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the","page_number":1,"box":{"x":116,"y":444,"width":736,"height":12}},{"id":"3e42af0d-c92e-43a5-b71b-a7f501d4511c","block_type":"box","text":"Trust approved the planned liquidation, dissolution and termination of the Funds. As a result, the last day","page_number":1,"box":{"x":116,"y":459,"width":766,"height":13}},{"id":"edf70673-a609-4901-9156-9b5ad407dc31","block_type":"box","text":"of trading in each Fund on its Listing Exchange will be December 15, 2026. The Listing Exchanges will","page_number":1,"box":{"x":116,"y":475,"width":741,"height":12}},{"id":"f5ffccfd-ba10-4dd7-8599-e16df71203fb","block_type":"box","text":"suspend trading in the Funds before the open of trading on December 16, 2026, and shares of the Funds","page_number":1,"box":{"x":116,"y":490,"width":763,"height":13}},{"id":"9efc48f2-2013-4aed-b4b4-e5c5a6cc1d94","block_type":"box","text":"will no longer be available for new investments as of this date. Proceeds of the liquidation are currently","page_number":1,"box":{"x":116,"y":506,"width":749,"height":12}},{"id":"5ab7c1c3-0ea0-4d46-8f4d-6dd0d68a0b64","block_type":"box","text":"scheduled to be sent to shareholders on December 18, 2026. Each Fund’s final net asset value, as","page_number":1,"box":{"x":116,"y":521,"width":709,"height":12}},{"id":"22a2eb13-1c35-4a5b-b4d9-4ae7a5a325e9","block_type":"box","text":"calculated on December 15, 2026, will include any costs associated with the liquidation expected to be","page_number":1,"box":{"x":116,"y":537,"width":749,"height":12}},{"id":"76fcf0ce-82b6-423b-97ba-7f1de8c15469","block_type":"box","text":"borne by the Fund.","page_number":1,"box":{"x":117,"y":552,"width":140,"height":13}},{"id":"d35b221f-c8af-4de2-a0e9-691fe1337ea1","block_type":"box","text":"Because shares of each Fund will not be traded on its Listing Exchange during the period between","page_number":1,"box":{"x":117,"y":576,"width":712,"height":12}},{"id":"0831b862-b49b-43b3-b766-c5443f27f0a0","block_type":"box","text":"December 16, 2026 and December 18, 2026, we cannot assure you that there will be a trading market for","page_number":1,"box":{"x":117,"y":591,"width":768,"height":13}},{"id":"24342560-83c3-41df-9248-70ff12986406","block_type":"box","text":"your shares. Further, during this period, each Fund will be in the process of closing down and liquidating","page_number":1,"box":{"x":116,"y":607,"width":760,"height":12}},{"id":"fc8201e8-d4e8-4077-a581-916001bd418c","block_type":"box","text":"its portfolio, which may result in the Fund not being able to track its Underlying Index (by December 16,","page_number":1,"box":{"x":117,"y":622,"width":755,"height":13}},{"id":"37a61f7c-1f06-4fd6-9673-e5a1969ad595","block_type":"box","text":"2026, the Underlying Index value will be represented almost entirely by cash as no securities will remain","page_number":1,"box":{"x":117,"y":638,"width":755,"height":12}},{"id":"05931c2c-77cf-4a69-93e2-cc486e995220","block_type":"box","text":"in the Underlying Index). After December 15, 2026, shareholders that remain invested in a Fund will","page_number":1,"box":{"x":117,"y":653,"width":725,"height":13}},{"id":"d4a309d3-f1da-40e1-b171-b45be616bd0d","block_type":"box","text":"receive the entire amount of their pro rata share of the liquidation proceeds on or about December 18,","page_number":1,"box":{"x":117,"y":669,"width":740,"height":12}},{"id":"05a217bc-b75d-4f5e-85c8-b377846931e4","block_type":"box","text":"2026, subject to their brokerage firm’s processes.","page_number":1,"box":{"x":117,"y":684,"width":356,"height":13}},{"id":"a1129884-8b41-42d8-9c00-8e17fec5d168","block_type":"box","text":"Shareholders may sell their holdings of a Fund prior to December 16, 2026 and may incur the usual and","page_number":1,"box":{"x":116,"y":707,"width":751,"height":13}},{"id":"92860953-7f9b-438d-b50d-9bbf38874397","block_type":"box","text":"customary brokerage commissions associated with the sale of the Fund shares. If you still hold shares of","page_number":1,"box":{"x":116,"y":723,"width":758,"height":13}},{"id":"2ef07c54-502a-48d1-9ce2-b90970bdd79d","block_type":"box","text":"a Fund on December 18, 2026, the Fund will automatically redeem your shares for cash based on the net","page_number":1,"box":{"x":116,"y":738,"width":761,"height":13}},{"id":"8c1b8d02-9b05-4cef-a41b-e99f85c1125a","block_type":"box","text":"asset value as of the close of business on December 15, 2026, which will include any dividends or","page_number":1,"box":{"x":116,"y":754,"width":706,"height":13}},{"id":"9ba8106b-c688-4e04-b695-1ff4b3f5e6e2","block_type":"box","text":"distributions calculated as of that date.","page_number":1,"box":{"x":116,"y":769,"width":281,"height":10}},{"id":"0ab31ac4-16d5-4a97-876e-d60a428543dc","block_type":"box","text":"If you are subject to federal income tax, the liquidation of a Fund will result in one or more taxable events","page_number":2,"box":{"x":117,"y":69,"width":764,"height":13}},{"id":"628d571c-34db-4c7c-a704-94397a2eb099","block_type":"box","text":"for you. A sale or exchange of Fund shares prior to the liquidation will generally give rise to a capital gain","page_number":2,"box":{"x":116,"y":85,"width":762,"height":12}},{"id":"a0349243-412c-4912-bb66-a10b2f41de86","block_type":"box","text":"or loss to you for federal income tax purposes. In connection with the liquidation, a Fund may declare tax","page_number":2,"box":{"x":116,"y":100,"width":767,"height":13}},{"id":"eb07dd03-70f0-4bfc-af7b-5b8d4f0aae0f","block_type":"box","text":"exempt or taxable distributions of its investment income and/or taxable distributions of its net capital","page_number":2,"box":{"x":116,"y":116,"width":741,"height":12}},{"id":"2ff20fa9-926f-407d-9cdc-f0f7d71fc3e5","block_type":"box","text":"gain. Any liquidation proceeds paid to you should generally be treated as received by you in exchange for","page_number":2,"box":{"x":116,"y":131,"width":766,"height":13}},{"id":"5d232c2e-7f63-4df6-8f07-aaa417ddc8ce","block_type":"box","text":"your shares and will therefore generally give rise to a capital gain or loss depending on your tax basis.","page_number":2,"box":{"x":116,"y":147,"width":738,"height":12}},{"id":"725d7f43-a820-4cad-9fe7-00aa4a3663d4","block_type":"box","text":"Please refer to the “Taxes” disclosure beginning on page 122 of each Fund’s SAI and consult your own","page_number":2,"box":{"x":117,"y":162,"width":747,"height":13}},{"id":"31bb90b1-182f-4743-8489-2eb2834cb106","block_type":"box","text":"tax advisor about the potential tax consequences of a Fund’s liquidation, including any state, local,","page_number":2,"box":{"x":116,"y":178,"width":717,"height":12}},{"id":"97bbb690-7b06-4fc8-884a-fa71032eb3df","block_type":"box","text":"foreign or other tax