investment results of the Bloomberg Enhanced Roll Yield Total Return"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 703,
          "x": 158,
          "y": 359
        },
        "id": "42080cbe-47ca-43c3-9f6e-2aadedb91f8c",
        "page_number": 1,
        "text": "Index (the \u201cUnderlying Index\u201d), which measures the performance of futures contracts across the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 696,
          "x": 156,
          "y": 374
        },
        "id": "ca284d63-f332-48b0-b013-18e498b1bb76",
        "page_number": 1,
        "text": "following six physical commodity groups: energy, precious metals, industrial metals, grains and"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 636,
          "x": 157,
          "y": 390
        },
        "id": "05bbb3c1-19dc-407c-b80f-f70af90ef474",
        "page_number": 1,
        "text": "derived grains, softs, and livestock, as determined by Bloomberg Index Services Limited"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 665,
          "x": 157,
          "y": 405
        },
        "id": "ff61da5c-0581-4477-a0ef-3a16e63d8099",
        "page_number": 1,
        "text": "(\u201cBloomberg\u201d or the \u201cIndex Provider\u201d). The Underlying Index, which is rebalanced annually,"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 689,
          "x": 157,
          "y": 421
        },
        "id": "e4716888-6f2d-40d8-8f0d-abae00a3e309",
        "page_number": 1,
        "text": "provides broad-based exposure to commodities as an asset class by using liquidity factors and"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 636,
          "x": 157,
          "y": 436
        },
        "id": "13765d82-f539-43fb-a47d-f39935a411db",
        "page_number": 1,
        "text": "sector caps to avoid over-concentration in any single commodity or commodity sector."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 686,
          "x": 156,
          "y": 459
        },
        "id": "63800450-cc34-4887-909f-9881e36d4d18",
        "page_number": 1,
        "text": "The Fund, through its Subsidiary (as defined below), invests in financial instruments providing"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 724,
          "x": 157,
          "y": 475
        },
        "id": "4bb0f021-1ad6-408d-a044-c4aacfbd5bac",
        "page_number": 1,
        "text": "exposure to commodities and not in the physical commodities themselves. In seeking to achieve its"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 668,
          "x": 157,
          "y": 490
        },
        "id": "e09d32ef-8179-41c2-9b97-a0c4bec4c988",
        "page_number": 1,
        "text": "investment objective, the Fund expects to obtain a substantial portion of its exposure to the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 708,
          "x": 157,
          "y": 506
        },
        "id": "3ec31484-b1cb-4e71-afc6-0acfbff21f8a",
        "page_number": 1,
        "text": "investment results of the Underlying Index through total return swaps referencing the Underlying"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 698,
          "x": 158,
          "y": 521
        },
        "id": "4cf823c2-1cae-4d4f-8732-f51ac90f241f",
        "page_number": 1,
        "text": "Index and/or the commodity futures contracts represented in the Underlying Index. The Fund is"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 702,
          "x": 157,
          "y": 537
        },
        "id": "949595c0-e29b-4481-9caf-def9575e5e33",
        "page_number": 1,
        "text": "expected to enter into new total return swap contracts on an ongoing basis and replace expiring"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 646,
          "x": 157,
          "y": 552
        },
        "id": "90c4eb6c-206e-440b-8db3-716b823570e4",
        "page_number": 1,
        "text": "contracts as necessary to maintain exposure to the Underlying Index. Total return swaps"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 701,
          "x": 157,
          "y": 568
        },
        "id": "8d8419e6-6bc2-4e50-960e-57b608d33162",
        "page_number": 1,
        "text": "subsequently acquired by the Fund may have terms that differ from those previously held by the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 673,
          "x": 157,
          "y": 583
        },
        "id": "7c72fdc2-ca8b-4f20-a867-118894cbf725",
        "page_number": 1,
        "text": "Fund. The Fund generally expects to pay a fixed payment rate and swap-related fees to each"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 704,
          "x": 157,
          "y": 599