consequences.","page_number":2,"box":{"x":116,"y":193,"width":257,"height":13}},{"id":"3ad8d15f-1622-43a1-96b5-5c2b577fd4bf","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":2,"box":{"x":117,"y":216,"width":521,"height":13}},{"id":"e5a348bc-319b-4011-8fa8-e901f1bb43cf","block_type":"box","text":"iShares","page_number":2,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"4f5fa6e2-87cd-42c4-a911-f19264cfaaf1","block_type":"box","text":"®","page_number":2,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"c23802ec-a73c-4e5e-b8c2-33983c1c506d","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors or its affiliates.","page_number":2,"box":{"x":170,"y":869,"width":396,"height":10}},{"id":"bef99b22-a01f-41af-b916-369e16731d66","block_type":"box","text":"IS-A-IBDR-IBTG-IBHF-1026","page_number":2,"box":{"x":725,"y":887,"width":158,"height":8}},{"id":"efddfec6-80c3-4b7f-83e4-83d9252e1cc9","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":2,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"5d684c77-0017-48e8-a283-b50416a83561","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":2,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"1513df61-986f-4e61-9776-cfafed54c8b3","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":3,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"299e68ff-953a-4cb4-86cb-827b3646e637","block_type":"box","text":"[THIS PAGE INTENTIONALLY LEFT BLANK]","page_number":4,"box":{"x":360,"y":333,"width":268,"height":10}},{"id":"3d9962b7-01f1-47a7-b609-0a78186034e6","block_type":"box","text":"iShares","page_number":5,"box":{"x":420,"y":71,"width":128,"height":24}},{"id":"64dcf6da-1b1e-41e8-8596-421b643f4309","block_type":"box","text":"®","page_number":5,"box":{"x":551,"y":70,"width":23,"height":17}},{"id":"9eb6f467-862a-47ab-a85c-430062ad9c6f","block_type":"box","text":"iShares Trust","page_number":5,"box":{"x":450,"y":108,"width":103,"height":10}},{"id":"048eb967-c0ea-43c7-91f0-b8f0ca614106","block_type":"box","text":"Supplement dated June 23, 2026","page_number":5,"box":{"x":376,"y":123,"width":251,"height":13}},{"id":"86369ba2-3034-4207-93a9-7d43d67090ca","block_type":"box","text":"to the currently effective Summary Prospectus,","page_number":5,"box":{"x":320,"y":139,"width":362,"height":13}},{"id":"1258ccc9-c7b0-49ec-9f6c-0e7a71282d63","block_type":"box","text":"Prospectus and Statement of Additional Information (“SAI”)","page_number":5,"box":{"x":272,"y":154,"width":460,"height":13}},{"id":"0c29e41e-b36c-4cde-b7d4-3a31216e32ff","block_type":"box","text":"for the Funds listed in Appendix A (each a “Fund” and collectively, the “Funds”)","page_number":5,"box":{"x":198,"y":170,"width":607,"height":13}},{"id":"26b0012d-8db0-4f87-b232-10230182bfdc","block_type":"box","text":"The following changes will take effect on or around June 30, 2026:","page_number":5,"box":{"x":116,"y":193,"width":485,"height":13}},{"id":"e1b462b7-f0e8-45f9-9496-6e8283c47a55","block_type":"box","text":"For the iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and","page_number":5,"box":{"x":117,"y":216,"width":757,"height":13}},{"id":"c6533beb-3fab-49a2-94d0-9598554b8752","block_type":"box","text":"Income ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield","page_number":5,"box":{"x":117,"y":232,"width":764,"height":13}},{"id":"7f280075-60a7-4e37-86a6-d15d42e2ec4a","block_type":"box","text":"and Income ETF, iShares iBonds 2030 Term High Yield and Income ETF, iShares iBonds 2031 Term High","page_number":5,"box":{"x":116,"y":247,"width":757,"height":13}},{"id":"a956aa55-baee-4720-a4b9-8c10c096e3cf","block_type":"box","text":"Yield and Income ETF, iShares iBonds 2032 Term High Yield and Income ETF and iShares iBonds 2033","page_number":5,"box":{"x":116,"y":263,"width":743,"height":13}},{"id":"872a18cb-ffad-4a71-95a2-913a15961302","block_type":"box","text":"Term High Yield and Income ETF, the following changes apply:","page_number":5,"box":{"x":116,"y":278,"width":459,"height":13}},{"id":"950d2b49-cbdc-4d23-bc2d-7cd4b0586184","block_type":"box","text":"1. 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The third sentence of the fourth paragraph of the section entitled “Bloomberg Index(es)” of the","page_number":5,"box":{"x":150,"y":441,"width":728,"height":13}},{"id":"9645fafb-2781-4dc2-9a3b-03d09d42e5c8","block_type":"box","text":"Construction and Maintenance of the Underlying Index section of each Fund’s SAI is deleted and","page_number":5,"box":{"x":184,"y":457,"width":703,"height":12}},{"id":"eff9bb72-fe90-4dc7-bb68-1b2d70a40c3f","block_type":"box","text":"replaced with the following sentence:","page_number":5,"box":{"x":184,"y":472,"width":275,"height":13}},{"id":"23b606e0-69e4-4c4b-aad8-c0bb71e801cc","block_type":"box","text":"During the final six months of the final year, interest and principal cash flows are not","page_number":5,"box":{"x":201,"y":495,"width":615,"height":13}},{"id":"1baa076c-0c37-4407-b893-9aebdafd5d26","block_type":"box","text":"reinvested and are assumed to be held in cash while earning no interest.","page_number":5,"box":{"x":201,"y":511,"width":527,"height":13}},{"id":"8ff0e57e-b0d1-4489-a25b-4344d78f1624","block_type":"box","text":"For the iShares iBonds Dec 2026 Term Corporate ETF, iShares iBonds Dec 2027 Term Corporate ETF,","page_number":5,"box":{"x":117,"y":534,"width":734,"height":13}},{"id":"8343f2dc-5e45-48f4-91eb-949208c14885","block_type":"box","text":"iShares iBonds Dec 2028 Term Corporate ETF, iShares iBonds Dec 2029 Term Corporate ETF, iShares","page_number":5,"box":{"x":117,"y":550,"width":735,"height":12}},{"id":"e3e3e152-fa3a-44a3-84d8-5d0d251cad67","block_type":"box","text":"iBonds Dec 2030 Term Corporate ETF and iShares iBonds Dec 2031 Term Corporate ETF, the following","page_number":5,"box":{"x":117,"y":565,"width":749,"height":13}},{"id":"8b0c97b7-ebd4-4b92-be71-22ff4067f4f0","block_type":"box","text":"changes apply to each Fund’s Summary Prospectus and Prospectus:","page_number":5,"box":{"x":116,"y":581,"width":500,"height":12}},{"id":"a55e6a31-a624-47e2-a6ed-bb5ca5fb98d1","block_type":"box","text":"1. 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The third, fourth and fifth sentences of the second paragraph of the section entitled “Index","page_number":6,"box":{"x":151,"y":170,"width":695,"height":13}},{"id":"ff5e100b-22ef-4537-b266-afe1e5bd7a74","block_type":"box","text":"Methodology for the iBonds Term Corporate ETFs’ Indexes” of the “Construction and","page_number":6,"box":{"x":184,"y":185,"width":621,"height":13}},{"id":"21cb3b5b-f2e4-4c04-9c44-39971ba67224","block_type":"box","text":"Maintenance of the Underlying Index” section are deleted and replaced with the following","page_number":6,"box":{"x":184,"y":201,"width":655,"height":13}},{"id":"204ee790-e963-461f-84ee-6dd0f02e3f80","block_type":"box","text":"sentences:","page_number":6,"box":{"x":184,"y":218,"width":80,"height":8}},{"id":"6968fd90-ecf7-4899-9ff3-22c4a6818ba6","block_type":"box","text":"During this final six month period, the Underlying Index will no longer be updated or","page_number":6,"box":{"x":201,"y":240,"width":613,"height":12}},{"id":"066f5f71-baca-4f24-b551-37f2e08da112","block_type":"box","text":"rebalanced and existing bond weights will be allowed to float based on changes in market","page_number":6,"box":{"x":201,"y":255,"width":655,"height":13}},{"id":"8d294a88-0984-4617-9d39-01a7e0943102","block_type":"box","text":"value. 