        },
        "id": "3e5de172-d38f-468d-9dc3-d4d0419fc6f8",
        "page_number": 1,
        "text": "counterparty and receive the total return of the Underlying Index. Although the Underlying Index"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 685,
          "x": 157,
          "y": 614
        },
        "id": "2cf7c3e4-2b4c-4d77-91d6-36e66498c2ca",
        "page_number": 1,
        "text": "measures the performance of futures contracts, the Fund is not required to hold those futures"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 530,
          "x": 157,
          "y": 630
        },
        "id": "a19fe12e-d554-4fe8-b76a-c97aab2ebbc8",
        "page_number": 1,
        "text": "contracts directly in order to obtain its exposure to the Underlying Index."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 709,
          "x": 156,
          "y": 653
        },
        "id": "ac4a7d96-ab97-48f9-a2c6-e0bccd9585b5",
        "page_number": 1,
        "text": "The Fund may also invest in swaps on commodity futures contracts and other commodity-linked"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 673,
          "x": 157,
          "y": 669
        },
        "id": "73f42c0f-bded-4875-bcb9-fc85fecd1f40",
        "page_number": 1,
        "text": "swaps, exchange-traded commodity futures contracts, options on futures contracts, forward"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 653,
          "x": 157,
          "y": 684
        },
        "id": "c0864cfb-3d5f-4f01-85dc-1e0850bd4e6c",
        "page_number": 1,
        "text": "contracts and other commodity-linked instruments that provide exposure to commodities"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 693,
          "x": 157,
          "y": 700
        },
        "id": "24f7bd5d-5071-4c3e-a4a2-8218d370bc54",
        "page_number": 1,
        "text": "represented in, or related to, the Underlying Index (collectively, \u201cCommodity Investments\u201d). The"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 682,
          "x": 157,
          "y": 715
        },
        "id": "5eefd551-93ad-4fc3-95eb-9066ff1d74a0",
        "page_number": 1,
        "text": "Fund invests in Commodity Investments solely through its Subsidiary. Investing in Commodity"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 395,
          "x": 158,
          "y": 731
        },
        "id": "2d3879b6-a5b8-40c5-9668-a6c25b1d180b",
        "page_number": 1,
        "text": "Investments may have a leveraging effect on the Fund."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 687,
          "x": 156,
          "y": 754
        },
        "id": "30295d1c-d864-4f86-9716-248cce627512",
        "page_number": 1,
        "text": "The Fund also seeks to generate interest income and capital appreciation on the cash balances"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 673,
          "x": 157,
          "y": 769
        },
        "id": "dbcb3974-b0a5-4d1a-8a6a-2d9bbd59d275",
        "page_number": 1,
        "text": "arising from its investment in Commodity Investments through a cash management strategy"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 691,
          "x": 157,
          "y": 785
        },
        "id": "607cac8b-7dfb-4716-9ea0-3ff867582b78",
        "page_number": 1,
        "text": "consisting of investments in cash and cash equivalents, short term government obligations and"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 698,
          "x": 157,
          "y": 800
        },
        "id": "66fafd60-de41-4202-982c-97f74a32cd57",
        "page_number": 1,
        "text": "short-term investment grade fixed-income securities (collectively, \u201cFixed-Income Investments\u201d)."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 701,
          "x": 156,
          "y": 816
        },
        "id": "1b2a9938-4080-4e48-a0e4-ea4d8e2d3772",
        "page_number": 1,
        "text": "The Fund invests in Fixed-Income Investments for investment purposes and to provide sufficient"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 692,
          "x": 157,
          "y": 831
        },
        "id": "ba04f9c9-6781-44dd-9fce-6fb79c8dc999",
        "page_number": 1,
        "text": "assets to account for (or \u201ccover\u201d) mark-to-market changes and to collateralize the Subsidiary\u2019s"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 729,
          "x": 157,
          "y": 847
        },
        "id": "92048198-8bd3-4422-a18e-a678651e7a05",
        "page_number": 1,
        "text": "investments in derivatives on a day-to-day basis. As part of its cash management strategy, the Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 676,