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The third, fourth and fifth sentence of the second paragraph of the section entitled “Index","page_number":6,"box":{"x":151,"y":348,"width":687,"height":13}},{"id":"f8c18b02-87a3-497e-af99-49cb3aaa6cb7","block_type":"box","text":"Methodology” of the “Construction and Maintenance of the Underlying Index” section are","page_number":6,"box":{"x":184,"y":364,"width":656,"height":12}},{"id":"f3353bb1-80b5-494a-8d4e-80cbaebd5bbe","block_type":"box","text":"deleted and replaced with the following sentences:","page_number":6,"box":{"x":184,"y":379,"width":372,"height":13}},{"id":"9d265c9c-9ff7-416e-b248-b46fc11ad160","block_type":"box","text":"During this final six month period, the Underlying Index will no longer be updated or","page_number":6,"box":{"x":201,"y":402,"width":613,"height":13}},{"id":"dcc3da19-9b3d-4f57-a988-a9aa39920e8e","block_type":"box","text":"rebalanced and existing bond weights will be allowed to float based on changes in market","page_number":6,"box":{"x":201,"y":418,"width":655,"height":13}},{"id":"9649367b-2324-4079-9d06-02777f1d4ef9","block_type":"box","text":"value. During this period, interest and principal cash flows are not reinvested and are","page_number":6,"box":{"x":200,"y":433,"width":618,"height":13}},{"id":"54b6c15a-2172-4052-8030-f8acae872d04","block_type":"box","text":"presumed to be held in cash while earning no interest throughout the remaining life of the","page_number":6,"box":{"x":201,"y":449,"width":658,"height":13}},{"id":"5f9573a8-2a06-4d10-8e47-ae2cd2e66a89","block_type":"box","text":"Underlying Index.","page_number":6,"box":{"x":201,"y":464,"width":130,"height":13}},{"id":"0f4333dc-25de-4878-843c-3e2cc18ef868","block_type":"box","text":"Appendix A","page_number":6,"box":{"x":455,"y":488,"width":93,"height":12}},{"id":"63ef6487-321f-43e6-837b-70255729f8db","block_type":"box","text":"iShares iBonds 2026 Term High Yield and Income ETF","page_number":6,"box":{"x":117,"y":511,"width":374,"height":13}},{"id":"f54899d6-1aae-4873-9929-133fe3dc5e01","block_type":"box","text":"iShares iBonds 2027 Term High Yield and Income 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The Fund’s prospectus and statement of","page_number":7,"box":{"x":81,"y":377,"width":818,"height":12}},{"id":"5c029f38-faa0-4f2e-ace5-59ece41988c3","block_type":"box","text":"additional information, both dated February 27, 2026, as amended and supplemented from time to time,","page_number":7,"box":{"x":81,"y":392,"width":808,"height":12}},{"id":"eaba9fcf-99e3-43c8-8af4-496fd6a3f934","block_type":"box","text":"are incorporated by reference into (legally made a part of) this Summary Prospectus. 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Securities eligible for inclusion in the Underlying Index","page_number":9,"box":{"x":53,"y":449,"width":410,"height":10}},{"id":"7cf463b4-cd97-436d-9bdc-9dce0216bce9","block_type":"box","text":"are selected from a universe of corporate issuers (","page_number":9,"box":{"x":53,"y":463,"width":322,"height":11}},{"id":"267d242a-f7ce-402b-9997-d7ffc8d661eb","block_type":"box","text":"e.g.,","page_number":9,"box":{"x":376,"y":465,"width":25,"height":9}},{"id":"f2b37ba4-1583-4795-88b5-34697dfda11c","block_type":"box","text":"industrial,","page_number":9,"box":{"x":407,"y":463,"width":62,"height":10}},{"id":"160e1734-a475-4b76-86cd-4e44ab8e337d","block_type":"box","text":"financial institutions, utilities) determined by Bloomberg. As of","page_number":9,"box":{"x":52,"y":477,"width":399,"height":11}},{"id":"1c4324c7-5d13-4303-a708-7cb810aef407","block_type":"box","text":"October 31, 2025, a significant portion of the Underlying Index is","page_number":9,"box":{"x":53,"y":491,"width":413,"height":11}},{"id":"0a60ce7c-d21a-48a5-a54f-708f01aa39b1","block_type":"box","text":"represented by securities of companies in the consumer goods","page_number":9,"box":{"x":53,"y":505,"width":402,"height":11}},{"id":"fd3eea7f-5688-45ef-8005-2e28810f8a75","block_type":"box","text":"and services and industrial industries or sectors. 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Each","page_number":9,"box":{"x":52,"y":626,"width":396,"height":11}},{"id":"67459e8e-ed35-43e0-8d7d-5c4360161ebb","block_type":"box","text":"bond included in the Underlying Index must be registered with the","page_number":9,"box":{"x":53,"y":641,"width":421,"height":11}},{"id":"95ca69f2-ceb2-478a-9372-c98ec0413d5d","block_type":"box","text":"SEC, have been exempt from registration at issuance, or have","page_number":9,"box":{"x":53,"y":655,"width":394,"height":11}},{"id":"65f0d752-b348-4f12-acda-5cb5118d5c77","block_type":"box","text":"been offered pursuant to Rule 144A under the Securities Act of","page_number":9,"box":{"x":53,"y":669,"width":402,"height":11}},{"id":"134645c4-3bcc-48ef-80d7-f985b48fc0a6","block_type":"box","text":"1933, as amended (the “1933 Act”). Subject to the methodology","page_number":9,"box":{"x":55,"y":683,"width":409,"height":11}},{"id":"675b3435-8db6-4535-a1e2-b2396369320f","block_type":"box","text":"of the Underlying Index discussed below, the securities in the","page_number":9,"box":{"x":53,"y":697,"width":391,"height":11}},{"id":"46aae4c7-fe14-4309-b1ec-a9926e5b2b16","block_type":"box","text":"Underlying Index may carry a coupon that steps-up according to a","page_number":9,"box":{"x":53,"y":712,"width":421,"height":10}},{"id":"b29b4f97-8bfa-41fd-81f5-44c84ddd8dc8","block_type":"box","text":"predetermined schedule (","page_number":9,"box":{"x":53,"y":726,"width":163,"height":11}},{"id":"79416272-1522-48fa-87f7-32865c7b01ec","block_type":"box","text":"i.e.,","page_number":9,"box":{"x":217,"y":726,"width":21,"height":10}},{"id":"1f5a6134-715c-4646-879b-7faf6c483657","block_type":"box","text":"the interest rate paid on such","page_number":9,"box":{"x":244,"y":726,"width":187,"height":11}},{"id":"b8084c55-191d-4b2b-a9d5-626e3a1f4d67","block_type":"box","text":"securities will increase over time). Securities are market-cap","page_number":9,"box":{"x":53,"y":740,"width":387,"height":11}},{"id":"276c4411-b1b9-4fd9-b4fc-49b2bfc13071","block_type":"box","text":"weighted within the Underlying Index, with a 3% cap typically","page_number":9,"box":{"x":52,"y":754,"width":392,"height":11}},{"id":"a65e775f-bad6-4f26-ac93-33ad4929c47f","block_type":"box","text":"imposed on any one issuer, and a pro rata distribution of any","page_number":9,"box":{"x":53,"y":768,"width":387,"height":11}},{"id":"fcb26e41-40c8-4e2d-bde6-bb2a1a18a834","block_type":"box","text":"excess weight across the remaining issuers in the Underlying","page_number":9,"box":{"x":53,"y":783,"width":390,"height":10}},{"id":"7309817b-f22b-4e09-8a35-6cdca681ad5c","block_type":"box","text":"Index.","page_number":9,"box":{"x":53,"y":797,"width":37,"height":8}},{"id":"f0e9fbb1-e896-4c2d-8838-624b9d994aa3","block_type":"box","text":"The securities in the Underlying Index are updated on the last","page_number":9,"box":{"x":52,"y":819,"width":393,"height":10}},{"id":"22ce6410-07cc-4897-ab80-e614adfdcf02","block_type":"box","text":"calendar day of each month until six months before maturity, with","page_number":9,"box":{"x":53,"y":833,"width":419,"height":11}},{"id":"ea96f5f0-b405-4d19-a126-103edf9b256a","block_type":"box","text":"the last rebalance date on June 30, 2026.","page_number":9,"box":{"x":52,"y":847,"width":265,"height":10}},{"id":"4c3bb883-49f1-4286-8c0f-8b038f951af6","block_type":"box","text":"The Underlying Index consists of bonds chosen from two sub","page_number":9,"box":{"x":52,"y":869,"width":394,"height":11}},{"id":"9d469a7e-95f9-479d-92bd-58d2d0948698","block_type":"box","text":"indices, the Bloomberg U.S. High Yield Index (the “High Yield","page_number":9,"box":{"x":53,"y":883,"width":387,"height":11}},{"id":"6e0271dc-32b5-45d6-b4bf-fcd6fffde623","block_type":"box","text":"Index”) and the Bloomberg U.S. Corporate Index (the “Corporate","page_number":9,"box":{"x":53,"y":897,"width":412,"height":11}},{"id":"ecedbe3d-5ecc-4edf-846c-d41f5dde41e1","block_type":"box","text":"Index”), both of which are stripped of securities maturing outside","page_number":9,"box":{"x":519,"y":46,"width":415,"height":11}},{"id":"ef93aa10-c7c2-4a33-9fb0-5d07357d9b59","block_type":"box","text":"of the maturity range defined above. BBB-rated bonds from the","page_number":9,"box":{"x":519,"y":61,"width":406,"height":10}},{"id":"ec8b06d8-5b8b-4dcc-8f66-abf21e9d01d2","block_type":"box","text":"Corporate Index will be introduced to the Underlying Index under","page_number":9,"box":{"x":519,"y":75,"width":414,"height":11}},{"id":"4f630f98-73f5-4e20-b85d-34c047434d85","block_type":"box","text":"the following conditions: (1) in the last 1.5 years but before the","page_number":9,"box":{"x":518,"y":89,"width":399,"height":11}},{"id":"7d09c5cc-c4a0-47e7-8342-12447304d9e2","block_type":"box","text":"last 6 months of the Underlying Index’s term, the Underlying Index","page_number":9,"box":{"x":519,"y":103,"width":424,"height":11}},{"id":"5d9acc0c-005e-4732-8029-36d813c0266f","block_type":"box","text":"will introduce BBB-rated bonds (which are considered investment","page_number":9,"box":{"x":518,"y":117,"width":424,"height":11}},{"id":"4be9dc5c-4c09-42cc-8c75-10db29053ffb","block_type":"box","text":"grade) as constituent high yield bonds (which are considered","page_number":9,"box":{"x":518,"y":131,"width":389,"height":11}},{"id":"84d0416b-4607-484d-94e4-e7177adbf2f5","block_type":"box","text":"below","page_number":9,"box":{"x":518,"y":146,"width":38,"height":8}},{"id":"3d234753-8609-4ee7-b6ab-5ea225d4e204","block_type":"box","text":"investment-grade) are called, no longer qualify for inclusion","page_number":9,"box":{"x":560,"y":146,"width":379,"height":10}},{"id":"0288c3ce-4b7a-4d81-b9fa-f2eb7c542fff","block_type":"box","text":"(due to, among other factors, sector reclassifications of issuers,","page_number":9,"box":{"x":519,"y":160,"width":408,"height":11}},{"id":"7a56b62a-1905-4079-8742-db4d55d28541","block_type":"box","text":"changes in the credit rating of bonds included in the Underlying","page_number":9,"box":{"x":519,"y":174,"width":405,"height":11}},{"id":"c27bd30e-ffc1-49e9-bc03-926d8fed13bc","block_type":"box","text":"Index or rebalances to maintain issuer limits), or decline in value","page_number":9,"box":{"x":519,"y":188,"width":411,"height":11}},{"id":"78f8571c-e41c-401b-902b-b61d099d579e","block_type":"box","text":"compared to a reference point set at 1.5 years from the","page_number":9,"box":{"x":519,"y":202,"width":354,"height":11}},{"id":"2e39ebca-c465-4e71-9307-c7d9c6b31735","block_type":"box","text":"Underlying Index’s term or (2) if, prior to the last 1.5 years","page_number":9,"box":{"x":519,"y":217,"width":370,"height":10}},{"id":"76df0e5f-260e-4f28-bf33-ead2e341a028","block_type":"box","text":"remaining in the Underlying Index’s term, the market value of the","page_number":9,"box":{"x":519,"y":231,"width":415,"height":11}},{"id":"3187acfe-fb9a-4425-9167-716ff21d308f","block_type":"box","text":"high yield bonds in the Underlying Index declines below $30","page_number":9,"box":{"x":519,"y":244,"width":382,"height":12}},{"id":"76675e62-83a4-4fd0-886a-ea308181df5a","block_type":"box","text":"billion, the Underlying Index will add BBB-rated bonds to maintain","page_number":9,"box":{"x":519,"y":259,"width":418,"height":11}},{"id":"4358fbd5-51ab-4d21-b8b4-a863d110b4da","block_type":"box","text":"a $30 billion minimum market value for the Underlying Index. In","page_number":9,"box":{"x":519,"y":272,"width":406,"height":12}},{"id":"a2c93d5b-f1ac-4891-8aae-e86f6ae99ca4","block_type":"box","text":"the final year of the Underlying Index’s term, any principal and","page_number":9,"box":{"x":518,"y":287,"width":397,"height":11}},{"id":"e1226ec8-1a69-4b7e-bf97-a68c9917e0ad","block_type":"box","text":"interest paid by index constituents is treated as follows: (1) during","page_number":9,"box":{"x":519,"y":302,"width":420,"height":10}},{"id":"f4b8eb67-2f7c-49ad-a9fa-571af5efd3d6","block_type":"box","text":"the first six months of the final year, the Underlying Index","page_number":9,"box":{"x":518,"y":316,"width":367,"height":11}},{"id":"0c35d65b-c24e-4d4f-946e-38f0b02fb12c","block_type":"box","text":"reinvests proceeds pro-rata into the remaining bonds in the","page_number":9,"box":{"x":519,"y":330,"width":380,"height":11}},{"id":"1368010d-feb5-4b12-b0c5-0b8630478b95","block_type":"box","text":"Underlying Index, and (2) during the last six months of the final","page_number":9,"box":{"x":519,"y":344,"width":400,"height":11}},{"id":"93a735a5-ca38-4ae5-97b7-45db1354c784","block_type":"box","text":"year, principal is not reinvested and is presumed to be held in","page_number":9,"box":{"x":518,"y":358,"width":393,"height":11}},{"id":"c89ffbd5-84fb-4060-91fc-2cd5a6ff7bc3","block_type":"box","text":"cash while earning no interest.","page_number":9,"box":{"x":519,"y":373,"width":194,"height":10}},{"id":"f643b08e-da3a-47bc-934d-223d0809e8d7","block_type":"box","text":"Bonds with a clean price (","page_number":9,"box":{"x":519,"y":394,"width":163,"height":11}},{"id":"209223c1-ae66-4912-8578-80027b32df09","block_type":"box","text":"i.e","page_number":9,"box":{"x":683,"y":394,"width":15,"height":9}},{"id":"86f42236-6363-4fcd-bac9-dcbaca55bb20","block_type":"box","text":"., the price does not include accrued","page_number":9,"box":{"x":699,"y":394,"width":232,"height":11}},{"id":"82ed8630-116c-4b30-a0c7-c73702916512","block_type":"box","text":"interest between coupon payments) below $60 are excluded from","page_number":9,"box":{"x":519,"y":408,"width":421,"height":11}},{"id":"8078d8b9-662e-4340-89cd-4ddb7999a0bc","block_type":"box","text":"the Underlying Index and subject to a 3 month lock-out period","page_number":9,"box":{"x":518,"y":423,"width":397,"height":11}},{"id":"0d03f4bf-f2e4-47b6-8cfe-0bb5e5faae73","block_type":"box","text":"before they are eligible for inclusion again at rebalance. During","page_number":9,"box":{"x":519,"y":437,"width":401,"height":11}},{"id":"e2c46efb-a0fb-47c1-9dc7-fa4b7b3f4eba","block_type":"box","text":"the final 1.5 years of the maturity of the index, bonds that fall","page_number":9,"box":{"x":518,"y":451,"width":390,"height":11}},{"id":"a532ad7e-10c6-4877-905b-d418051c4d52","block_type":"box","text":"below $60 at rebalance will be permanently ineligible for the","page_number":9,"box":{"x":519,"y":465,"width":386,"height":11}},{"id":"01a30d97-c37c-43d6-8e51-e1497fd7c4ef","block_type":"box","text":"Underlying Index.","page_number":9,"box":{"x":519,"y":480,"width":110,"height":10}},{"id":"66ac6016-bc9a-4bfd-88b9-22ce60841218","block_type":"box","text":"In addition, to be included in the Underlying Index, securities that","page_number":9,"box":{"x":519,"y":501,"width":416,"height":11}},{"id":"a3dc3840-5ecd-4453-8bd5-224b5b2f73ab","block_type":"box","text":"are rated by all three of the rating agencies named below must be","page_number":9,"box":{"x":519,"y":516,"width":420,"height":10}},{"id":"b7e8abdd-a772-4503-93a7-d8c1b3453e42","block_type":"box","text":"rated “high yield” to be selected from the High Yield Index and","page_number":9,"box":{"x":519,"y":530,"width":397,"height":11}},{"id":"c0664224-b27f-48ba-af45-f3b04844bb85","block_type":"box","text":"“BBB” to be selected from the Corporate Index. The bonds from","page_number":9,"box":{"x":519,"y":544,"width":406,"height":11}},{"id":"ecb19478-eaab-48df-98db-a97544c94c93","block_type":"box","text":"the High Yield Index must have a rating equal to or below","page_number":9,"box":{"x":518,"y":558,"width":365,"height":11}},{"id":"d98a0e79-976e-48b3-89da-96f11e832f92","block_type":"box","text":"“Ba1”/”BB+”/”BB+” and above “CC”. The bonds from the","page_number":9,"box":{"x":519,"y":572,"width":369,"height":10}},{"id":"f4b1ea06-d072-464e-ab49-0f2df3d88728","block_type":"box","text":"Corporate Index must have a rating of “BBB” (or equivalent). The","page_number":9,"box":{"x":519,"y":587,"width":412,"height":10}},{"id":"70397a0a-34a5-4d38-b6e4-ae60a1acf2fa","block_type":"box","text":"Index Provider will use the middle rating of Moody’s Investors","page_number":9,"box":{"x":519,"y":601,"width":392,"height":11}},{"id":"a8eea1f6-2a33-408f-afeb-2e97f3143155","block_type":"box","text":"Service, Inc. (“Moody’s”), Standard & Poor’s","page_number":9,"box":{"x":519,"y":615,"width":280,"height":11}},{"id":"d3390b0b-9d2b-438e-b1d8-6d2a763a813a","block_type":"box","text":"®","page_number":9,"box":{"x":801,"y":614,"width":8,"height":7}},{"id":"dd66c28b-4c91-4088-8966-21bfe5a15e05","block_type":"box","text":"Global Ratings, a","page_number":9,"box":{"x":814,"y":615,"width":106,"height":11}},{"id":"d8af254d-9e3c-4d97-8328-bbc8d0886787","block_type":"box","text":"subsidiary of S&P Global (“S&P Global Ratings”) and Fitch Ratings,","page_number":9,"box":{"x":519,"y":629,"width":422,"height":11}},{"id":"af212733-ecd8-4854-93e0-d7f9cac0ef3d","block_type":"box","text":"Inc. (“Fitch”); when a rating from only two agencies is available,","page_number":9,"box":{"x":519,"y":643,"width":404,"height":11}},{"id":"ab2e67a7-aa16-4d80-9273-06aaf0ee8fa1","block_type":"box","text":"the lower is used; when only one agency rates a bond, that rating","page_number":9,"box":{"x":518,"y":657,"width":417,"height":11}},{"id":"fca8ee66-920d-482e-a5b7-1d4d8782183e","block_type":"box","text":"is used. 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The Fund","page_number":9,"box":{"x":519,"y":722,"width":416,"height":11}},{"id":"b104bc86-94ce-46a8-ad31-eb13e1bae841","block_type":"box","text":"does not invest in U.S. savings bonds or other U.S. government","page_number":9,"box":{"x":519,"y":736,"width":404,"height":11}},{"id":"21d4faba-8eba-4967-a533-7b6e1d810a2e","block_type":"box","text":"bonds (except to the extent the Fund holds cash equivalent","page_number":9,"box":{"x":519,"y":750,"width":379,"height":11}},{"id":"7c9e4a63-e0cb-4330-b68a-81bb9c7469ff","block_type":"box","text":"instruments consistent with its investment objective) and is not","page_number":9,"box":{"x":519,"y":764,"width":406,"height":11}},{"id":"7161b8de-a87f-4f4c-a455-e62f7d4972f6","block_type":"box","text":"designed to provide protection against inflation.","page_number":9,"box":{"x":519,"y":779,"width":305,"height":10}},{"id":"fc408d95-a056-46dc-96fc-b9e5f099d4d6","block_type":"box","text":"BFA uses an indexing approach to try to achieve the Fund’s","page_number":9,"box":{"x":519,"y":802,"width":377,"height":11}},{"id":"346c0bc3-d661-4329-80dd-409fd3814a52","block_type":"box","text":"investment objective. 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The Fund may","page_number":10,"box":{"x":53,"y":240,"width":410,"height":11}},{"id":"d78a9cbb-43c7-4b67-9cf7-99c414b8357b","block_type":"box","text":"or may not hold all of the components of the Underlying Index.","page_number":10,"box":{"x":53,"y":254,"width":398,"height":11}},{"id":"f674d20d-5434-4310-8c29-bf7383000aa0","block_type":"box","text":"The Fund will invest at least 80% of its assets in the component","page_number":10,"box":{"x":52,"y":277,"width":404,"height":11}},{"id":"0adab532-8418-4bd4-a96b-0368f049ca96","block_type":"box","text":"instruments of the Underlying Index, and (except during the last","page_number":10,"box":{"x":53,"y":291,"width":407,"height":11}},{"id":"6f72358c-34f3-4c69-ac4e-c680a1db891d","block_type":"box","text":"twelve months of the Fund’s operations) the Fund will invest at","page_number":10,"box":{"x":52,"y":305,"width":402,"height":11}},{"id":"04ae49ec-ac61-43fc-843d-4a08836e4bcc","block_type":"box","text":"least 90% of its assets in fixed income securities of the types","page_number":10,"box":{"x":53,"y":320,"width":388,"height":11}},{"id":"3f79d493-ad0f-4861-b9d0-1ddabfc66d87","block_type":"box","text":"included in the Underlying Index that BFA believes will help the","page_number":10,"box":{"x":53,"y":334,"width":399,"height":11}},{"id":"d815ed92-6311-48b5-9d08-f618fd49f52a","block_type":"box","text":"Fund