          "x": 157,
          "y": 862
        },
        "id": "ec715ba3-32b3-460f-a452-5d4e0ba63949",
        "page_number": 1,
        "text": "may also invest in repurchase agreements, money market instruments, U.S. government and"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 702,
          "x": 157,
          "y": 878
        },
        "id": "0dbe3352-098e-444a-bd06-bfb8e9367e93",
        "page_number": 1,
        "text": "agency securities, Treasury Inflation-Protected Securities, sovereign debt obligations of non-U.S."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 365,
          "x": 157,
          "y": 893
        },
        "id": "74c8e1e0-33ef-4613-a89d-8dd378274ce5",
        "page_number": 1,
        "text": "countries and investment-grade corporate bonds."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 726,
          "x": 158,
          "y": 69
        },
        "id": "866f6108-1196-4578-9237-6d966ba2110a",
        "page_number": 2,
        "text": "In order to maintain exposure to a futures contract on a particular commodity, an investor must sell"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 679,
          "x": 156,
          "y": 85
        },
        "id": "14b81033-fbbe-4cd0-8e1b-2a53d441f1c4",
        "page_number": 2,
        "text": "the position in the expiring contract and buy a new position in a contract with a later delivery"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 663,
          "x": 157,
          "y": 100
        },
        "id": "cdb43de3-99d5-442a-aa45-7974226dbe8a",
        "page_number": 2,
        "text": "month, which is referred to as \u201crolling.\u201d The Underlying Index employs a multi-contract roll"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 697,
          "x": 157,
          "y": 116
        },
        "id": "97e23a45-1ca9-4161-acb1-7b8e23bc3ac3",
        "page_number": 2,
        "text": "schedule to spread risk across three to four futures contracts per commodity, e.g., three futures"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 691,
          "x": 157,
          "y": 131
        },
        "id": "33d64ad9-f5c4-4d2f-b7ae-c42dff80a8b6",
        "page_number": 2,
        "text": "contracts per precious metal commodity and four futures contracts per commodity in all other"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 654,
          "x": 157,
          "y": 147
        },
        "id": "71101c95-385e-4f74-95b4-13ecaf8970d3",
        "page_number": 2,
        "text": "commodity groups, with a roll period of ten business days. The Underlying Index rolls and"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 699,
          "x": 157,
          "y": 162
        },
        "id": "183abce2-c72e-40ec-a3a6-c9e4804ae863",
        "page_number": 2,
        "text": "rebalances these contracts monthly back to equal weightings on a price-percentage basis. If the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 724,
          "x": 157,
          "y": 178
        },
        "id": "bc02336b-f8dd-4aff-91d5-7b66fd664cb3",
        "page_number": 2,
        "text": "price for the new futures contract is less than the price of the expiring contract, then the market for"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 722,
          "x": 156,
          "y": 193
        },
        "id": "ee2fcc37-fede-427f-9d28-7f823635ed71",
        "page_number": 2,
        "text": "the commodity is said to be in \u201cbackwardation.\u201d In these markets, roll returns are positive, which is"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 720,
          "x": 157,
          "y": 209
        },
        "id": "33a958ff-58dd-48c6-80e9-cc01681072ed",
        "page_number": 2,
        "text": "referred to as \u201cpositive carry.\u201d The term \u201ccontango\u201d is used to describe a market in which the price"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 692,
          "x": 156,
          "y": 224
        },
        "id": "0aaffa37-ba6c-49bc-863c-143e8a979223",
        "page_number": 2,
        "text": "for a new futures contract is more than the price of the expiring contract. In these markets, roll"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 724,
          "x": 157,
          "y": 240
        },
        "id": "5b63ca7c-77b9-4830-b11d-0f6de1fddf03",
        "page_number": 2,
        "text": "returns are negative, which is referred to as \u201cnegative carry.\u201d The Underlying Index seeks to employ"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 676,
          "x": 157,
          "y": 255
        },
        "id": "a0b7e362-208f-4538-a3b6-7f1142da2c7d",