track the Underlying Index. The Fund will invest no more","page_number":10,"box":{"x":53,"y":348,"width":394,"height":11}},{"id":"5046b6db-f8b4-4576-8d51-faa6a0b22c2f","block_type":"box","text":"than 10% of its assets in futures, options and swaps contracts that","page_number":10,"box":{"x":52,"y":362,"width":424,"height":11}},{"id":"334517cf-6ad6-43cc-9772-884519e06f1a","block_type":"box","text":"BFA believes will help the Fund track the Underlying Index as well","page_number":10,"box":{"x":53,"y":376,"width":416,"height":11}},{"id":"047d20ec-678d-465d-90ad-f0d4bd913d21","block_type":"box","text":"as in fixed income securities other than the types included in the","page_number":10,"box":{"x":53,"y":391,"width":412,"height":10}},{"id":"ce8b2370-536f-4b3e-aa98-525f90d655e7","block_type":"box","text":"Underlying Index, but which BFA believes will help the Fund track","page_number":10,"box":{"x":53,"y":405,"width":414,"height":11}},{"id":"9be06897-0c3f-4bbe-8fe0-6aa44ad6a8b1","block_type":"box","text":"the Underlying Index. Cash and cash equivalent investments","page_number":10,"box":{"x":52,"y":419,"width":386,"height":11}},{"id":"65dd2943-d214-4f99-b984-8df01a927903","block_type":"box","text":"associated with a derivative position will be treated as part of that","page_number":10,"box":{"x":53,"y":433,"width":421,"height":11}},{"id":"72790007-100f-4268-b610-96505c75908a","block_type":"box","text":"position for the purposes of calculating the percentage of","page_number":10,"box":{"x":53,"y":447,"width":367,"height":11}},{"id":"32c21a60-71ed-4d25-b07b-d5d0b0aa7a4e","block_type":"box","text":"investments included in the Underlying Index.","page_number":10,"box":{"x":53,"y":462,"width":290,"height":10}},{"id":"f43962d2-9aed-4b63-a590-db5f6ae69e24","block_type":"box","text":"In the last six months of operation, as the bonds held by the Fund","page_number":10,"box":{"x":53,"y":483,"width":417,"height":11}},{"id":"913b8d8c-c445-4517-bb60-c730cd79f23e","block_type":"box","text":"mature, the proceeds may not be reinvested by the Fund in bonds","page_number":10,"box":{"x":53,"y":498,"width":420,"height":10}},{"id":"53104c9f-52c3-43bb-a61f-8913e9dd34fc","block_type":"box","text":"but instead will be held in cash and cash equivalents. By fifteen","page_number":10,"box":{"x":53,"y":512,"width":402,"height":11}},{"id":"e702827f-5cc3-4481-91d3-3818ff243207","block_type":"box","text":"days prior to maturity, the Underlying Index is expected to consist","page_number":10,"box":{"x":53,"y":526,"width":421,"height":11}},{"id":"27705b5e-3526-46e6-b2bd-f8b53cdb12ad","block_type":"box","text":"almost entirely of cash and cash equivalents. On or around this","page_number":10,"box":{"x":53,"y":540,"width":402,"height":11}},{"id":"23ce1b3d-6e92-4ecb-be1b-9a35d9ef81a0","block_type":"box","text":"date, the Fund will wind up and terminate. After appropriate","page_number":10,"box":{"x":53,"y":554,"width":381,"height":11}},{"id":"5dfb9c88-2ace-413b-97fa-c96aeec56f19","block_type":"box","text":"provision is made for any Fund liabilities, its net assets will be","page_number":10,"box":{"x":53,"y":568,"width":393,"height":11}},{"id":"50a4e5d9-417f-4eca-afcd-4dd413bd0a6d","block_type":"box","text":"distributed to then-current shareholders pursuant to a plan of","page_number":10,"box":{"x":53,"y":583,"width":394,"height":10}},{"id":"901defec-7eca-4303-b08b-e655338b7404","block_type":"box","text":"liquidation. The Fund’s termination was approved by a majority of","page_number":10,"box":{"x":53,"y":597,"width":417,"height":11}},{"id":"702ff9da-3353-43d9-b6a7-ca00085d0b73","block_type":"box","text":"the Trust’s Board of Trustees (the “Board”) and does not require","page_number":10,"box":{"x":52,"y":611,"width":406,"height":11}},{"id":"81fa822a-1cb8-4bfc-90ad-a391ee174cef","block_type":"box","text":"additional approval by Fund shareholders. The Board may extend","page_number":10,"box":{"x":53,"y":625,"width":413,"height":11}},{"id":"93f3e069-eba9-4ebb-9eb7-f3d06d0063c3","block_type":"box","text":"the termination date if a majority of the Board determines the","page_number":10,"box":{"x":52,"y":639,"width":394,"height":11}},{"id":"72ad2b1d-c52a-4854-8bb0-c1aae17d3d42","block_type":"box","text":"extension to be in the best interest of the Fund.","page_number":10,"box":{"x":53,"y":654,"width":303,"height":8}},{"id":"ceaa30b3-29bd-4ee3-b562-591450576285","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying","page_number":10,"box":{"x":52,"y":675,"width":414,"height":11}},{"id":"20e18bdf-bfc4-43d6-b3eb-4853cdf84013","block_type":"box","text":"Index before fees and expenses of the Fund. To the extent that the","page_number":10,"box":{"x":53,"y":690,"width":424,"height":10}},{"id":"f4e3ce15-a0c3-4119-9193-3f9d94f5ce29","block_type":"box","text":"Fund invests in money market or similar funds, it will incur the","page_number":10,"box":{"x":53,"y":704,"width":396,"height":11}},{"id":"71deeacc-99ae-429e-95ed-c5cbc0f3d108","block_type":"box","text":"fees and expenses of such funds.","page_number":10,"box":{"x":52,"y":718,"width":212,"height":11}},{"id":"1e030f85-d641-4b0f-957b-e1931fd7193d","block_type":"box","text":"The Fund should not be confused with a target date fund, which","page_number":10,"box":{"x":52,"y":740,"width":406,"height":11}},{"id":"e2bb6b65-6c27-4db0-aceb-a6260645a7b3","block_type":"box","text":"has assets that are managed according to a particular investment","page_number":10,"box":{"x":53,"y":754,"width":419,"height":11}},{"id":"dc609d0c-5d02-4928-8a5d-eaef7a235599","block_type":"box","text":"strategy that converts fund assets to conservative investments","page_number":10,"box":{"x":53,"y":768,"width":402,"height":11}},{"id":"22f85226-0e4b-4aee-8c95-c3006d7e2e92","block_type":"box","text":"over time.","page_number":10,"box":{"x":53,"y":783,"width":62,"height":8}},{"id":"931faa4c-44d4-4c01-942a-00485195f2cb","block_type":"box","text":"The Fund may lend securities representing up to one-third of the","page_number":10,"box":{"x":52,"y":806,"width":412,"height":11}},{"id":"a4226fda-6351-401b-8e8f-c08e244c9245","block_type":"box","text":"value of the Fund’s total assets (including the value of any","page_number":10,"box":{"x":52,"y":820,"width":371,"height":11}},{"id":"063d401e-c92e-4fd2-805d-5c42828b5464","block_type":"box","text":"collateral received).","page_number":10,"box":{"x":53,"y":834,"width":125,"height":11}},{"id":"65cde396-91bb-4b3a-aab9-48a09ed8c737","block_type":"box","text":"The Underlying Index is sponsored by Bloomberg, which","page_number":10,"box":{"x":52,"y":857,"width":356,"height":11}},{"id":"0776f0ee-d4aa-44c8-b28f-80b0520081f7","block_type":"box","text":"is independent of the Fund and BFA. The Index Provider","page_number":10,"box":{"x":53,"y":871,"width":354,"height":11}},{"id":"3c17c6d8-b34a-4042-a62c-161bb6b3c238","block_type":"box","text":"determines