        "page_number": 2,
        "text": "a positive carry strategy that emphasizes commodities and futures contract months with the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 702,
          "x": 157,
          "y": 271
        },
        "id": "8194ae76-2766-45f9-81c2-0143a057ee0e",
        "page_number": 2,
        "text": "greatest degree of backwardation and lowest degree of contango, resulting in net gains through"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 147,
          "x": 157,
          "y": 286
        },
        "id": "c5706186-53dd-408b-8d15-88db6411c590",
        "page_number": 2,
        "text": "positive roll returns."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 720,
          "x": 156,
          "y": 309
        },
        "id": "11987eb7-6404-4cb8-a99e-c3c7a1be1fb7",
        "page_number": 2,
        "text": "As of August 31, 2026, the Underlying Index had approximately 102 constituents, and a significant"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 719,
          "x": 157,
          "y": 325
        },
        "id": "96c4df30-e78f-4e9e-9721-69743b172a9d",
        "page_number": 2,
        "text": "portion of the Underlying Index was represented by the energy and agriculture commodity groups."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 523,
          "x": 156,
          "y": 340
        },
        "id": "73638155-056e-4a2a-8ed6-72eabdf0327c",
        "page_number": 2,
        "text": "The components of the Underlying Index are likely to change over time."
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 663,
          "x": 156,
          "y": 364
        },
        "id": "891ba3bd-fe78-49a1-a894-3a163485d05a",
        "page_number": 2,
        "text": "The Fund gains exposure to Commodity Investments by investing through a wholly owned"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 727,
          "x": 157,
          "y": 379
        },
        "id": "4f241aaf-1e45-4611-bee9-0e87bfaa0ab5",
        "page_number": 2,
        "text": "subsidiary organized in the Cayman Islands (the \u201cSubsidiary\u201d). The Subsidiary is advised by BFA and"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 729,
          "x": 157,
          "y": 395
        },
        "id": "581e0911-a684-4414-8eaf-fa0915393144",
        "page_number": 2,
        "text": "has the same investment objective as the Fund. Unlike the Fund, the Subsidiary is not an investment"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 730,
          "x": 157,
          "y": 410
        },
        "id": "ad675c6d-3018-4e16-a37f-ffb7f798101d",
        "page_number": 2,
        "text": "company registered under the Investment Company Act of 1940, as amended (the \u201c1940 Act\u201d) and,"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 728,
          "x": 157,
          "y": 426
        },
        "id": "6c38f796-b6ef-4358-b004-0d1a6a7ed0d3",
        "page_number": 2,
        "text": "unless otherwise noted in this Prospectus, is not subject to the investor protections of the 1940 Act."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 643,
          "x": 156,
          "y": 441
        },
        "id": "8f81154f-692b-4748-a5db-a1029f4542ec",
        "page_number": 2,
        "text": "The Subsidiary invests solely in Commodity Investments and cash and cash equivalents."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 721,
          "x": 158,
          "y": 464
        },
        "id": "afc3ec1c-bcba-4ab4-9457-f0f7a8a5b4c6",
        "page_number": 2,
        "text": "In compliance with Subchapter M of the Internal Revenue Code of 1986, as amended (the \u201cInternal"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 696,
          "x": 157,
          "y": 480
        },
        "id": "96200352-8918-4592-87eb-1b2df734d9d6",
        "page_number": 2,
        "text": "Revenue Code\u201d), the Fund may invest up to 25% of its total assets in the Subsidiary. The Fund\u2019s"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 711,
          "x": 157,
          "y": 495
        },
        "id": "3907db1e-2de6-4910-8002-63620550b04c",
        "page_number": 2,
        "text": "Commodity Investments held in the Subsidiary are intended to provide the Fund with exposure to"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 709,
          "x": 157,
          "y": 511
        },
        "id": "b5161d5e-d74f-4402-b727-b226c02d7b3b",
        "page_number": 2,
        "text": "broad commodities consistent with current U.S. federal income tax laws applicable to investment"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 704,
          "x": 157,