the composition and relative weightings of the","page_number":10,"box":{"x":53,"y":886,"width":371,"height":10}},{"id":"6dde2a93-3350-4602-9fcd-903c5813bf37","block_type":"box","text":"components of the Underlying Index and publishes information","page_number":10,"box":{"x":519,"y":46,"width":401,"height":11}},{"id":"436d24ed-0455-44aa-a6d4-334da09920ee","block_type":"box","text":"regarding the market value of the Underlying Index.","page_number":10,"box":{"x":519,"y":61,"width":327,"height":10}},{"id":"edc68122-1e9e-4c9b-bd3b-e90036b5bc0b","block_type":"box","text":"Industry Concentration Policy.","page_number":10,"box":{"x":519,"y":84,"width":210,"height":11}},{"id":"fc688224-fb0a-48d9-9df7-734f40b5627a","block_type":"box","text":"The Fund will concentrate its","page_number":10,"box":{"x":734,"y":84,"width":184,"height":8}},{"id":"be8272a1-5e37-4b49-a20a-de1e9617206e","block_type":"box","text":"investments (","page_number":10,"box":{"x":519,"y":98,"width":85,"height":11}},{"id":"fd24cbe5-9da3-46b0-a2e2-9e15caf345f0","block_type":"box","text":"i.e.","page_number":10,"box":{"x":605,"y":98,"width":17,"height":8}},{"id":"3aa15fec-dd2f-485b-b373-556cfa01ecf4","block_type":"box","text":", hold 25% or more of its total assets) in a","page_number":10,"box":{"x":625,"y":98,"width":264,"height":11}},{"id":"1ac24747-c961-4c1f-b19c-1c05217e8ea8","block_type":"box","text":"particular industry or group of industries to approximately the","page_number":10,"box":{"x":519,"y":112,"width":394,"height":11}},{"id":"11f227c9-bc78-4f0f-8a95-f5c1f61c158a","block_type":"box","text":"same extent that the Underlying Index is concentrated. For","page_number":10,"box":{"x":519,"y":126,"width":376,"height":11}},{"id":"5a9869c3-5e1a-4411-8c6f-51ee7f8dda6a","block_type":"box","text":"purposes of this limitation, securities of the U.S. government","page_number":10,"box":{"x":519,"y":140,"width":388,"height":11}},{"id":"2f83aabb-2b21-47cf-9c54-21cdabd6aa91","block_type":"box","text":"(including its agencies and instrumentalities), repurchase","page_number":10,"box":{"x":519,"y":155,"width":365,"height":11}},{"id":"5cb69b21-390f-4cf7-8015-ff2f96cd52ab","block_type":"box","text":"agreements collateralized by U.S. government securities, and","page_number":10,"box":{"x":519,"y":169,"width":391,"height":11}},{"id":"40699f80-d596-4def-be09-56dffe0e9987","block_type":"box","text":"securities of state or municipal governments and their political","page_number":10,"box":{"x":519,"y":183,"width":399,"height":11}},{"id":"6e42b71f-62db-4915-8b5c-fe8a87559cc7","block_type":"box","text":"subdivisions are not considered to be issued by members of any","page_number":10,"box":{"x":519,"y":197,"width":410,"height":11}},{"id":"139bc57e-8cca-4391-a372-bd6a4c13e07f","block_type":"box","text":"industry.","page_number":10,"box":{"x":519,"y":211,"width":54,"height":11}},{"id":"0ffd3d44-c9ad-499d-84df-0d122f35ea58","block_type":"box","text":"Summary of Principal Risks","page_number":10,"box":{"x":519,"y":240,"width":235,"height":14}},{"id":"6dd7d012-b76e-4d52-aa22-f5f5cd006a8e","block_type":"box","text":"As with any investment, you could lose all or part of your","page_number":10,"box":{"x":518,"y":266,"width":363,"height":10}},{"id":"1c3369c3-bf70-45e7-8674-5196714c84ac","block_type":"box","text":"investment in the Fund, and the Fund’s performance could trail","page_number":10,"box":{"x":519,"y":280,"width":401,"height":10}},{"id":"2004e2e6-7bf2-4e9a-afd6-b9ad30471ad5","block_type":"box","text":"that of other investments. The Fund is subject to certain risks,","page_number":10,"box":{"x":518,"y":294,"width":397,"height":11}},{"id":"437a2652-1ae5-41ae-8256-6b17f5507a9a","block_type":"box","text":"including the principal risks noted below, any of which may","page_number":10,"box":{"x":519,"y":308,"width":376,"height":11}},{"id":"ab1b5b18-c7b6-48a6-8351-509ccd68563f","block_type":"box","text":"adversely affect the Fund’s net asset value per share (“NAV”),","page_number":10,"box":{"x":519,"y":322,"width":392,"height":11}},{"id":"b37c2963-9706-4600-bfd8-234b83755649","block_type":"box","text":"trading price, yield, total return and ability to meet its investment","page_number":10,"box":{"x":518,"y":336,"width":417,"height":11}},{"id":"c0eeae2e-b2af-4bd7-a195-c4adfc3a5499","block_type":"box","text":"objective. Certain key risks are prioritized below (with others","page_number":10,"box":{"x":519,"y":351,"width":387,"height":10}},{"id":"fe4daefd-4997-42de-bcfb-e671eee61de1","block_type":"box","text":"following in alphabetical order), but the relative significance of any","page_number":10,"box":{"x":518,"y":365,"width":426,"height":11}},{"id":"0f03b8a9-5e3d-4bbc-8530-173138519705","block_type":"box","text":"risk is difficult to predict and may change over time. 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The price received by the Fund also may differ from","page_number":13,"box":{"x":519,"y":61,"width":418,"height":10}},{"id":"c0b4b499-7c46-458f-aba9-e00a13472e4c","block_type":"box","text":"the value used by the Underlying Index. In addition, the value of","page_number":13,"box":{"x":518,"y":75,"width":406,"height":11}},{"id":"69445574-518d-4161-bfcf-056e3df1b5b9","block_type":"box","text":"the securities or other assets in the Fund’s portfolio may change","page_number":13,"box":{"x":518,"y":89,"width":412,"height":11}},{"id":"99d26a76-7c12-49b3-80be-62d93c4cbc13","block_type":"box","text":"on days or during time periods when investors are not able to","page_number":13,"box":{"x":519,"y":103,"width":392,"height":11}},{"id":"c2c3f046-105c-44d9-8749-4976ba323c6a","block_type":"box","text":"purchase or sell Fund shares. Authorized Participants that create","page_number":13,"box":{"x":519,"y":117,"width":414,"height":11}},{"id":"d2366680-62a8-4a61-88bf-88b35f350d07","block_type":"box","text":"or redeem Fund shares on days when the Fund is holding fair","page_number":13,"box":{"x":519,"y":131,"width":394,"height":11}},{"id":"c7ad6be8-ba64-480d-b5f4-744b5e82c729","block_type":"box","text":"valued securities or other assets may receive fewer or more","page_number":13,"box":{"x":518,"y":146,"width":383,"height":10}},{"id":"c7193fd7-ea02-49ea-96f5-26e4d012659d","block_type":"box","text":"shares, or lower or higher redemption proceeds, than they would","page_number":13,"box":{"x":519,"y":160,"width":413,"height":11}},{"id":"d0e87269-b409-4449-8e71-29da30a11a5c","block_type":"box","text":"have received had the securities or other assets not been fair","page_number":13,"box":{"x":519,"y":174,"width":392,"height":8}},{"id":"1a251a14-a695-4177-a3d5-05599c6a987b","block_type":"box","text":"valued or been valued using a different methodology. 