          "y": 526
        },
        "id": "2b1dfd3d-8ca7-43e9-bba7-8f2c5a2ba4a8",
        "page_number": 2,
        "text": "companies such as the Fund, which limit the ability of investment companies to invest directly in"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 186,
          "x": 157,
          "y": 542
        },
        "id": "39755674-fcf6-47f3-a853-7da108ce6c82",
        "page_number": 2,
        "text": "Commodity Investments."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 704,
          "x": 157,
          "y": 565
        },
        "id": "93d654c3-5a45-40ec-a983-dd8cbbbe249c",
        "page_number": 2,
        "text": "BFA uses an indexing approach to try to achieve the Fund\u2019s investment objective. The Fund does"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 723,
          "x": 157,
          "y": 581
        },
        "id": "2c6dee4e-f2d5-4c19-90cf-d067662e56c1",
        "page_number": 2,
        "text": "not try to \u201cbeat\u201d the index it tracks and does not seek temporary defensive positions when markets"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 217,
          "x": 157,
          "y": 596
        },
        "id": "93668455-4e2f-428f-8394-887303a09cd9",
        "page_number": 2,
        "text": "decline or appear overvalued."
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 726,
          "x": 158,
          "y": 620
        },
        "id": "7abb6242-463e-4e1d-a82d-6226a0d55114",
        "page_number": 2,
        "text": "Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 709,
          "x": 157,
          "y": 635
        },
        "id": "e39e6f87-3171-478e-ab49-edaee9536918",
        "page_number": 2,
        "text": "but also may reduce some of the risks of active management, such as poor selection of securities"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 714,
          "x": 157,
          "y": 651
        },
        "id": "20236c9b-f9c5-4636-b1fd-ad982079bc9f",
        "page_number": 2,
        "text": "and/or other instruments. Indexing seeks to achieve lower costs and better after-tax performance"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 724,
          "x": 157,
          "y": 666
        },
        "id": "ceb2419b-31e8-4366-b8c6-4ceb4fa36351",
        "page_number": 2,
        "text": "by aiming to keep portfolio turnover low in comparison to actively managed investment companies."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 721,
          "x": 156,
          "y": 689
        },
        "id": "e026905c-59e9-4f0e-92b9-1f8e57d525d1",
        "page_number": 2,
        "text": "The Fund seeks to track the investment results of the Underlying Index before fees and expenses of"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 615,
          "x": 156,
          "y": 705
        },
        "id": "2ff4c829-32cf-4f9a-b3b1-112e85274e1e",
        "page_number": 2,
        "text": "the Fund. BFA uses a representative sampling indexing strategy to manage the Fund."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 721,
          "x": 157,
          "y": 720
        },
        "id": "83411b48-982b-4a2b-a4f0-16281d8d7d97",
        "page_number": 2,
        "text": "\u201cRepresentative sampling\u201d is an indexing strategy that involves investing in a representative sample"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 715,
          "x": 157,
          "y": 736
        },
        "id": "d92e0bf5-e1fe-4f64-8ed0-f8059d18d652",
        "page_number": 2,
        "text": "of securities or other instruments intended to collectively have an investment profile similar to that"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 716,
          "x": 157,
          "y": 751
        },
        "id": "d6a20728-7762-4303-b7ef-12176a409927",
        "page_number": 2,
        "text": "of an applicable underlying index. The instruments selected are expected to have, in the aggregate,"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 632,
          "x": 157,
          "y": 767
        },
        "id": "f259db4e-7475-4182-bc91-6d9647bbc8d9",
        "page_number": 2,
        "text": "investment characteristics (based on factors such as market capitalization and industry"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 655,
          "x": 156,
          "y": 782
        },
        "id": "48891b07-ffc0-4975-8c77-b0f78a7251a2",
        "page_number": 2,
        "text": "weightings), fundamental characteristics (such as return variability and yield) and liquidity"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 703,
          "x": 157,
          "y": 798
        },
        "id": "ec9a56c3-bfef-40c7-a339-27bde5ab45b0",