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The bar chart shows how the performance of the Fund has varied from one calendar year to another","page_number":14,"box":{"x":53,"y":85,"width":872,"height":11}},{"id":"5ab9d47e-b43b-4d49-b86b-383c4821c2ca","block_type":"box","text":"over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and","page_number":14,"box":{"x":53,"y":99,"width":866,"height":11}},{"id":"9ee8a49a-2fad-4586-928a-438af7f8f28d","block_type":"box","text":"the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any","page_number":14,"box":{"x":52,"y":113,"width":864,"height":11}},{"id":"9358897f-a262-44da-978a-cbec3d64096f","block_type":"box","text":"agreements to waive or reimburse expenses, which would reduce performance if not in effect. 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An investor may incur costs attributable to","page_number":15,"box":{"x":52,"y":276,"width":420,"height":11}},{"id":"a3864513-a28d-4986-ae23-6d6a7eef1891","block_type":"box","text":"the difference between the highest price a buyer is willing to pay","page_number":15,"box":{"x":52,"y":290,"width":413,"height":11}},{"id":"7711a637-8bdd-40d2-a597-bbfb5c74c889","block_type":"box","text":"to purchase shares of the Fund (bid) and the lowest price a seller","page_number":15,"box":{"x":52,"y":304,"width":416,"height":11}},{"id":"0b743ffa-cf5e-44df-b8fd-27b24f438a4a","block_type":"box","text":"is willing to accept for shares of the Fund (ask) when buying or","page_number":15,"box":{"x":53,"y":318,"width":400,"height":11}},{"id":"00c2f120-bffe-4660-987e-0b73788e2177","block_type":"box","text":"selling shares in the secondary market (the “bid-ask spread”).","page_number":15,"box":{"x":53,"y":333,"width":394,"height":10}},{"id":"8b6a68a2-aa98-4a5a-9d4e-b9c3a9ac5241","block_type":"box","text":"Tax Information","page_number":15,"box":{"x":518,"y":46,"width":133,"height":10}},{"id":"20d1e7b9-fb4b-4513-b9c4-b78c134f1194","block_type":"box","text":"The Fund intends to make distributions that may be taxable to you","page_number":15,"box":{"x":518,"y":71,"width":423,"height":11}},{"id":"e55da7cc-0071-4cb5-a404-c497b336c0b1","block_type":"box","text":"as ordinary income or capital gains, unless you are investing","page_number":15,"box":{"x":519,"y":85,"width":385,"height":11}},{"id":"6776e446-438d-47f4-8e42-74652c54338b","block_type":"box","text":"through a tax-deferred arrangement such as a 401(k) plan or an","page_number":15,"box":{"x":518,"y":99,"width":407,"height":11}},{"id":"8450d02c-6a7b-46e3-81d4-2f33c7e927ad","block_type":"box","text":"IRA, in which case, your distributions generally will be taxed when","page_number":15,"box":{"x":519,"y":113,"width":419,"height":11}},{"id":"6382d425-1cf8-4e04-bfb8-035c697176bc","block_type":"box","text":"withdrawn.","page_number":15,"box":{"x":518,"y":128,"width":70,"height":8}},{"id":"5222760e-a103-4433-94cd-d9ea67bd4c0c","block_type":"box","text":"Payments to Broker-Dealers and Other Financial","page_number":15,"box":{"x":520,"y":157,"width":410,"height":13}},{"id":"c913c70a-0cb3-487e-b82a-c2abe6e5333c","block_type":"box","text":"Intermediaries","page_number":15,"box":{"x":520,"y":173,"width":123,"height":11}},{"id":"c1a8dafa-5fb1-4577-a6a0-e3f15969be84","block_type":"box","text":"If you purchase shares of the Fund through a broker-dealer or","page_number":15,"box":{"x":519,"y":198,"width":394,"height":11}},{"id":"3706cc6e-9146-4e57-b444-f46443847622","block_type":"box","text":"other financial intermediary (such as a bank), BFA or other related","page_number":15,"box":{"x":519,"y":213,"width":421,"height":11}},{"id":"680bf1bc-6f16-47b9-8637-755c9b65338f","block_type":"box","text":"companies may pay the intermediary for marketing activities and","page_number":15,"box":{"x":519,"y":227,"width":414,"height":11}},{"id":"09b0daf7-a67c-4232-b38c-2ff162103698","block_type":"box","text":"presentations, educational training programs, conferences, the","page_number":15,"box":{"x":519,"y":241,"width":402,"height":11}},{"id":"bdc21c21-18e5-4957-b166-2f06cee0b1e9","block_type":"box","text":"development of technology platforms and reporting systems or","page_number":15,"box":{"x":519,"y":255,"width":403,"height":11}},{"id":"78f1e5d5-f2be-4617-b433-76800df04c74","block_type":"box","text":"other services related to the sale or promotion of the Fund. These","page_number":15,"box":{"x":519,"y":269,"width":420,"height":11}},{"id":"550a47c2-4c62-47bd-b83d-2be8f5f2e006","block_type":"box","text":"payments may create a conflict of interest by influencing the","page_number":15,"box":{"x":519,"y":284,"width":387,"height":10}},{"id":"eeab5240-7457-42f6-9286-12b1ded7bcca","block_type":"box","text":"broker-dealer or other intermediary and your salesperson to","page_number":15,"box":{"x":519,"y":298,"width":383,"height":11}},{"id":"4e8669a3-97e0-4c24-afa9-3120675a598b","block_type":"box","text":"recommend the Fund over another investment. Ask your","page_number":15,"box":{"x":519,"y":312,"width":361,"height":11}},{"id":"b43f9010-be86-4c5e-8096-dc82597a68ac","block_type":"box","text":"salesperson or visit your financial intermediary’s website for more","page_number":15,"box":{"x":519,"y":326,"width":421,"height":11}},{"id":"8bddc310-348a-4acf-a9ce-11eb97670d50","block_type":"box","text":"information.","page_number":15,"box":{"x":519,"y":340,"width":76,"height":9}},{"id":"e813f8e9-423f-4be8-8afc-ae8da3172f70","block_type":"box","text":"S-8","page_number":15,"box":{"x":495,"y":944,"width":20,"height":8}},{"id":"2460fd3d-3050-493f-bf96-781a06db4330","block_type":"box","text":"For more information visit www.iShares.com or call 1-800-474-2737","page_number":16,"box":{"x":204,"y":231,"width":592,"height":11}},{"id":"f8a9b1e6-4c93-4a31-a3af-37b49ad5ec93","block_type":"box","text":"Investment Company Act file No.: 811-09729","page_number":16,"box":{"x":82,"y":927,"width":319,"height":11}},{"id":"ca277ed1-2ea6-461c-8bda-04cafaba4b17","block_type":"box","text":"IS-SP-IBHF-0226","page_number":16,"box":{"x":60,"y":770,"width":7,"height":64}},{"id":"2ddef74a-bab4-410c-b899-a2d5d8356b2b","block_type":"box","text":"Go paperless. . .","page_number":16,"box":{"x":122,"y":875,"width":132,"height":14}},{"id":"451cdda6-30d3-433b-8f06-cb714be562d1","block_type":"box","text":"It’s Easy, Economical and Green!","page_number":16,"box":{"x":122,"y":891,"width":136,"height":7}},{"id":"e4745cc2-9e6b-47ad-9286-ef03b12ec544","block_type":"box","text":"Go to","page_number":16,"box":{"x":121,"y":901,"width":22,"height":6}},{"id":"dfda12fa-980b-4caa-b0b6-a47561f51109","block_type":"box","text":"www.icsdelivery.com","page_number":16,"box":{"x":146,"y":901,"width":97,"height":7}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":16}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"b78abe7f-9ad8-40c4-8f19-592f8a5f9e6b"},"user_id":1000002,"date_created":"2026-10-15T23:19:42.950000Z","date_modified":"2026-10-15T23:19:42.950000Z","private":false}