        "page_number": 2,
        "text": "measures similar to those of an applicable underlying index. The Fund may or may not hold all of"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 716,
          "x": 156,
          "y": 813
        },
        "id": "8976a0cf-e4bc-4ea9-968f-e323bb4bc9ea",
        "page_number": 2,
        "text": "the components of the Underlying Index. The Fund may use derivatives to gain or reduce exposure"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 660,
          "x": 156,
          "y": 829
        },
        "id": "6e309272-f1d1-468e-ade2-e6aabb8ad684",
        "page_number": 2,
        "text": "to the components of the Underlying Index or exposure to one or more market risk factors"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 708,
          "x": 157,
          "y": 844
        },
        "id": "b1c63cf8-5fcb-4c82-93ef-a735c80e10ad",
        "page_number": 2,
        "text": "associated with such components. Subject to the limits described herein, the Fund may purchase"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 718,
          "x": 157,
          "y": 860
        },
        "id": "9405fb64-db3f-4eb8-85a6-e33e722bb1c6",
        "page_number": 2,
        "text": "and hold cash and cash equivalents, including shares of money market funds advised by BFA or its"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 712,
          "x": 157,
          "y": 875
        },
        "id": "f906b3bb-73f7-4944-aa44-2a69ddec14e8",
        "page_number": 2,
        "text": "affiliates, and may also purchase and hold instruments not included in the Underlying Index when"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 688,
          "x": 157,
          "y": 891
        },
        "id": "c3453a51-694d-4d83-bc93-2da13fcc0024",
        "page_number": 2,
        "text": "BFA believes that such instruments will help the Fund track the performance of the Underlying"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 713,
          "x": 158,
          "y": 906
        },
        "id": "032ae3fc-e146-4d5b-a03c-a572f3525ae4",
        "page_number": 2,
        "text": "Index over time, including in light of expected liquidity or trading costs, anticipated additions to or"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 553,
          "x": 157,
          "y": 922
        },
        "id": "8db43a5e-b756-428f-9bd8-338b2a1f4de7",
        "page_number": 2,
        "text": "deletions from the Underlying Index, or other reasons as determined by BFA."
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 717,
          "x": 158,
          "y": 69
        },
        "id": "84cd9c33-cc82-4303-8a22-d7ea41649db2",
        "page_number": 3,
        "text": "In accordance with Rule 35d-1 under the 1940 Act, under normal circumstances, the Fund will not"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 648,
          "x": 157,
          "y": 85
        },
        "id": "fcdbce87-af6b-4303-8259-4c8fade420fd",
        "page_number": 3,
        "text": "invest less than 80% of the value of its net assets, plus the amount of any borrowings for"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 712,
          "x": 157,
          "y": 100
        },
        "id": "aa10608b-19ba-46f7-9d03-53b4bac7f944",
        "page_number": 3,
        "text": "investment purposes, in components of its Underlying Index. Investments in derivatives and other"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 680,
          "x": 157,
          "y": 116
        },
        "id": "8dc0a643-1be9-4107-89d5-6fa9932e4c62",
        "page_number": 3,
        "text": "investments will be counted toward the Fund\u2019s 80% investment policy to the extent that they"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 728,
          "x": 157,
          "y": 131
        },
        "id": "fa1993ec-90c6-4bd2-9eab-5e929ec5efea",
        "page_number": 3,
        "text": "provide exposure to the components of its Underlying Index or exposure to one or more market risk"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 713,
          "x": 156,
          "y": 147
        },
        "id": "7b5c9cd0-84ff-42e4-aa8b-34f7b2a8f692",
        "page_number": 3,
        "text": "factors associated with such components. The Fund\u2019s 80% investment policy may be changed by"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 625,
          "x": 156,
          "y": 162
        },
        "id": "049a75a3-4a6b-4e6b-9d1a-234f0912c47b",
        "page_number": 3,
        "text": "the Company\u2019s Board of Trustees (the \u201cBoard\u201d) upon 60 days\u2019 notice to shareholders."
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 691,
          "x": 156,
          "y": 185
        },
        "id": "36fd1964-90f9-477a-a64f-ee4a2b31f109",
        "page_number": 3,
        "text": "The Commodity Futures Trading Commission (\u201cCFTC\u201d) has adopted certain requirements that"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 728,
          "x": 157,
          "y": 201
        },
        "id": "49d4717f-3cb0-406b-9b4e-e84944ff82f5",
        "page_number": 3,
        "text": "subject registered investment companies and their advisers to regulation by the CFTC if a registered"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 710,
          "x": 157,
          "y": 216
        },
        "id": "1b8558a1-947f-472c-8206-115b2987bf88",
        "page_number": 3,
        "text": "investment company invests more than a prescribed level of its net asset value in CFTC-regulated"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 680,
          "x": 156,
          "y": 232
        },
        "id": "ef6b48c5-12b3-40b6-9488-2ba1bcbb049e",
        "page_number": 3,
        "text": "futures, options and swaps, or if a registered investment company markets itself as providing"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 690,
          "x": 157,
          "y": 247
        },
        "id": "b861c180-47df-4c03-936d-e90ad1d2e465",
        "page_number": 3,
        "text": "investment exposure to such instruments. Due to the Fund\u2019s potential use of such instruments"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 708,
          "x": 157,
          "y": 263
        },
        "id": "7b9911d9-9a4d-4528-bc0d-48379c043b15",
        "page_number": 3,
        "text": "above the prescribed levels, it is considered a \u201ccommodity pool\u201d under the Commodity Exchange"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 728,
          "x": 156,
          "y": 278
        },
        "id": "d3770c21-9864-4a7d-9bda-abad496be7bc",
        "page_number": 3,
        "text": "Act (\u201cCEA\u201d). The Subsidiary is also deemed a commodity pool. BFA is considered a commodity pool"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 700,
          "x": 157,
          "y": 294
        },
        "id": "222ec3df-8900-4dac-ba08-4dc09a661742",
        "page_number": 3,
        "text": "operator (\u201cCPO\u201d) with respect to the Fund and the Subsidiary and is subject to regulation by the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 381,
          "x": 157,
          "y": 309
        },
        "id": "0ef6d432-400e-4538-8382-c39bb6ced7bf",
        "page_number": 3,
        "text": "CFTC and the National Futures Association (\u201cNFA\u201d)."
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 696,
          "x": 156,
          "y": 333
        },
        "id": "60e80127-e0a7-4812-9951-f6e96f75e304",
        "page_number": 3,
        "text": "The Underlying Index is sponsored by the Index Provider, which is independent of the Fund and"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 720,
          "x": 157,
          "y": 348
        },
        "id": "c65852c2-2ec4-4f3e-9a52-0452857f1582",
        "page_number": 3,
        "text": "BFA. The Index Provider determines the composition and relative weightings of the components of"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 728,
          "x": 156,
          "y": 364
        },
        "id": "937daf60-9f57-4368-9e54-8e48a57ce2be",
        "page_number": 3,
        "text": "the Underlying Index and publishes information regarding the market value of the Underlying Index."
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 9,
          "x": 116,
          "y": 389
        },
        "id": "4c31c342-7dff-43c1-ba7a-b1cdadea3476",
        "page_number": 3,
        "text": "\u0160"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 745,
          "x": 136,
          "y": 387
        },
        "id": "cbdddd19-44cc-41ab-b7f3-4f96c2c915b4",
        "page_number": 3,
        "text": "The subsection entitled \u201cThe Bloomberg Roll Select Commodity Total Return Index\u201d in the section"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 749,
          "x": 137,
          "y": 402
        },
        "id": "e00b0490-3637-4302-8803-6a1d9a352e2f",
        "page_number": 3,
        "text": "entitled Construction and Maintenance of the Underlying Indexes in the Fund\u2019s SAI is deleted in its"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 307,
          "x": 137,
          "y": 418
        },
        "id": "52361ee3-4ee5-4174-b907-e9b01a061052",
        "page_number": 3,
        "text": "entirety and replaced with the following:"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 416,
          "x": 156,
          "y": 441
        },
        "id": "90e1d432-fb29-4600-957a-56bd49b23576",
        "page_number": 3,
        "text": "The Bloomberg Enhanced Roll Yield Total Return Index"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 686,
          "x": 156,
          "y": 464
        },
        "id": "32105e86-e7d9-4e3c-bac1-85e4f2d1b0c9",
        "page_number": 3,
        "text": "The Bloomberg Enhanced Roll Yield Total Return Index (the \u201cUnderlying Index\u201d) measures the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 672,
          "x": 157,
          "y": 480
        },
        "id": "773cafa2-8de4-4fb3-b58a-315e1680e12a",
        "page_number": 3,
        "text": "performance of a long-only basket of liquid commodity futures contracts across six physical"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 718,
          "x": 157,
          "y": 495
        },
        "id": "a94af856-5fda-4f39-8763-e98ed34f7c56",
        "page_number": 3,
        "text": "commodity groups, including energy, precious metals, industrial metals, grains and derived grains,"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 729,
          "x": 157,
          "y": 511
        },
        "id": "bbaa5878-1d58-4adf-b231-d4596de92c25",
        "page_number": 3,
        "text": "softs, and livestock, as determined by Bloomberg Index Services Limited (\u201cBloomberg\u201d or the \u201cIndex"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 728,
          "x": 157,
          "y": 526
        },
        "id": "cc0132b2-a0f0-41b2-a84c-22b065657f6b",
        "page_number": 3,
        "text": "Provider\u201d). The Underlying Index, which is rebalanced annually, provides a broad-based exposure to"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 730,
          "x": 157,
          "y": 542
        },
        "id": "8004d3df-ccdc-404c-8d8f-6e40a3968385",
        "page_number": 3,
        "text": "commodities as an asset class by using liquidity factors and sector caps to avoid over-concentration"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 342,
          "x": 157,
          "y": 557
        },
        "id": "8c10680b-f3bd-476e-a4ce-4ca3031ed346",
        "page_number": 3,
        "text": "in any single commodity or commodity sector."
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 693,
          "x": 156,
          "y": 581
        },
        "id": "e920b55f-8a83-4fcc-85fc-9d7a89dbb258",
        "page_number": 3,
        "text": "The Underlying Index employs a multi-contract roll schedule to spread risk across three to four"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 712,
          "x": 156,
          "y": 596
        },
        "id": "ce3276dd-6c1f-4362-b090-340442bab45f",
        "page_number": 3,
        "text": "futures contracts per commodity, e.g., three futures contracts per precious metal commodity and"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 680,
          "x": 156,
          "y": 612
        },
        "id": "6bf6c565-7ed5-4b76-bf4e-576e205675fa",
        "page_number": 3,
        "text": "four futures contracts per commodity in all other commodity groups, with a roll period of ten"
      },
      {
        "block_type": "box",
        "box": {
          "height": 13,
          "width": 699,
          "x": 157,
          "y": 627
        },
        "id": "af4e3547-5c53-4448-a431-8edc438c234d",
        "page_number": 3,
        "text": "business days. The Underlying Index rolls and rebalances these contracts monthly back to equal"
      },
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 293,
          "x":...